New Forum: Auto Insurance

I thought this might be a good topic considering car insurance can be different for a classic car. So I made a forum for it. I thought it might be a good source of information for members, especially those buying their first classic car.

You can find that forum under the General Off Topic Forums section.

Nice... I'm an early A Body fan AND and insurance agent. It's true, if your car has special status with you as a classic, collector, or exotic, then it can also get special status with the insurance company.

There are a few rules to follow, but most enthusiasts already follow them unless you happen to be using the vehicle as a daily driver.

As a general rule, to get classic or collector car insurance:
- Needs to be stored inside.... garage, barn, shop, warehouse, etc. There are options for parking it in the driveway, but you give up some of your discount on the price.
- Must not be your 'daily driver'. Typically you have to show proof that you own another, late model vehicle that's your daily driver.
- Miles driven per year. This requirement differs from carrier to carrier. Some don't like more than 3000 miles per year. Other carriers make allowance for road trips to distant shows and gatherings. It's on the honesty system, I've never seen a carrier verify yearly mileage on a classic car.
- Needs to have a classic, collectable, or exotic value. This is somewhat subjective, but we can usually place most vehicles presented into one of these categories.
- No track use or racing of any kind.

The benefits of getting classic car insurance over traditional insurance are:
- Savings. Typcially you pay about half price.
- Agreed or Stated Value coverage: If the car is stolen or totaled, there's no haggling, the insurance pays you the stated or agreed value on the policy without depreciating it. You also get to pick the stated value, within reason. If you have $100,000 in your car you can typically insure it for that. You will pay a proportionate price, but your investment will be fully insured.
- Lower deductibles. You're probably used to a $500 or a $1000 deductible on your standard auto insurance. Classic car insurance deductibles start at $0, and the price is still very attractive.

There are several companies that offer classic car insurance. Your best bet is to find an Independent Insurance Agency (like mine... ) that represents multiple classic car insurance companies. That way you will have options. I represent 4 classic car insurance companies.

Feel free to pm me if you have any questions, or just want a quote (Texas only at this time).


Richard

Good post Richard, good info. Do you know much about race car insurance?

I have collector car insurance on CHERRY for the stated value. It is a great deal with great coverage.

Sorry, I'm not familiar with race insurance.