If you want to fully protect your collector cars, you need to get purpose-built insurance for classic cars. With that move, you can make sure that your policy will cover the full value of your vehicle if the unthinkable happens. Plus, you can get a rate that better reflects how you use and store your collector vehicles. As you search for the right policy, you undoubtedly have a lot of questions. To get the answers you need, simply take a look at these frequently asked questions about collector car insurance.
What Types of Cars Qualify for Collector Car Insurance?
When you think about collector car insurance, classics undoubtedly come to mind, but they’re not the only cars to qualify for coverage. For most major insurance providers, eligible vehicles typically fall in the three following categories.
- Antiques and Classics: Is your car at least 25 years old? If so, it’s a classic. Antiques are over 45 years of age.
- Modified: If your car is over 15 years old and upgraded from its original specs in looks or performance, then it falls in the modified category.
- Modern: Was your car made in a limited run of 25,000 units or fewer? Then, it’s a modern collector car, for sure.
If you’re not sure if your car qualifies, you can simply call your collector car insurance company to confirm that it’s eligible.
Which Vehicles Do Not Qualify for Collector Car Insurance?
Even if it lands in one of the categories above, your collector vehicle may not qualify for insurance for classic cars.
Here’s a look at the most common reasons vehicles are denied collector car insurance coverage:
- Used for racing or other activities on the track
- Modified with racing equipment, like roll cages and wheelie castors
- Has engine upgrades pushing it over 700 horsepower
- Features stereo equipment used in sound competitions
- Is built as a low rider with hydraulics or airbags
Other vehicles not eligible for coverage include motorcycles, all-terrain vehicles, x-military vehicles, dune buggies, Shelby Cobra replicas, and any homemade vehicles.
Are There Any Other Eligibility Requirements to Consider?
In order to sign up for collector car insurance, you and other drivers in your household must also meet the eligibility requirements, such as:
- All licensed drivers must have their own vehicle for regular use that’s covered by a standard insurance policy.
- You agree to only use the collector vehicle for pleasure, not your regular daily commutes.
- You must have a clean driving record without any serious infractions, like reckless driving.
On top of all that, your collector vehicle must stay in a relatively secure location. Although fully-enclosed garages are preferred, carports, parking garages, and other reasonable accommodations count as well.
What Types of Basic Insurance Coverage is Available for Collector Cars?
When you sign up for classic car insurance, it includes all the following types of coverage.
Liability
Liability coverage pays for any injuries and property damage caused by an accident deemed your fault. The policy will also pay for your legal defence if you end up facing a lawsuit due to the accident.
Collision
No matter who is at fault, collision coverage pays for your injuries and property damage. Unlike standard policies, insurance for classic cars covers your vehicle’s guaranteed value – or the amount agreed upon when you signed up for the policy.
Comprehensive
Comprehensive coverage pays for damage to your car caused by theft, vandalism, weather events, and other defined situations. Plus, with classic car insurance, your policy comes with a deductible waiver for glass damage.
Collector car insurance comes with other benefits, like $750 in coverage for any spare parts needed for your vehicle. You also get $500 for the purchase of car covers that can help prevent damage to the exterior of your vehicle. While you hold the policy, you can also get 15 days of coverage on new collector vehicles you purchase.
Can I Add Additional Types of Coverage to the Insurance Plan?
If you want to go all out in protecting your classic car, you can also opt-in for add-ons like:
- Roadside assistance for classic cars of all kinds
- Cherished salvage coverage that lets you retain your vehicle after a total loss payout
- Evacuation expense coverage, so you can get reimbursed for emergency relocation costs
- Vehicle under construction endorsement that increases its guaranteed value by 10% per quarter while you perform upgrades
If you’re not sure which types of coverage to get, speak with your insurance agent to learn more about the benefits of each option.
How Can I Sign Up for Collector Car Insurance Coverage?
If you’d like to sign up for collector car insurance coverage, all it takes is a quick call to our team at Wayfarer Insurance Group. We’ll help you get signed up for a plan, so you can protect your investment and enjoy true peace of mind.
Ready to get started? Just give us a call at 1-844-929-4768 to select your ideal level of coverage and get signed up. After that, you are always welcome to call us back with any questions that come up or to file a claim when needed.
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