There is rarely good news when it comes to auto insurance (except when they are covering your claim or lowering your premiums). When it comes to insuring your collector car there just so happens to be some good news. The insurance companies who specialize in insuring classic cars can offer lower premiums and coverages specifically designed for classic car owners. With this blog post we will take a look at why it is a good idea to get your classic vehicle on an insurance policy designed for it and how it will benefit you immediately.
What Makes it Different Than a Normal Auto Policy?
The insurance packages that are designed just for classic vehicles will have more relevant coverages and better premiums than your normal daily driver auto insurance packages. This is because they can narrow down their coverages for the types of vehicles and owners who have a classic parked in their garage. Daily driver insurance policies have to fit everyone, but the specialty markets can narrow down their coverages to what you need and in doing so, they can offer you lower premiums compared to those daily driver insurance policies.
If your usage and vehicle fit the specialty market for classic, antique, or vintage autos, you can expect coverage highlights such as:
Owners of classic cars are usually not driving that vehicle everyday and the vehicles most likely never see snow. Specialty markets know this and they know your passion towards the upkeep of your vehicles. Using this information they can offer lower annual premiums knowing that your classic vehicle will be treated like a member of the family. These rates are on average 52% lower* than the average daily driver insurance.
Agreed Value coverage means that you tell the insurance company what your vehicle is worth and after they affirm it’s a fair value, they will guarantee that value will be paid to you in the event of a covered total loss. The normal daily driver insurance packages will offer Actual Cash Value or Stated Value coverage, which may depreciate the value of your vehicle in the event of a claim. Unsure of the value of your auto: Click here for our valuation tool.
Optional Roadside Service and Benefits
A 24/7 classic car roadside assistance program. It offers service for lockouts, battery jumps, tire changes, emergency fuel delivery and more. Most importantly, it includes guaranteed flatbed towing with soft straps to protect your auto while being towed. If you cherish your vehicle like a member of the family, watching it be towed can be heart wrenching. If it does come down to having to get the vehicle towed away, you’re going to want the best towing option available.
Expert Claims Handling
When the insurance companies only job is to insure classic autos, you can be sure that they are experienced with these types of vehicles and that they are very good at their jobs. They offer stock original replacement parts to ensure your investment is covered and restored. Not every insurance company has a parts specialist on staff, but our specialty collector car insurance company does so that they can track down rare and hard to find parts for you.
Why Am I Just Finding Out About This?
Not every broker has access to the specialty markets for classic autos. Contact us today to see if you, and your vehicle qualify for the classic auto insurance market.
*Figure based upon 2017 consumer data collected by Hagerty on single car quotes, with premiums $5000 and under, from several daily driver (or “Everyday”) auto insurance carriers.