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Picking The Correct Specialty Car Insurance For Your Needs

Jun 17, 2008
Selecting a auto insurance company for your classic vehicle can be a hard thing to do. The auto insurance world gives you conflicting information about policies and coverage. Antique insurance coverage can be had for a lower rate over a standard insurance policy, but you need to know its limitations. It pays to do your research to make sure you're getting the best deal possible.

Things you need to take in consideration when shopping for car insurance:
  • How many miles do I plan on driving each year?
  • What's my acceptable risk in the case of a claim?
  • Do I want to drive my classic car every day?
  • How difficult is it to find parts in the case of a repair?
  • Do I need a local agent?
Mileage is an critical point for classic car insurance companies. They offer insurance coverage for your classic car at a reduced rate because they require that your usage is limited. The average classic car insurance company allows for a cap of 2,500 miles per year driving for their insurance plans. The limited driving means a limited amount of exposure for the insurance company. Some companies, such as Hagerty, offer unrestricted driving privileges but impose other limitations, such as no driving to work or daily driving uses.

Classic Cars Are Expensive to Insure

Standard insurance coverage typically pays for repairs based on the industry standard prices established for your vehicle. This rate assumes the parts are readily available and can be purchased by standard processes. They are unable to guarantee that your 1969 Ford Mustang will be repairable with NOS parts, as these are only available in limited quantities. To ensure your collector car is covered completely for any damage is to purchase stated value insurance. Stated value insurance allows you to set a price to the value of your car, and in the case of a claim you can be sure that your vehicle is covered for damages up to that amount. This is ideal for rare vehicles or cars that are of special value.

Please Don't Drive Your Rare Camaro To Work

Insurance companies that cover specialty vehicles typically ensure that you have another vehicle to drive on a daily basis. They do this because they don't want you driving your collector car to work every day. This is because they limit their risk by restricting your mileage. Some companies give you a clear limit to how many miles you can drive. Others simply have rough guidelines.

Rare Cars Are Expensive To Insure

Rare cars can be expensive to repair because of the cost of the replacement parts. Standard insurance policies will not cover sourcing original New Old Stock (NOS) parts for a specialty car. They'll only use generic replacement parts. This may effect the value of the vehicle when it comes to resale value.

Make sure you know the importance of finding the correct insurance company for your vehicle. Sites like Classic Car Insurance Reviews and Classic Car Insurance Tips are great places to start your research. Find out what's the best choice for your needs before you take to the streets this car show season.
About the Author
Richard has written the wonderful site Specialty Car Insurance Review that covers the insurance agency. His new site on Specialty Car Insurance Tips is a great read on finding the right insurance company.
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