If you’re one of those people who collect cars and want to do what’s best for your investment, getting quality car insurance is a no-brainer. However, not just any standard or minimum car insurance policy is going to be right for your special find. That’s where collector car insurance comes in. As the name suggests, this is a special kind of insurance specifically created for collector cars that will help you to enjoy full protection over your investment.
Collector cars and insurance
Curious to know more? Keep reading!
The value of the car
When you insure any car, you will agree on the stated value of the car should there be a theft, total loss, etc. For an antique or collectible type car, you will have what’s called an “agreed value” as opposed to a cash value. This means that you'll have to discuss and determine the stated value of the car before the policy goes into effect. This means that there will be no depreciation as there would be with a cash value policy.
Repair shop choices
If you were to need to have your collector vehicle brought to a repair facility, your insurance policy would allow you to choose what kind of facility you bring it to. Typical car insurance policies only offer towing, etc., to the closest repair shop to your location or home. Since classic cars are highly specialized, you will be able to have your car taken to those specialty shops so that you know it’s well looked after.
Special premiums for special driving
If you have an antique car, you are likely not driving it every day to work. This may be especially true in Texas with all of the construction and poor weather. You are likely taking it on occasional joy rides and otherwise “babying” it so that it maintains its true classic appeal. This means that you’ll also enjoy a lower premium rate. After all, insurance companies charge what they do for normal auto insurance policies because of the number of miles that you put on your car.
Since most of your interaction with your collector car is going to be simply admiring it, your insurance agent will charge you a different rate -- lower than you’d expect to pay for something that is otherwise so high in value.
Lower deductibles
The worst part of all auto policies, most feel, is the deductible. Collector car policies may have a lower deductible, compared to the standard deductible of $500 for basic car insurance, this is a great feature to help you see just how much money you’re saving.
All of these perks, and you’re also getting the advantage of peace of mind. You’ll know that your carefully maintained classic car is going to be protected so that you never have to worry about that “what if” moment. Many who look into this specialty kind of insurance are impressed with what they find, and you can see why when you look at these differences.
If you’re curious about whether or not classic car insurance is right for you, then call your local independent auto insurance agent at (281) 520-4090, today and start the conversation. You might just be surprised at what you find out! Agents at My Harbour Insurance are here to answer your specific antique car questions, or any of your personal insurance needs. Contact us and let us help you navigate the insurance waters!