With over 7 million collector cars that in the US, around 50% are covered with collectible car insurance. Sad to say, other car collectors are not aware that there is collectible car insurance that can cover them for the agreed value of their vehicle. Many also have the misconception that it serves their best interest to simply use standard auto insurance coverage.
The value of a collectible car is far more than that of an ordinary vehicle used for commuting. Collectible car insurance gives the owner the coverage that they need and in case of a claim, bases the amount to be paid for total loss on a predetermined amount or the full valuation of the vehicle while standard auto insurance will only pay for the actual cash value. One thing to note is that depreciation is factored into standard auto insurance and since a collectible car is an old model, this kind of valuation will not be to the benefit of the collectible car owner.
Since collector car insurance companies understand the special needs that the owner has for coverage, the scope is much wider and yet the rates are a lot lower than standard auto insurance rates. One of the reasons why insurance companies view classic cars as low-risk is that the owners are very careful while driving their cars and do not use it for daily commute. If you have a collectible car and would like to find out more about this kind of coverage, you can get an instant quotation or contact 1-800-397-0765 for any inquiries.
About the Author
Drew Yagodnik is Vice President of Classic Automobile Insurance Agency, Inc. Classic Automobile Insurance Agency has been protecting collector, classic and exotics since 1992.
