Looking for collector car insurance quotes?
Why classic car insurance?
In terms of basic coverage options, a classic car policy is similar to a regular car insurance policy. But the ways it is different make it important to consider for your antique, classic, or collector car.
How does classic car insurance differ from regular car insurance?
Agreed Value coverage instead of Actual Cash Value
Instead of using Actual Cash Value, a classic car policy insures your classic, antique, or collector car for an Agreed Value. Just like it sounds, this means that the company agrees ahead of time on the exact amount of insurance on the car.
Regular car policies insure your vehicle at actual cash value. This is the market value of your vehicle at the time of–right before!–your accident. It takes account of the depreciation that’s occurred since you bought it.
So if, for example, you crashed and total a 2018 Toyota Sienna, the car policy insures the vehicle for its current market value–not what you may have paid for it brand new.
But what about when a car, due to its rarity and good condition, has perhaps retained its value or even appreciated, what then? That’s where a classic car policy comes in.
If, for example, you have a ’69 Porsche that appraised for $156,000, you’d ask to insure it at an Agreed Value of $156,000. Then, if you total it out or lose it in a fire, the insurance company would pay you $156,000 for the car less your deductible.
Because collector cars tend to be used less and more carefully, the insurance rates are typically lower than you would pay for a regular policy.
So if you have the option of getting a less expensive policy with an exact amount of coverage, why not?
Some policies also supply extra coverages for related car parts or special towing packages to ensure that your antique car is treated with special care if it does need a tow.
How do I get an insurance policy for a classic, collector, or antique car policy?
The process is nearly the same as for a regular car policy but with a few extra requirements.
Start by getting a few quotes.
For a quote, they’ll want to know your info and the basic vehicle information, how you use it, how much you intend to drive it, and how much you’d like it insured for.
If you like the quote, there’s usually a bit more information that’s required to establish the policy, but it’s not too crazy.
What are the requirements to start a classic policy?
At a minimum, the insurance company will typically want recent photos of the car, and some will ask you to fill out a small checklist on the condition of the car.
And if your vehicle is worth more than a certain amount–say $25,000 or $50,000– the company will request a relatively recent appraisal to substantiate the value of the car.
What insurance carriers does Sensible Insurance PNW use for antique policies?
We use Safeco for most of our collector vehicles but also have access to Haggerty. While typically a bit more expensive, Haggerty is a company which has a culture entirely centered around specialty and classic vehicles.
Other Guides & Helps:
- Hagerty has a handy car valuation tool.
- Collector Car Market Guide or Nadaguides for values.
- For fun local attractions, check out Northwest Vintage Car and Motorcycle Museum in Brooks, Oregon or the Western Antique Aeroplane & Automobile Museum in Hood River, OR.
- Read about Brothers Collection, an extensive private museum with over 600 cars in Salem, OR.
- Check out the Concours d’Elegance event in Forest Grove, OR in July.