Do you have an antique car you proudly show off at car shows on the weekends? Perhaps you are a classic car collector with a small garage full of vintage vehicles. Regardless of whether you own one or several collector cars, protecting your investment is an important part of ownership. Read more about classic car insurance and why purchasing the right policy is important for protecting your vehicle.
The Risks of Classic Car Ownership
A classic car is any vehicle that was built more than 30 years ago. Since these types of vehicles are rare, they are not often seen on the roads. Instead, many owners reserve them for showroom floors, recreational driving, and taking them to and from collector car shows. However, there is a risk associated with the use and ownership of a vintage vehicle.
Classic vehicles often come with a high price tag and a valuation that increases over time. Depending on the vehicle, you may spend thousands or even tens of thousands of dollars to purchase and restore it. Rare and one-of-a-kind vehicles are typically not easily or affordably replaced.
Imagine you are registered to participate in a collector car show out of state. Whether you drive the vehicle there yourself or load it onto a trailer for transport, you find yourself involved in a highway collision with severe damage to your classic car. With all of the time and money you invested into the vehicle gone, you look to your insurance company to find reimbursement for your losses.
If you have collector car insurance, chances are you are covered for damage or total loss of your classic vehicle. However, the Insurance Information Institute suggests finding an antique car insurance policy that will pay for the costs of towing and replacement of vintage car parts. It is also important to have insurance that covers the higher costs of taking your vehicle to a specialty car repair specialist, which is much more expensive than a standard body repair shop.
Of course, it is also important to purchase adequate liability coverage to help pay for bodily injury and property damage caused to other people and drivers in a car accident. Even the safest drivers can cause an accident. Don’t leave yourself vulnerable to another driver’s medical bills, car repair bills, and lost wages if you are involved in a collision.
Considerations when Purchasing Collector Car Insurance
In addition to collision coverage for a collector car, there are other less obvious things to consider when selecting an insurance policy. For example, unlike newer vehicles, classic cars often tend to appreciate in value over time. That means that the same collector car insurance policy you purchased five years ago may not be adequate today. It is also important to consider that a vintage vehicle needs insurance coverage even when it is not being driven. A car stored in a garage or showroom is still susceptible to damage and loss – particularly those caused by fires, theft, and vandalism.
If you have a vintage vehicle and live in Germantown, Wisconsin or the surrounding towns of Mequon, Thiensville, Menomonee Falls, or Hubertus, take the time to review your coverage options. Contact our office to discuss the risks of collector car ownership and how insurance can reduce your exposure.
We can help you find full coverage for your classic car at a price you can afford, whether you have a restored Hot Rod, a modified GTO, or an antique 1920s Model T. Call us today to request your free, no-obligation classic car insurance quote. We look forward to serving you soon.