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Insuring Your Collectible or Antique Vehicle

Considering how much money most antique or collectible car owners put into their vehicles, it’s surprising to find out that many of them don’t take advantage of special antique car insurance policies that are available. If you own a classic or antique car and only bring it out for special events and car shows, then paying for regular car insurance is foolish.

For a fraction of the cost, you can buy a special policy that is geared toward classic automobile ownership. Such policies also usually take the special circumstances of owning such a car into consideration – something that typical, more restrictive auto insurers simply do not.

The majority of the fun in owning a collectible or antique vehicle lies in restoring it and making it look great; usually, the point isn’t taking it out on the road too often. Yet many people who own such vehicles simply purchase an additional policy from their existing car insurance company. Most likely, people simply aren’t aware of the special policies available by specialty car insurance companies. Also, adding an extra policy is easy to do; many of us are too busy to do much investigating about insuring a class car.

Cheaper Than Regular Car Insurance
Most of the liability that your regular car insurance policy is covering is that caused by the act of driving it around. Most of the risk of owning a car is due to driving it, after all. Classic or antique vehicles, however, aren’t really meant to be driven too often. In effect, using a regular car insurance policy for a collectible car is major overkill. That car is probably normally kept in a garage, storage unit or other secure location most of the time. Why pay an insurance company to “protect it” against nonexistent hazards?

Truly “antique” vehicles – those that are more than thirty years old – usually qualify for a discounted rate from insurers. Make sure that you look out for such deals if you own an especially old model car. The discounts that are offered under such circumstances can be considerable. Shop around at different insurance agencies to see if other things – including your own age and/or driving record – qualify you for a discounted rate. Most insurance agencies are more than happy to extend discounts to customers who need to protect a valuable collectible car.

Finding A Specialty Company
A simple Internet search can garner you a lot of hits for companies that specialize in insuring antique, collectible or classic cars. For one thing, these companies offer policies geared toward covering the actual value of the car in question. Regular insurance companies don’t usually have a means for appraising the actual value of a classic car, meaning that if something unfortunate happens to your vehicle, you could stand to lose a great deal of money. Considering the heartbreak you’d already be going through due to the destruction of your prized vehicle, you certainly don’t want to add a major financial loss to the toll.

Most specialty companies have certain restrictions regarding classic car insurance. In some cases, they only cover vehicles over a certain age. Other times, they only insure the vehicles of people who are over a certain age. Usually, the car in question must be driven less than 2,500 miles a year or so. Also, you will probably have to agree to only take the car out during specific events and circumstances. The specifics of what any given specialty car insurance company will require can vary considerably, so be sure to ask a lot of questions before signing on with any particular one.

Check With Your Car Club About Discounts
If you’re a member of a classic car club – i.e., a club that revolves around a certain make or model of classic car – check with the directors to find out if a group insurance policy discount is available. Many times, the members of a car club team up to purchase discounted specialty car insurance. If yours does, you can stand to save a great deal of money simply due to the fact that you belong to the club. If nothing else, it doesn’t hurt to ask – your question might even propel the group to consider participating in such a policy.

Get A Group Rate Through Other Associations
Another good thing to check into is whether or not any of your other existing associations offer discounted car insurance. If you’re a member of something like AAA, for example, you can take advantage of the auto insurance discounts that they offer. Many other associations and clubs offer deals to their members, so scour your brain and see if anything you’re associated with participates in these kinds of discounts. Every penny helps, after all; and every penny you save on insuring your classic car can be spent restoring it.

Price Isn’t Everything
The ultimate goal in shopping for great specialty car insurance for your antique or collectible vehicle should be the quality of the coverage – not getting the rock-bottom, lowest price. Sure, you can save a few bucks by going with the cheapest policy – but what if it doesn’t cover the actual cost of your vehicle, or it has many unrealistic restrictions? The bottom line here is protecting your valued possession; all of those hours of hard work can be flushed away in an instant if your car and its actual value isn’t adequately protected.

Breathe Easy With The Right Insurance
Whether it’s through a specialty car insurance agency, your existing car insurance company, a car club or another association, you can definitely find a great deal on insuring your classic automobile. The trick to it is looking around and taking your time. Collect as many quotes as possible, and pay close attention to what is – and isn’t – covered. With any luck, you’ll find a policy that instills a sense of confidence in you; better yet, you’ll find one that will cost a fraction of what your regular car insurance premium is, saving you hundreds of dollars per month.


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