Experts Give Tips for Classic Car Insurance


Industry sources say that the demand for special insurance services for classic cars is on the rise. Even with the worsening economic situation, more and more American classic car collectors are searching for ways to protect their prized possessions.

Experts Give Tips for Classic Car InsuranceAccording to insurance experts, avid collectors have two choices for car insurance. The first one would involve negotiating with a conventional insurer for added coverage and protection. The second option, they say, means availing of the services offered by an insurer specializing in classic collectibles.

Specialists also suggest car owners to assess their needs to better find suitable insurance coverage. Drivers should first of all consider how often they will drive their vehicles. Taking classic cars for pleasure trips or in daily commute can mean a higher risk of it getting in an accident. The vehicle’s storage area, or garage, will also play a crucial role in determining which insurance company to consider. Secured garages will provide better protection for classic cars. Garages with strong foundations, walls, and roofs can also preserve a collectible vehicle.

The presence of a conventional car aside from the classic vehicle can also guide car owners in choosing the right coverage. Using an ordinary car when going to work or for daily errands can assure insurers that the classic vehicle is relatively safe most of the time. Having other people drive the classic car can also affect the decision of a collector. If other family members or friends drive the car occasionally, then that fact can influence potential insurance providers. Lastly, experts say that any modifications to the classic vehicle can greatly affect how insurers will approach a potential client.

Standard insurance would be best for car owners who use their classic cars for daily commute. Conventional insurance providers would also be right for vehicles driven by multiple motorists. Of course, specialists say, there would be significant changes to the coverage options offered to a car collector. Because of the higher value of a vintage car, premiums would naturally be more expensive. Constant use of the car would also mean higher insurance costs for the collector. However, most providers can overlook slight modifications that do not affect the car’s performance.

Experts, however, recommend that car owners get collector car policies from insurers providing special coverage. These providers would determine the value of the classic vehicle and the insurance costs would rely greatly on this assessment. Collector car insurance is also stricter than regular insurance because of the more expensive vehicles and their uniqueness.