Do I Need Specialized Insurance for a Collector Vehicle?

Owning a collector, antique or classic vehicle can represent a significant investment with potentially expensive financial risks. These automobiles and their parts can be costly, while still often bearing many of the same liability concerns as everyday cars and trucks. Furthermore, collector vehicles may carry sentimental value, meaning that you might be in particular need of appropriate insurance coverage to enable you to maintain or restore them. Understanding coverage needs is critical.

Can Standard Auto Insurance Cover Collector Vehicles?

Generally, no, you should not rely on a standard auto insurance policy to provide adequate coverage for collector vehicles. These automobiles, which are often classified as those at least 25 years old and with limited usage, may require carefully tailored coverage. The exact criteria for what makes something a collector vehicle may vary among insurers, but a qualified insurance professional, such as those at Herman Bell Insurance Agency, can help you understand your needs and options.

Why Is Collector Car Insurance Important?

Also known as classic car insurance, these policies can offer enhanced financial protection for collector vehicles compared with standard auto coverage. Specifically, your policy might include the following clauses:

• Agreed value coverage can allow you and your carrier to set a replacement cost for which your collector vehicle will be insured. This value will not depreciate over time.

• Spare parts coverage may help pay for original manufacturer components for your collector vehicle, regardless of whether they’re more expensive than similar, generic parts.

• No attendance required coverage may financially protect your collector vehicle from harm at an auto show or while on display, even if you’re not physically present.

We’re Here to Help

If you’re looking to ensure a collector vehicle in Waco, TX, contact the team at Herman Bell Insurance Agency today. Our agents can help assess your situation and procure optimal 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.