July 12 is the 10th annual Collector Car Appreciation Day (CCAD). Organized by the SEMA Action Network (SAN), this event aims to remind Americans of the role that antique and collector automobiles play in society. For example, restoring such vehicles creates lucrative jobs for skilled individuals around the country. If you’re proud to be part of this community—or you’re planning on joining it soon by making a major purchase—here’s what you should know about obtaining adequate auto insurance for your collector car. 

Vehicles That Qualify for Antique Auto Insurance

Every provider has specific requirements for their antique auto insurance policies. For example, some insurers only cover certain makes, models, and years, while others require the vehicle to be stored in a secure, enclosed structure when not in use. 

As for universal requirements, a vehicle must be at least 25 years old to qualify for antique coverage. Cars that are at least 10 years old may also qualify if they’re especially rare or have historical significance because of their craftsmanship. It’s important to note that cars are not the only item you can insure with an antique policy. Trucks, buses, motorcycles, scooters, military vehicles, and tractors can qualify for coverage, as well. 

Coverage That Antique Auto Insurance Can Provide 

Like other kinds of insurance, you can tailor your antique auto policy to meet your particular needs. It’s important to ensure the package you end up putting together will cover you in all eventualities, though. Because virtually all antique cars are somewhat rare, they’re especially valuable. And working on them isn’t cheap either; when an antique car sustains damage, it can be a considerable financial blow. 

The types of coverage you should consider include emergency roadside assistance, auto show medical reimbursement, spare parts, and guaranteed value. If you actually drive the car in traffic, emergency roadside assistance will provide 24/7 service in the event of a breakdown or lockout. Auto show medical reimbursement, on the other hand, provides medical benefits for you and loved ones should you get hurt at a car function. And spare parts coverage will pay for certain parts, which, as any collector knows, can add up fast.

Guaranteed value is undoubtedly the most important component you can include in a policy, though. In the event of a total covered loss, this will reimburse you for the guaranteed value of the vehicle, which may be more than the actual cash value or stated value. 

If you need to purchase antique auto insurance, turn to Somers Agency. Serving individuals and businesses throughout Lorain County, OH, for more than a century, this independent agency offers a broad range of products. They assist with everything from homeowners and flood insurance to small business policies. To request a custom car insurance quote, call (440) 324-3447 or reach out online.