Collector cars are no different than ordinary automobiles in the sense that they also require auto insurance. However, unlike regular cars, collectibles grow in value the older they get and the more you take care of them, which is why the type of insurance you get can vary. The tips below will help you figure out how to insure your classic ride.

How to Insure Your Collector Car

1. Determine Its Category

Not all collector cars are deemed classic, vintage, or antique. Collectibles fall under various categories, and the type of insurance you need for it will depend on its classification. Most companies identify classic cars as those being 19 to 24 years old, fully restored, and in good running condition. Antique cars, on the other hand, are at least 25 years old and either in restored or original working condition.

2. Know Its Value

Collector car insurance works differently compared to regular policies, which only cover the actual cash value based on replacement cost minus depreciation. Insurers will write policies based on the agreed value, so know how much yours is worth. Most collectibles are valued according to established valuation guides, research from underwriters, and appraisals. They increase in value, particularly when they are well-maintained and restored to their original condition. Have a licensed appraiser determine the actual value of your vehicle, as they will consider factors like condition, rarity, and modifications. Keep in mind that some classic cars are highly sought after and have a higher rate of theft, which calls for higher insurance premiums. 

3. Learn the Restrictions

Many insurance companies know that offering coverage for collector cars can be a complicated undertaking, so they set restrictions before providing coverage. A classic or antique car must not be used as a primary driving vehicle, as this increases its vulnerability to theft and collision. A cap on annual mileage is typically set at 7,500 miles, limiting the use to driving for pleasure or joining parades, shows, and exhibits. Collectibles should be kept in a secured, enclosed garage or storage facility and should be driven by someone at least 25 years old with a good driving history.

Collector cars are your prized possessions; protect them with the right insurance. When you want to see more classic and antique cars, visit the Charlotte AutoFair in Mecklenburg County, NC. This biannual vintage auto show draws in some of the country’s most beautiful and well-kept collectibles. Show off your ride in the car exhibit by calling (704) 841-1990, or visit their website for general information about the event.