People who own and drive collector cars have different needs for their collector car insurance than cars that are driven on a daily basis. A collector’s car is by definition “special” and as such has special considerations to be taken into account when it comes to insurance. Your daily insurer, who insures the vehicles you drive to work, is used to handling claims on modern cars that depreciate in value as they age, and the average owner sees no difference between a $ 2,000 paint job and a paint job 10,000 USD. A company that specializes in collector car insurance offers several important benefits to collector car owners.
Benefit # 1: Lower Rewards – A collector’s car is typically driven limited, is stored indoors, does not drive in inclement weather, and generally leads a “baby” life. Most classic car insurance companies are also rather selective in determining who they insure themselves against. These two factors enable classic car insurance to charge significantly lower premiums than conventional insurance because they know that collector cars are less prone to accidents.
Benefit # 2: Agreed Value Coverage – Most classic auto insurance companies offer Agreed Value policies, which means that you make an agreement with the insurer about the value of your vehicle before the policy is drawn up. In the event of a total loss, accident or theft, the credit insurance will reimburse the total amount agreed at the start of the insurance. Very few conventional insurance companies offer true “Agreed Value” policies. They offer a “Declared Value” or “Declared Amount” policy which has a clause that allows them to only pay the value of the car they “think” and that assumes your collector’s car how a normal used car loses value!
Benefit # 3: You Understand Your Needs – A specialist collector auto insurance company understands your needs better than a regular insurance provider, since in most cases the insurance agent and perhaps even the owner of the company are enthusiasts or collectors of the car itself. They know how much your collector car means to you, and they know the importance of getting your car repaired properly in order to maintain its value. If you have a complaint, they offer you fewer arguments and more leeway to properly repair your car the first time.
Advantage # 4: Preferred Garages – Many day insurance companies only pay a fixed rate for accident repairs in high volume body shops that do average quality work on modern cars. If you take your car to a workshop that specializes in restoration work, you may have to pay the bill for the difference in cost. Many classic car insurance companies offer you the option of taking your car to a specialized repair shop and they will pay you how much it costs to have the car professionally repaired by a restoration professional.
Benefit # 5: OE Parts – Similarly, many day insurance companies only pay for cheaper aftermarket repair parts. The use of replica parts can significantly reduce the value of your classic car, as these may not match the original equipment parts and an all-original car is always worth more. Many specialty insurances allow higher costs for the use of original equipment parts.
Benefit # 6: Special Perks and Situations – Some collectors insurance companies offer many other types of benefits, such as: B. Parts, memorabilia, equipment, car trailers, overseas shipping cover, etc. You miss the event due to a mechanical breakdown on the way there!
Overall, special collector vehicle insurance has many advantages for owners of classic cars. If you own and drive a collector’s vehicle, you will find that the daily insurances of the daily insurances are very below average.