You spent the past year restoring that Classic American Muscle Car in your garage. Endless hours of blood, sweat, and yes, some tears have gone into the project. On top of more money then you care to think about. Finally it’s ready to head out on the road for it’s first cruise around town. Time to put insurance on your pride and joy and head out.
Your first thought would be to call the insurance agent you’ve been dealing with for over 20 years. He’s always treated you fairly, and done his best to get you the best possible deal. But is he a Collector Car specialist?
The insurance company that covers your family sedan will surly sell you a policy that will legally allow you to head on down the road. It’s doubtful that it will properly protect your investment. Liability insurance will cover damage to the other guys car, but your precious classic is another matter. Even if they will supposedly cover your car for damage, they will group it among all old cars of similar vintage and when your car is damaged, repairable or not, they will settle with you for pennies on the dollar of what you have invested. They don’t care how much you paid to build your prized possession, to them it’s just another old car.
You need to take your business to a company that specializes in classic car auto insurance. This is a very different type of insurance from standard auto insurance and is designed to protect your investment in many ways your regular insurance company can’t.
Even with these specialized insurance companies it’s to your benefit to ask a lot of questions. There not all the same, and you need to buy coverage tailored to your specific needs.
Many companies have restrictions, you may need to find classic American car insurance for your American muscle car, while the same company may not offer coverage for your restored Jaguar E class. Getting a classic car insurance quote can be as easy as turning on your home computer. Many companies do business over the Internet. Allowing you to obtain price comparisons, and make inquiries as to what coverage is appropriate for your situation.
Can you drive your car any time, are you limited on how many miles you can accumulate in a year, does the coverage take into consideration appreciation as classic cars usually gain in value rather then depreciate? Will the car be covered while being transported to car shows? These questions, and many more should be clarified before you buy a policy.
Always know up front how they will value your car in a total lose situation, and to what extent they will pay for repairs. You don’t want them to claim they don’t have to repair your car because the damage exceeds the value they placed on it.
There are many reputable insurance providers with websites on the Internet. Do your research, make sure you ask good questions, and you will be able to buy coverage with confidence.
Remember the only dumb question is the one that wasn’t asked. There’s too much money, as well as effort on your part, to make an uninformed decision when it comes to Classic Car Insurance.