How Does Collectible Car Insurance Differ from Standard Car Insurance?

Many owners of collectible cars opt to insure their car with a standard insurer, despite the fact that insurance companies who specialize in insuring collectibles can often offer them a far better deal. In fact, by taking out insurance with a classic car insurance provider, you could be saving yourself as much as 500% on the cost of your auto insurance. Before taking out car insurance, it is definitely worth requesting a quote. Start the process by submitting your free request here.

Owners of collectible cars need an agreed value policy

When taking out insurance on your collectible car, there are a few things you should remember. For one, you should make sure you get an agreed value for the car should the unthinkable happen and it become totaled. On non-collectible, everyday cars the money you get back if the car is irreparable will be the standard market value less depreciation.  Many collectible cars, however, actually rise in value with age, and will need to be re-valued at regular intervals.

Low collectible car mileage may mean more discounts

Another major difference between classic auto insurance and standard car insurance is that you are likely to have a much lower mileage with a collectible and should therefore receive a discount for this. Many insurers put a limit on the amount of miles which can be driven in a year, often around the 2,500 mark, and sometimes ask for pedometer readings. Others are more flexible and, if you have a modern car which you use alongside your collectible car, will allow you to use the car when you like as long as you don't commute in it or take it racing.

An insurance company may put age restrictions on who can drive the collectible car. Many companies state that drivers must be at least 25 years of age. Due to the high risk of accidents involving young drivers collectible car insurance companies are unwilling to provide coverage for drivers younger than 25, specifically for collectible cars, which may have a lot of value.