Guide to Insurance for Collectible Cars

If you own a collectible car, you have a unique need for auto insurance coverage. You need your insurance to cover insurance basics, such as car repair and medical expenses, but you also need to choose an insurance policy that will cover the additional value that a collectible car has. This guide to insurance for collectible cars is a basic introduction to special insurance for classic cars.

Guide to Insurance for Collectible Cars: Collectible Car Designations

Insurance companies tend to group together different categories of collectible cars and then create specialized policies for the vehicles that fall into those groups. For example, here are the classic car designations at one insurer:

Street Rods - Cosmetically or mechanically altered vehicles made before 1949
Classic Cars - Classic cars that are in good/ excellent condition
Antique Cars - Collectible cars that are more than twenty five years old
Exotic Cars - Modern collectible cars - Porsche, Corvette, etc

Another company that insures classic cars has created these categories:

Antique Cars - cars twenty five years and older
Custom Cars - Cars from 1949 to present
Classic Cars - Cars that are 20-24 years old
Collectible Cars - Cars that are 15-19 years old
Exotic Cars - Cars less than 15 years old
Street Rods - Cars made prior to 1949

And finally, there are other collectible vehicle insurers who cover these:

Kit cars and replicas
Vintage fire trucks, tractors
Antique military vehicles
Collectible motorcycles

So, the most important consideration in getting insurance for your classic car or collectible is to talk to many insurance providers and compare coverage policies and rates.

Guide to Insurance for Collectible Cars: Coverage for Collectible Car Collections

Some insurance companies will cover a collectible car collection as a group rather than covering each car individually. If you are a member of a car club, you may be able to negotiate a discounted rate for all of the club members. If you are the owner of a large collection of classic cars, you may be able to establish a flat rate plan that offers each vehicle equal protection.

Guide to Insurance for Collectible Cars: Plan Coverage

Insurance coverage requirements can vary from state to state, so read up on what you are required to carry by law. Most states require the following, and as a result, these are generally standard issue in auto insurance coverage:

Bodily injury and property damage liability
Under insured motorist coverage
Uninsured motorist coverage
Personal injury
Collision coverage
Comprehensive coverage

Discuss the requirements with your insurance broker. Also ask about towing, parts replacement, custom details, where the car can be repaired, mileage restrictions, and other concerns.

Guide to Insurance for Collectible Cars: Plan Disqualifiers

Collectible car insurance is aimed at custom, classic, and antique cars that are used for hobbies and general leisure. These cars are not intended to be daily use vehicles, business vehicles, racing vehicles, or hauling and off-road vehicles. The car usually needs to be stored in a garage when it is not in use. Many insurers have rigid mileage policies for collectibles.

This brief guide to car insurance for collectible cars should help you get started in choosing a policy for your classic car. Talk to other collectible car owners, or join a collectible car club to benefit from the expertise of other collectors like you.