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Automobile Insurance for Collector Cars: How to Choose the Right Policy
Dec 31, 2010 (07:12 AM EST)
Collector cars require different automobile insurance policies than regular vehicles; the trick for owners is choosing the one that meets their needs and falls within a reasonable rate; here are guidelines to help owners in the hunt for a proper policy
SAN DIEGO, Dec. 31, 2010 /PRNewswire/ -- Antique and collector cars are a fun hobby and an excellent investment. Like any other vehicle, they do require classic car insurance and proper coverage to protect against loss. There are differences between coverage for these unique cars versus average vehicles and there are options specifically designed for antique and classic cars.
The trick to choosing the right vehicle insurance coverage is to consider how the vehicle is used. Many specialty policies have specific regulations that are in line with how the car is operated. When an owner decides to buy a traditional policy, they will be able to choose a basic level or just a liability option. The liability coverage only provides coverage for the other party if the owner is involved in an at-fault accident. The damages to the antique or classic car will not be covered as liability coverage is a minimal requirement in most states that does not cover property damage.
The most complete automobile insurance coverage is typically referred to as comprehensive coverage. These will generally have higher rates but also more extensive levels of coverage, meaning the car will usually be covered regardless of the claim, from rock chips to full accidents. However, some companies will be hesitant to offer comprehensive coverage because there are a wide range of items that go into building classic cars that make them difficult to properly insure. These items include bodywork, paint and parts that are more expensive than regular automobiles.
There are also different policy rules that come with classic car plans. For instance, an owner may not be able to drive the car more than a few times a month or, when at car shows, the owner may not leave the vehicle. Other policies have mileage limits that restrict the amount of miles that can be added to the car in order to retain coverage. Because the majority of antique car owners only use their vehicles for short drives and events, these restrictions fit within their normal usage. However, an owner must consider just how they intend to use their vehicle, fully communicate this with their agent and find a policy that will meet their needs and fall within their budget.
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