Hey everyone…this is Tom Saue at Citizens Alliance Agency. If you know me then you know I’m a “car” guy. I’m here today to provide you with some basic information about collector car policies and to let you know why it might make sense to insure your collector car/truck with a collector car carrier rather than on your standard auto policy.
My 2012 Mustang GT California Special Edition
Let’s start with some the of the benefits of a collector car policy…
Agreed Value: Collector car policies often use an Agreed Value provision, meaning you and the insurance company agree on the car’s value before the policy even starts. Whereas a standard auto policy uses Actual Cash Value, where the value is determined after the loss occurs.
Vehicle Eligibility: Collector car policies recognize the unique nature of collectible automobiles and consider factors like limited editions or specialty vehicles.
Restoration Improvements: If you’ve “personalized” or restored your collector car, a collector car policy is more likely to cover the full value of these improvements. A standard auto policy might only consider the car’s original equipment.
Lower premiums: Collector cars are typically driven less frequently and are well maintained, resulting in lower risk and lower premiums.
Customized Policies: Collector car insurance can be tailored to your specific needs and vehicle, whether you own one classic car or a whole collection. This may include coverage for events, spare parts and even medical payments during car related functions.
To determine if your vehicle qualifies for a collector car policy, you’ll need to consider the following factors…
Age and Type: The vehicle should generally be at least 25 years old. However newer exotic cars and limited-edition models may also qualify.
Condition: The car must be well maintained and in good or restored condition and not used as a daily driver.
Usage: The vehicle should be used on a limited basis, such as hobby related purposes, car shows, parades and occasional pleasure driving.
Storage: The vehicle should be stored in a secure, enclosed location when not in use.
Driver Eligibility: The driver should have a clean driving record, at least 5 years of driving experience and will also have to show proof that they have a personal auto insurance policy.
Modifications: Most collector car insurance policies will generally accept some “modest” modifications.
When you choose a collector car policy, you’re ensuring that your prized vehicle is protected under a policy that recognizes and values its unique status and usage. It can be a smart way to safeguard your investment and enjoy your passion for classic cars.
If you’re interested in getting a quote or would like more information on the collector car carriers we represent, feel free to give me a call at 320-269-6484 or send me an email at tsaue@citizensallianceagency.com.
Thanks for reading my article and now get out there and enjoy your collector car!
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