If you own a classic or antique auto you’re in a special coverage situation. Specialty coverage is necessary because standard auto coverage rates are based upon a car losing value each year due to aging and normal vehicle use. The owner of a classic or antique car needs coverage for a vehicle that retains or increases its value.
Specialty car insurers typically base their rates on elements such as:
- car’s current value (often established by appraisal)
- any special design or features
- use (exhibition, touring, parade)
- availability of storage in a locked garage
- owner’s age (no youthful drivers)
- whether spare part coverage is included
- availability of another car for normal vehicle use
- whether the car’s coverage includes automatic increases to account for inflation
At Neckerman Insurance Services, many of our insurance carriers offer Antique and Collector Car insurance. Factory and custom cars over 20 years old typically qualify for these much lower rates. Many times, insurance companies will discount the cost of this insurance significantly knowing these classics are driven very few miles each year.