Owning and operating antique and vintage automobiles come with its own set of rules, responsibilities and limitations. Here is a brief guide to insuring collectible cars.
Determining Their Value
The first step to insuring collectible cars is to get them professionally appraised. Unless you built or restored the vehicle yourself, it is most likely that you acquired them from private sellers or auctions. Occasionally, collector cars are sold through dealerships as well. This makes valuation tricky, so tt’s important to hire a certified appraiser who specializes in collector and custom vehicles.
Unfortunately, a collector vehicle’s insurance value is unlikely to reflect the amount of money you have spent for restoration. However, collectible cars do tend to appreciate in value, so your insurance policy should reflect this.
Understanding Restrictions
Insuring collectible cars involves many requirements that do not apply to daily drivers. One of these is storage: an insurer will require that a classic or antique vehicle be garaged when not in operation. In most cases, the vehicle will need to be transported inside of a trailer when taken to car shows.
There are also tight restrictions on where and when the car may be driven. Usually, this is limited to parades and official exhibitions or rallies. Depending on the value of the car, there may be additional restrictions as well. Discuss your classic car insurance with a licensed agent today.