Specialty Insurance for Collector and Classic Cars

Automobiles typically represent significant financial commitments, but when you consider purchasing, restoring or otherwise investing in a classic, vintage or collector vehicle, you may have even more fiscal risk to consider. Given the inherent value of these automobiles, you may need to take extra precautions, including understanding and securing specialized insurance. At the James V. Funaro Agency, we can help you find suitable coverage.

What Type of Insurance Do I Need for These Vehicles?

Classic and collector cars may hold significant value that may even appreciate over time. In contrast, most vehicles begin to depreciate as soon as you drive them off the lot. Classic car insurance can help address these unique circumstances and offer customizable coverage tailored specifically for your vehicle, hobbies, risk tolerance and budget.

How Can Classic Car Insurance Address Specialty Coverage Needs?

The right classic car insurance can include many enhanced coverage options compared with standard auto policies. Specifically, you might enjoy the following:

• Agreed-value coverage—When you purchase a policy with this feature, you and your insurer agree on the value of your classic car. Your vehicle will not depreciate from this amount, providing greater financial stability in your prized investment.
• Specialty shop coverage—Your classic car insurance may also allow you to take your vehicle to a specific body shop or garage that specializes in working on automobiles of your make, model or manufacturer.
• Custom parts coverage—While standard auto insurance may only pay for parts of similar quality, part of the charm of classic vehicles is their original manufacturer components. As such, your policy may cover such replacements, even if they are more expensive.

What Else Do I Need to Know?

You should also be aware that classic car insurance policies may come with certain restrictions and conditions. For example, to be eligible for this type of coverage, you may have to agree to limit the use of your vehicle. Additionally, your carrier may require storing your vehicle in a secure location, such as a locked garage.

We’re Here to Help

Contact the James V. Funaro Agency today to learn more about classic car insurance and compare quotes for ideal coverage.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.