The Value of Collectible Car Insurance

Antique cars are gorgeous pieces of historical machinery from a bygone era of stylish automotive design. They are not only beautiful to look at, but exciting to drive and ride. Antique cars are also an incredibly valuable investment for classic car collectors. As with any investment, a collectible car must be cared for, maintained, and safeguarded to guarantee its value appreciates over time. If you are a classic car collector, the best way to protect such an investment is to insure your antique car with collectible car insurance.

What Is Collectible Car Insurance?

Collectible car insurance is different from traditional auto insurance in several ways. First, the value of your collectible car is mutually agreed upon, meaning that you and your insurance company determine what the value will be. This is based on a few factors: 

  • Collectible car valuation guides
  • Professional appraisal
  • Research
  • Documentation

Secondly, collectible car insurance covers the full amount of damage versus the replacement cost minus depreciation from traditional auto insurance. 

Types of Collectible Car Insurance

There are several types of collectible car insurance to ensure that your car is protected:

  • Classic car insurance – Your car must be restored or in good working condition, between 19 and 24 years old, and have a greater average value than cars of the same make and model year. However, the Classic Car Club of America only regards cars manufactured between 1925 and 1948 as classic.
  • Antique car insurance – Your car must be at least 25 years old. It must also be in good working condition or good restored condition. While some states say that the car must be at least 20 years old, the Antique Automobile Club of America says at least 45.
  • Modified car insurance – Your car must be significantly altered in its engine, body, chassis, or interior from its original condition. These changes may positively or negatively change the value and many insurers do not provide collectible coverage for modified cars.

Additional Collectible Car Coverage

Similar to traditional car coverage, collectibles have a 12-month term and provide coverage for liability, collision, comprehensive, medical payments, and uninsured/underinsured motorists. 

Additional coverage from collectible insurance includes roadside assistance, traveling coverage, and coverage for spare parts. Other offers may include:

  • Auto show medical reimbursement – Coverage in case someone sustains an injury at an exhibit featuring your car.
  • No attendance required – Coverage while you are away from your vehicle as it is being displayed at a car show.

Costs of Collectible Car Insurance

Collectible car insurance is one-third less expensive than common auto insurance, even though premiums are calculated the same way. This is because the car has fewer miles and is sheltered and in good condition. 

Additionally, discounts on collectible car insurance are applicable when: you have multiple policies with the same carrier, insure more than one classic vehicle, or complete a defensive driver class.

Collectible Car Insurance Experts

For a smooth insurance selection process, take a ride with Corkhill Insurance Agency. At Corkhill, we provide helpful, thoughtful advice to help you get the exact type of coverage you want and need. Insurance is about protecting you, your belongings, and your family, and Corkhill can deliver you a policy that makes you feel safe and comfortable. If you have any questions about our quality services, please give our Orlando agency a call at 407-898-8891.