A collector car insurance is quite different than regular auto insurance. In fact, many car owners might have never heard about this insurance. Only those who own a classic car or want to purchase one would consider a collector car insurance. Fortunately, many specialized insurance companies have been offering this unique insurance to classic car owners for many years. The key benefits of choosing the right company for a collector car insurance include:
1. Lower Premiums
Generally, the insurance rates for a collector car are 40% less than regular auto insurance rates. This is because a collector car is driven less often, parked indoors and is rarely driven in bad weather. Also, the insurance company is highly selective in what cars they insure. These two aspects enable the company to offer lower rates than regular insurance companies as they know collector cars have a lower risk of being in an accident.
2. Assured Value
Before you get your insurance policy, you and your company will agree on a number that your car is worth. In case your car gets totaled or stolen, you will get the agreed value reimbursed by the company. In most cases, collector cars don’t depreciate like regular cars and thus, the policy payout gives you the real value of your car.
3. Better Understanding
A specialized car insurance company understands what your classic car means to you. Thus, in case you need any repairs or when they are presented with a claim, they make sure it is done right the first time. Retaining the value of your collector car is as important to the company as it is to you.
4. Skilled Repair & Restoration
Many insurance companies only pay a certain amount for repairs at average body shops. If you want to take your antique car to a specialized shop, you might have to pay the bill yourself. However, in case of collector car insurance companies, they allow you to take your car to the best craftsman and pay for the entire job so that it can be repaired or restored by skilled professionals.
5. Original Replacement Parts Coverage
A special insurance company knows the importance of original parts in your vintage car and thus, if you need any replacement, the price of the original parts is covered in your policy at no extra cost. Some companies might even help you find the rare parts for your precious vehicle.
6. Flexible Usage & Perks
The best collector car insurance lets you enjoy your special car the way you want it. So you can take it to events, exhibitions, club functions, tours and also enjoy the pleasurable drives when you feel like. Many companies also offer certain other perks like reimbursement of car show entry fees, hotel deposits in case you miss a car event because of car breakdowns, coverage for overseas transport, medical coverage for personal injuries at an event, etc.
A specialty collector car insurance company has many advantages over a regular insurance company in terms of coverage, claims, perks and even premiums.