Why Classic Car Owners Need Classic Insurance

Classic car guys know that nothing beats a Saturday cruise around the neighborhood in your classic. After all, you’ve spent hours of time and spent thousands of dollars to get your classic or muscle car to its current condition.

Sadly, every once and a while, a classic car can get into a bad accident, and often times, a traditional insurance company will not pay out the right amount to repair your irreplaceable classic. Here we look over why every classic car owner should only use classic car insurance.

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1969 SIX PACK

Much More Affordable

An unrestored ‘67 Chevelle Super Sport with the original 396 BBC motor could cost you $120 per month for full coverage with a traditional insurance provider. However, classic insurance providers like Hagerty can often times get this to less than $30 per month for full coverage.

This is because specialty classic car insurance providers understand that most classic cars are rarely driven, and are usually tucked away safely inside a garage. This can help to significantly lower any chance of getting into an accident. Unfortunately, this is something most agents at traditional insurance companies will not understand.

Due to the low mileage most classic cars go through nowadays, classic car insurance providers understand that the risk of an accident is much lower than a traditional daily driver. Since most classics are parked inside garages, this can help significantly reduce the chance of theft, and thus, the cost of coverage.

More Coverage Options

Although traditional insurance providers have expensive options for liability-only coverage and full-coverage, a classic car insurance policy can be fully custom tailored to your classic.

Most classic car insurance providers will work with you to agree on a total value for your car. This helps to ensure that if anything catastrophic happens, you will get the full amount disclosed in your classic car insurance agreement, not what an agent thinks the car is worth.

Sadly, another negative about traditional insurance companies is that they will use the car’s “market value” and original MSRP after depreciation to place a total value on the car. Today, a ‘68 Charger can bring big bucks at a Mecum Auction, however, the car was only $3,500 dollars new in 1968 (1), and traditional insurance companies will sometimes use that original price to dictate the payout to be issued if an accident occurs.

It can be even lower if a traditional insurance provider decides to factor in 51 years of supposed depreciation.

Classic car insurance agents understand the value that classic cars bring and are aware of the options and features that make your classic unique and valuable. Did your ‘69 GTO come with the optional and extremely-rare Endura bumper?

A traditional insurance company may not care whether they replace your Endura bumper with an eBay bumper, but a classic car insurance company knows that bumper is rare and will work to repair it to original condition or purchase a similar OEM one.

Better Repairs

If the day comes and your 1969 “Hugger Orange” Z/28 Camaro factory A/C car was in an accident, a classic car insurance company will already have access to a network of classic car experts who can make the necessary repairs. People who are experienced in working on classics are much harder to find than most drivers think.

Everyday body shops may not have the expertise needed to do things like professionally re-chrome bumpers, install fragile trim pieces, and remove 50-year-old stripped bolts without damaging the car.

Final Note

We love and cherish our classic cars as if they were members of our own family. Paying more for far less coverage with a traditional insurance provider can end up costing you and your dream car dearly.

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  • Collector Car Insurance

Sources:

  1. https://www.nadaguides.com/Cars/1968/Dodge/Charger-R-T/2-Door-Hardtop-440/Values

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