Collector Car Insurance - Top 6 Benefits of Specialty Collector Car Insurance Companies

People who own and drive collector cars have different needs for their collector car insurance than those for their vehicles conducted daily. A collectible car is, by definition, "special," so it has special considerations to consider when it comes to insurance. Your everyday insurance provider that insures the vehicle you drive to work is accustomed to dealing with claims on modern cars that depreciate in value as they age. The average owner must notice the difference between a $2000 paint job and a $10,000 paint job. To read the Sainsburys Car Insurance Review, click here

A company specializing in collector auto insurance offers several key benefits to the collectible car owner. 

Benefit # 1: Lower Premiums - A collector car is usually only driven on a limited basis, stored indoors, not driven in bad weather, and generally leads a "babied" life. Most classic car insurance companies are also selective in who they will insure. These two factors allow the traditional car insurance company to charge much lower premiums than conventional insurance companies because they know the collector's car is less likely to be in an accident.

Benefit # 2: Agreed Value Coverage - Most classic car insurance companies offer an Agreed Value policy, meaning you agree with the insurance company on what your vehicle is worth before the procedure is written. If you have a total loss accident or theft, an Agreed Value policy will reimburse the total amount agreed upon when the process was initiated. Very few conventional insurance companies offer a proper "Agreed Value" policy. Instead, they offer a "Stated Value" or "Stated Amount" policy that has a clause that allows them to only pay what they "think" the car was worth. It makes the assumption that your collector car is depreciating like a typical used car!

Benefit # 3: They Understand Your Needs - Specialty collector car insurance companies understand your needs better than a typical insurance provider does because, in many cases, the insurance agents and possibly even the company owners are car enthusiasts or collectors themselves. They realize how much your collector car means to you and understand the importance of the car being repaired correctly to retain its value. When presented with a claim, they will give you much less argument and more leeway to get your car repaired the right way the first time.

Benefit # 4: Repair Shop Of Choice - Many everyday insurance companies will only pay a set rate for collision repair at a high-volume body shop that does average-quality work on modern cars. If you take your vehicle to a shop specializing in restoration work, you may be left footing the bill for the difference in cost. Many antique car insurance companies will allow you to take your car to a specialty repair shop, and they will pay what it costs to have the vehicle repaired the right way by a craftsman skilled in restoration work.

Benefit # 5: OE Parts - On a similar note, many everyday insurance companies will only pay for less expensive aftermarket repair parts. Using non-original details can reduce the value of your vintage car considerably, as they may not fit as well as original equipment parts, and an all-original car is always worth more. Many specialty insurance providers allow for the higher cost of using original equipment parts.

Benefit # 6: Perks and Special Situations - Some collector car insurance companies offer many other types of benefits, such as coverage for spare parts, memorabilia, tools, car trailers, coverage for overseas transport, etc. Some even offer a medical ranges for personal injuries at car shows and "event disruption" insurance that reimburses car show entry fees and non-refundable hotel deposits if you miss an event due to a mechanical breakdown on the way there!