Classic Car Insurance Current Rates, News & Information

Collector’s Car Owners Pay Too Much for Auto Insurance

Posted in Auto Insurance , Classic Car Insurance

October 2nd, 2009
2 Comments

While classic/vintage and racer cars are sometimes extremely expensive when purchased, many car owners don’t know that auto insurance coverage for these vehicles usually costs less than the standard auto insurance premium. That’s why car owners should take advantage of the benefits associated with collector’s cars, including lower premiums.

Why Collector’s Cars Have Higher Insurance

Collector car owners often pay more than they should for coverage simply because they don’t know any better. They add their classic car to a standard auto insurance policy, not knowing that they’re paying too much – or that they’re vehicle isn’t completely covered.

Insurance for Classic Cars

When searching for insurance, look for a classic car insurance policy. The premiums are usually lower because the insurance company knows that the cars are being cared for extensively, are rarely driven, and may even be sitting in temperature-controlled garages to ensure they stay in optimum condition.

If you own a collector’s car, purchasing a collector’s car auto insurance policy will bring you the following benefits:

• Car Valuation – The insurance company will take time to determine the current and potential value of the vehicle (since it appreciates) to ensure it is completely covered if damaged.
• Higher Limits – Collector cars are given higher limits for collision, liability and comprehensive with these types of policies.
• Mileage – With this type of policy, you don’t have to worry about mileage restrictions.
• Extended Coverage – Most policies offer worldwide coverage, versus typical nationwide coverage, since car collectors offer travel to auto shows.
• Better Replacement Options – When parts need to be replaced, you will be able to use better repair shops with the highest quality parts.

To make sure that your premium doesn’t increase over time, it’s a good idea to take advantage of the experts in repair. This will ensure that your collector’s car won’t depreciate in value over time.

Classic Car Insurance Basics

Posted in Auto Insurance , Classic Car Insurance

August 17th, 2009
1 Comment

What if a trip to Vegas resulted in you winning a classic ’57 Chevy in a slot tournament? Elation, joy and disbelief may be some of your first emotions, but eventually logic would take over and you would have to ask yourself, “How the heck do insure this baby now?” Well the answer comes in the form of purchasing classic cars insurance, as these rare collectibles require special attention in their maintenance and their insurance coverage.

Most standard insurance companies are used to insuring common vehicles straight off the assembly line and the rate of replacement/coverage is based on the book value of the vehicle. However, it is a little more difficult with classic cars. For example, a ’57 Chevy in un-restored condition may only have a blue book value of a couple hundred dollars. However, in mint condition the vehicle may be valued at over $35,000. That is quite a difference.

Typically, classic car owners opt into insuring their vehicles with a type of “stated-amount coverage.” The car-owner must document the interior and exterior condition of the car with photographs and then get a written appraisal from a specialist. All that documentation must then be submitted to the insurance company in order to get the classic car insurance policy needed.

It is important to note that even though you may successfully insure your ’57 Chevy for it’s full $35,000 value, if your car is stolen or damaged, you may receive less back than you counted on. Currently, there is a major glitch in the classic car insurance business in that the payout amount of the vehicle is based on market trends. So if the car you insured for $35,000 has a current market value of $25,000 at the time of your claim, the latter is the maximum you will be paid. Unfortunately, the reverse is not true and the total payout amount of the vehicle is capped at the initial amount signed up for, even if the market value of the classic car increases.

Special Vehicle Insurance Basics

Posted in Auto Insurance , Classic Car Insurance , Special Vehicle Insurance

August 17th, 2009
2 Comments

If you drive a car that garners tons of positive attention when driving around town, you may be a proud owner of a special vehicle. Special vehicles come in all shapes and sizes and the group is comprised of an array of vintage, classic, or modified vehicles. Because of the the car’s unique, inherent value, they require specialty insurance coverage exclusive to their makeup.

Although the classification of “special vehicles” varies between insurance providers, some basic categories that may require you to find specialized vehicle insurance include:

• Vintage/Veteran Vehicles: Minted before 1940
• Classic Cars/Vehicles: Vehicles at least 25 years old
• Modern Classic: Vehicles aged between 10 and 25 years.
• Modified: Like the vehicles seen on “Pimp My Ride,” as they have been mechanically and/or cosmetically altered from the original specs
• Imports: Vehicles privately imported, such as a Rolls Royce still featuring the license plate of the country of origin
• Custom & Street Rod: Modified vehicles x 10 as they have been overhauled or custom built for show and performance
• Prestige: Luxury vehicles of European, Asian or American origin.
• Off-Road: Range Rovers, Hummers and other off-road vehicles that have been designed and are specifically used for their intended purpose

Typically, these cars need special attention for maintenance or to recover from any dink, scratch or accident. Although it may be a dream to own one of the beauties listed above, it is important that you consider the cost of insuring these vehicles into your budget. But at least classic car insurance and specialty insurance is cheaper than adding it as a regular car to your existing auto insurance policy. Insuring a specialized vehicle may entail:

• When insuring a vehicle with specialized insurance such as a wheelchair lift, high end stereo equipment, refrigerators or other things not added on directly by the manufacturer, you must let your insurance company know as chances are they will provide you with rider coverage specifically covering the additions
• Insuring a vintage, veteran, classic or modern classic vehicle will require astated-amount coverage policy where the car-owner gets the car appraised for the “collector’s value” from a licensed appraiser, photos of the interior and exterior are submitted to the insurance provider and a policy for the total value is customized based on that vehicle

***Learn more about the different types of auto insurance with Go Insurance Rates.***

Classic or Antique Auto Insurance

Posted in Auto Insurance , Classic Car Insurance , Comprehensive Insurance

January 21st, 2009
No Comments

Everyone loves antiques and classic cars. Theyre fun, uncommon and exciting. Why else do they figure so prominently in the history of the American parade? What fourth of July would be complete without a series of antique and classic cars slowly cruising down Main Street? Whether youre buying an antique or classic car as an investment, or just out of pure nostalgia and the love of classic automobiles, you need to get proper classic and antique auto insurance. Clearly, there will be special needs involved in owning a classic or antique car that must be taken into consideration.

What Constitutes an Antique or Classic Car?

This definition will vary from state to state and may even vary from insurance agency to insurance agency. This will be critical in determining whether you need classic and antique auto insurance. In many states, a car that is classified as a classic, antique or collectors special collection is one that is over 15 years old. Make sure you do as much research as possible before you set out to purchase classic and antique auto insurance.

Why Do Antique or Classic Cars Require Special Insurance?

People who own classic and antique cars need to get classic and antique auto insurance because of their cars special nature. For example, if you were to get into an accident and extensive repairs were needed especially in terms of ordering new parts things could get very complicated and expensive. Clearly, obtaining parts for cars which are no longer in production could be very time-consuming and extremely difficult. Who knows how long it will take to order a new steering wheel for a Model T, or where to even start looking for one? Owning an old car is lots of fun, but it comes with its own special set of circumstances. Thats why its so important to do as much research as possible before you buy classic and antique auto insurance.