Standard Auto Insurance versus Collector Car Insurance

In a blog post earlier this year, we looked at some of the top reasons to purchase classic car insurance. As we stated in that post, a large difference between classic and regular auto insurance is the way your vehicle’s value is determined. With Classic and Collector Car Insurance coverage, you can typically expect your car to be covered for what it is currently worth, whereas with a standard auto policy you might be lucky to get a fraction of what the car is worth, if it is completely totaled.  In general, a standard auto insurance policy pays the cost of repair to the vehicle or the stated value, whichever is less.

This is not the only difference between collector car insurance and a standard auto insurance policy. You’ll find that collector car insurance premiums are typically much lower than that of a standard auto policy. Of course, this is because it’s assumed a classic or collector car will be driven less and will be very well taken care of. To qualify for a collector car insurance policy, your vehicle must be protected and not used for daily use. Garage storage is typically a necessity for these vehicles. In addition, you will have much stricter mileage restrictions with a collector car insurance policy than with a standard one.

Standard auto insurance coverage will be based on depreciating value, rather than the actual value that a collector car will be based off of. Of course, it’s important not to forget that you obtain full coverage for everything you have invested in the collector car in addition to just the vehicle on its own. The amount invested and the rarity of the vehicle are the two factors that differentiate a collector car from just a standard “older” car.

At Condon Skelly, we know how exciting it can be to start a classic car collection. We’ve been helping our customers protect their classics with affordable, industry-leading insurance coverage since 1967. We’re a group of collectors, enthusiasts, and professionals who specialize in insuring all types of collector vehicles. For more information, please contact us today at (866) 291-5694.