How to Insure Your Collector Car

Collector Car Insurance is important to have on your collector car. Too many collector car owners choose to not contact a specialized car insurer for their ride, and this could cost you dearly of something happened to your car. Not only do many current collector car owners not have proper insurance, but they are likely over paying of they are going through their current daily driving vehicle insurer. Many are under the wrong impression that collector car insurance is expensive, but it usually isn’t. Collector car insurers know how to properly value your car, and know you will likely drive if it more carefully than your daily driving vehicle.


The only policy you should consider is an “Agreed Value” policy, which many general auto insurance companies do not issue. An agreed value policy simply means you and the insurance company agree on a value of the collector car, and that is the full amount to be paid in a total loss. Other policies can lose value due to depreciation or worse yet, go off the “book” value and not the collectible value. You really could be out of tens of thousands of dollars if that happens.

There will likely be some restrictions on a collector car insurance policy, but most shouldn’t be an issue. Generally there is a 2500 or 5000 mile per year limit on the odometer, but this can sometimes be raised with a small premium. You may also need to be 25, and sometimes 30 with a fairly clean driving record. The car must be stored in a garage or enclosed area that is locked to defer theft, a covered area is not sufficient. A 10 year minimum driving record may also be required.

Don’t forget about collector cars being restored or worked on. If you are working on your car to restore it and the work will raise the value substantially more, you may want to insure it for more than the current value if possible. You just never know if an errant spark will engulf your project. Owning a collector car can be fun, but do not take corners insuring it to save a few dollars.

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