Is there a difference, from an insurance perspective, when it comes to insuring a car that may be a vintage car, a classic car, an antique car, or a collectible car?
What Does "Collectible" Mean?
A collectible car is one that has value beyond ordinary use. This extra value may come from its age, historical significance, modifications, rarity, and its exceptional "pristine" condition.
A collectible car may also be a vintage car or an antique car (usually 25 years or more old), but it does not have to be old to be collectible. A brand new, special edition car with an extremely high price can be a collectible car, such as a million-dollar sports car.
Hot Tip: If you have questions about classic car insurance and how to get insurance for a collectible car, you can reach out to us at Advantage Service Insurance, serving Erie, CO and surrounding areas, to get them answered.
How Do You Insure a Collectible or Classic Car?
Most insurance for collectible cars is based on the appraised value. You will have to get an appraisal, which is from a source that is satisfactory to the insurance underwriter. This appraisal should be reviewed regularly if the value of your vehicle changes.
You and the insurance company will agree on the insured value up front before the policy is issued.
Restrictions on Use
There may be restrictions on your use of a collectible car, including when it can be driven, mileage restrictions, how it must be maintained, restored, or preserved, and that it must be stored in a secure, locked facility.
You may only be able to drive your collectible car to shows, events, and for pleasure on occasional weekend use in order to keep its status as a valuable collectible car.
Contact us at Advantage Service Insurance, serving the Erie, CO area, to get a quote on collectible and classic car insurance.
