What’s your dream car? Maybe it’s a 69 Camaro Z28, a 70 Chevelle SS 454 , an old GTO, or possibly a Shelby Cobra. If you’re lucky, it’s more than a dream and it’s parked in your garage. You call her your baby and you bring her out on special occasions or for a sweet cruise in the summertime. Driving it brings back memories of simpler times and you love the looks of others as the gleaming chrome catches their eyes as you pass by. In fact, investors are paying a pretty penny for the cars from our or our parent’s youth.
Owners of classic and collector vehicles know their vehicles require lots of tender loving care. They need special maintenance, they need to be washed and waxed, and they have to be stored in a safe, dry location. But many may not know they also need special insurance coverage to protect their full value.
While standard auto insurance is based on actual cash value and depreciation, collector policies are based on the stated or agreed value of the vehicle (between you and the insurance company) and what it would cost to replace or repair it. This protects your investment, especially since the worth of many collector cars continues to go. Collector auto insurance policies offer the same coverage options as standard auto policies: liability, collision and comprehensive and medical pay.
If the insurance is better, you’d think it would cost a lot more. However, collector car insurance typically costs less than standard auto insurance because classic and collector vehicles are usually driven less and are considered a better risk. However, these policies often come with restrictions:
- That the vehicle must be stored in a locked, safe garage or storage facility
- The vehicle is at least 15 or 25 years old
- Limits on the miles it can be driven
- It is not used as a regular commute vehicle
- That all drivers have a clean driving record
Many people don’t insure their collector vehicle because they store it or drive it so seldom, but that could be a big mistake. Classic car auto insurance pays the agreed value if the vehicle is damaged in a fire or flood, during transportation or if it is stolen. It also covers the higher cost of repairs if someone scratches the paint or chrome, or steals a specialty part.
There are many choices to insure your classic vehicle. California Casualty provides collector vehicle insurance through our partner Condon Skelly. Unlike most classic insurance providers, Condon Skelly does not limit mileage or require seasonal coverage, while still offering competitive rates.