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How to Insure Antique and Collector Cars for Less and Save Money

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Jay Leno driving up to the Emmy rehearsal 1993...Jay Leno driving up to the Emmy rehearsal 1993 in one of his antique cars, a Hispano-Suiza 8 (Photo credit: Wikipedia)

You may not be Jay Leno, but you may have a similar passion for antique cars!

There's good news - the car may be expensive, but the insurance doesn't have to be.

There are lots of options for Antique cars, and in this category, in our experience we can find excellent rates on insurance - and so should you, because the vehicles are not driven much and are usually very well protected and cared for.

Make sure you check for a specialized insurance company.

For example, the ones we use charge much less than our regular insurers, because they specialize in the antique market.

Agreed Value vs. Cash Value (and Limited Value) - It's not as simple as it sounds.

Be careful.

There are also additional considerations that the specialized markets may offer that are more advantageous than regular insurers, like making sure the coverage you get is agreed value and not cash value.

You have to know where to insure these special vehicles to get the best price and coverage.

Wondering what classifies a vehicle into this category?

Here's a guideline.

  1. Age of vehicle - 25 years or older is usually the ball park. However certain models and vehicles may still fit into the collector car category based on other factors like special features, limited production, etc.
  2. Use of vehicle - Annual mileage can come into play with some carriers, however not all carriers have this limitation. Some insurers will look at if it is used in the summer, vs winter - and others have more flexible guidelines. We have carriers that don't base it on any of this, and others that have very rigid guidelines. It's worth investigating, there are some definite advantages to knowing the options!
  3. Condition of the vehicle - naturally to be categorized as a collector car, it should be in excellent condition. Evaluations are not always required, depending on the insurance provider. We have some that absolutely require an evaluation, however higher end insurers that we deal with, such as Chubb may rely on their internal expertise rather than send the client out for an evaluation. In any case, when you have a collector car, it is recommended to make sure you get an accurate idea of the value from an expert.

Here's a great story from the NCIB, on a collector Corvette that was stolen then recovered 30 years later!



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