Collectors of antique and classic vehicles must not only insure their vehicles in case of an accident, but they must ensure they can get the full value for their vehicle if destroyed. Just like you wouldn’t take a 1938 Phantom Corsair to just any mechanic, owners of antique cars don’t get collector car insurance at just any agency. Several specialized insurance agencies offer policies to collectors that take into account the special nature of the vehicle being insured. Not all cars qualify for collectors insurance, however, and owners who want a collector’s policy also have a few qualifications they too must meet.

Does your vehicle qualify?

While each company has its own requirements, most companies require the classic vehicle being insured is not used for daily transportation. The vehicle must also be stored in an enclosed, secure building, and each driver in the insured household must have a vehicle they use for daily transportation. Drivers in the insured household must also have two or fewer minor traffic violations or accidents in order to qualify. A vehicle needs to be at least 20 to 25 years old to qualify for collectable status. However, due to the increase in automobile production during the 70s and 80s, not all vehicles from that time period may qualify. Some new, limited production or exotic and special interests cars may also qualify for coverage. Consult with the collectors’ insurance company of your choice to see if your vehicle qualifies.

Benefits of collectors’ car insurance

Collectors’ car insurance offers owners several benefits not available with normal insurance policies. Because your antique car only comes out of the garage on special occasions, premiums are much lower than for a car you drive everyday. The value of an antique or collectors’ vehicle can also vary, as owners must consider the difficulty of finding a replacement for their vehicle if destroyed when calculating the car’s worth. Most specialty auto insurance companies will work with you to establish an agreed upon value for your car. If your car is destroyed in an accident, you receive the agreed upon amount with no hassle or negotiation. Because they only insure antique and collectible cars, you can expect the insurance agents working for these specialty companies to be knowledgeable and experienced when dealing with unique automobiles. This experience will allow them to recommend the right insurance policy for you and your car. Hagerty Insurance and Grundy Insurance are two of the many companies that specialize in collectable and antique cars.