As the owner of a collector car, you are well aware of the many responsibilities that come with your new purchase. The market for historical cars is an ever-changing one, and given the material nature of your collector car, it is important to insure it so as to prevent any major losses in your investment. Standard car insurance plans are usually insufficient for the dynamic pricing and renovation that collector cars are subject to, so we recommend that you purchase collector car insurance.
Collector car insurance is, in many ways, like standard car insurance. Claims service is promptly handled by excellent insurers–they are aware of how seriously collectors are about their investment. Collision and accident coverage are usually included, as with regular car insurance. Many companies also offer specialized roadside assistance in the event of an accident.
Usage policies are slightly different for collector cars. A tiered system of mileage allows you to indicate how much you will actually drive the car, making sure that you pay only for the miles that you use. This tiering system also allows the insurance company to evaluate how much value protection your car needs. In any tier, most plans protect you and passengers in the event of injury, cover a large portion of medical expenses.
Unlike the standard car insurance program, collector car insurance protects your collectible against loss in value. Generally, insurers will cover the “real” value of the car, even as it is adjusted for inflation. Thus, in the event of an accident, you can be sure that your payout will not depreciate your investment. If you add new parts to your car, you might also be eligible for additional insurance that automatically takes effect as soon as you modify the car’s body.
Some additional features might be required for some owners. If you plan to travel frequently in your collector car, you will need special traveler insurance. Additionally, if you plan to leave the country, you might need additional insurance. Customized plans are available for any major upgrades you plan to make, or if you plan to use the vehicle in a business capacity.
Whatever plan you choose, remember to carefully gauge the price of the plan and to compare plans through the internet or via an auto guide. Once you purchase a plan, be sure that you fully understand the conditions of the plan and that your purchase a plan matches your intended usage levels. After you buy collector car insurance, sit back and enjoy the ride in a piece of automobile history!
The Phoenix Insurance specializes in classic car insurance. We’re car fanatics and know exactly what it means to want to protect your passion. Give us a call, we can help protect what moves you.