are shopping for the next cool vehicle, keep in mind you should look for specialty
insurance to go with it.
collector vehicle insurance is a specialty product. It is tailored for vehicles that are not
regularly driven, usually less than 5,000 miles a year. Maybe they are driven
for fun, to local club events, a show or rally.
Other restrictions or limitations could include that all drivers need to
be over 26 years old and you must have another vehicle that you use as your
regular “daily driver”. Company requirements
might include that the vehicle does need to be in a fully enclosed and locked
garage, shop or building. But recently, some of the underwriters have started approving
carports and other storage areas as protection.
your custom car or bike for a “used vehicle” value from an underwriter that doesn’t
understand the value of your vehicle. Specialty coverages are usually “agreed”
values which will make sure you get what you have it insured for (minus any
deductibles). You have too much time and money in your vehicles not to protect
them for what they are worth.
than one custom vehicle on the same policy?
With most specialty policies, you pay the liability once, for all your
cars or motorcycles listed on that policy.
Have an accident? Claims are settled by adjusters that understand
custom and collector vehicles.
The basic breakout of
categories for custom or collector vehicle insurance are:
Antiques (over 25
Classics (20 to 24
Collectibles (15 to
19 years old)
(mechanically or cosmetically altered)
Exotic cars (less
than 15 years old but appreciating)
Street rods (usually
cars built before 1950 that have been and mechanically or cosmetically altered)
Kit cars (built
from a package)
Each company has a
different variation on their categories and what qualifies as modifications.
The vehicle usually
needs to have some appreciable characteristics. If the vehicle is newer and doesn’t
have any collectable or appreciable status, it’s probably not going to meet the
Doesn't mean a new car can’t be on a specialty policy, it just depends what
model and the market for the vehicle.
Oh, even collector boats can be insured with a specialty company. So that old Chris Craft ,in the barn, better finish the restoration and put it in the water.
Labels: collector boats, collector car insurance, collector cars, custom bike, custom car insurance, specialty insurance, street rods