| You may have finally got your dream car. Maybe it's | | | | lower. Most car collectors keep their vehicles in tip top |
| that muscle car you always wanted back in high | | | | shape, and they are only driven a limited amount. This |
| school, or you got that car back that you had 30 | | | | means these cars are not as much of a liability to the |
| years ago. Maybe you've had your classic car for | | | | insurance company. The only stipulations you may run |
| many years now. In any case, if you are insuring it with | | | | into are limited mileage allowance (usually 5000 miles a |
| your current daily transportation insurance company, | | | | year or around that), a minimum age driver limit of 25 |
| here are some reasons to look into a collector car | | | | or 30, and you cannot race the vehicle. Many policies |
| insurance company. | | | | even let you have more than one classic car under |
| First of all, many standard car insurance companies | | | | the same policy, for the same price! |
| may not insure your classic car for what it's truly | | | | If you have a rare or specially modified car, or have a |
| worth. Many classic car owners who have their auto | | | | model built by a famous builder, your classic car may |
| covered by their standard insurance company may be | | | | have more value than any book or standard insurance |
| covered under an Actual Cash Value policy. This is | | | | company will value your vehicle at. Again, because |
| probably the worst policy you can have, since this | | | | collector car insurance companies only deal with |
| coverage entails that you will be paid the actual value | | | | collector cars, they know what to look for in |
| the insurance company determines your vehicle has. | | | | determining the true value of your collector car. Using a |
| They may use blue book values if they are listed, or | | | | specialty insurance company is the best way to fully |
| use a percentage of what you paid for the vehicle. If | | | | insure your classic vehicle. |
| you paid $4,000 for that car ten years ago and now it | | | | I'm not going to plug any certain insurance company, |
| is fully restored, the insurance company may see the | | | | but using a search engine will bring up more than you |
| $4,000 depreciated over ten years. Vehicles | | | | could ever compare. You only need to compare two |
| depreciate under the Actual Cash Value policies, even | | | | or three - most collector car insurance quotes will be |
| classic cars and other collectibles. If you find you are | | | | similar. You don't usually find big swings in prices like |
| under this type of policy, read on. You need to look at | | | | you can find in standard daily transportation vehicle |
| the next two types of policies. | | | | quotes. Before calling, make sure you have a general |
| Stated Value and Agreed Value policies are the best | | | | ballpark figure for the value of your car. The insurance |
| fit for classic cars. They both allow the value of the | | | | companies may want to see receipts for restoration, |
| car to be set between the owner and the insurance | | | | parts, and labor which you have used to establish the |
| company, not just a standard value taken from a data | | | | value. Any rare options, original parts, etc. may also be |
| sheet. However, Agreed Value policies are the best | | | | mentioned. |
| choice. Stated Value policies still allow the vehicle to | | | | Once you have your insurance policy set, you should |
| depreciate yearly, and there are usually higher | | | | periodically update it. Classic car values over the last |
| deductibles. Agreed Value policies do not depreciate, | | | | ten years or so have been going up quite substantially. |
| so your classic car is always covered up to the max | | | | Restoration also adds value to a vehicle. Make sure |
| amount. Plus, many Agreed Value policies do not have | | | | you are insured for the full value of your vehicle in |
| deductibles, making it the best choice. | | | | case the worst possible scenario happens. It pays in |
| Now that I have probably scared some classic car | | | | more ways than one to look into a collector car |
| owners, there's other good news for having your car | | | | insurance company for a quote. Not only may you |
| insured under a collector car insurance company. You | | | | save a lot on the premiums, but you may find out your |
| may save up to 50% off your premiums. Because | | | | current insurance doesn't fully cover your classic |
| these insurance companies only deal with classic and | | | | vehicle up to its' true value. That is one big risk, |
| other collector cars, they can keep their premiums | | | | especially if you have a truly valuable classic. |