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Oh, how we Americans love our cars. Cars represent freedom, style, ingenuity, and fun. Classic, antique, and collectable autos offer their owners a rare step back in time each time they get behind the wheel. They are a source of nostalgia and enjoyment for all automobile enthusiasts. Whether you own a vintage sedan, a limited-production supercar, or anything in between, vehicle collectors know they have a valuable investment. To protect that investment, you need special auto coverage that reflects your vehicle’s uniqueness and value. These are no ordinary cars and there are no ordinary auto insurance policies sufficient to protect these treasures against damage or loss.
Classic car insurance includes many of the same coverages as a standard auto insurance policy, notably property damage and bodily injury liability insurance. However, the differences are notable:
The vehicle’s value – The condition of every classic is different, so there is no set appraisal amount for specific makes and models. Therefore, you need to reach an agreement with the insurance carrier on what the car’s value is. Some insurers will provide you with an appraisal for free when you provide photos and documentation. That agreed upon amount will be specified in the policy as the maximum coverage limit. Therefore, make sure this agreed upon value is updated as your car appreciates.
Specialized repair/restoration – Your policy should give you the flexibility to bring your vintage vehicle to a specialist, even if the rates are much higher than at a standard shop.
Special towing and spare parts – As you can imagine, towing a classic car safely is considerably different from towing modern cars, therefore the cost to tow may be much higher. Parts availability may also be very scarce, therefore pricey. The insurance for these expenses needs to align with the added costs inherent with owning such rare vehicles.
Daily use is typically not acceptable, so how do you plan to use the vehicle?
It is preferred that collector vehicles are stored in an enclosed, secure structure when not in use (i.e. private garage, pole barn, or storage unit). Other methods of storing may be acceptable such as:
You will not be in a good position to purchase Classic Car coverage if you have had any serious infraction within the last three years.
David Truelock is our Personal Lines expert and Classic Car enthusiast. Please feel free to contact David at 918-878-3463 or David.Truelock@rooneyinsurance.com for your Classic Car Insurance needs.
Rooney Insurance Agency, established in Tulsa, Oklahoma in 1960, has provided customized business and personal insurance and employee benefits solutions to individuals and businesses in the state of Oklahoma and throughout the United States. We work to ensure that each client’s insurance coverage fits their specific needs, addresses their key risks, and protects their valuable assets. For more information on how we can help you today, contact us at (918) 878-3463.