What Qualifies as a Collector Vehicle for Insurance Purposes?

Collecting, restoring and displaying classic automobiles can be an enjoyable, rewarding and lucrative venture. However, even the most meticulous and experienced collectors must account for the possibility of accidents and other incidents. Given the expensive investment these vehicles represent, understanding how to insure them is critical. At Herman Bell Insurance Agency, we can help collectors confirm eligibility for collector car insurance and retain the right policies.

What Is Collector Car Insurance?

Also known as classic car insurance, these policies may offer multifaceted financial protection for antique vehicles, luxury models, hot rods, military vehicles and sports cars. In addition to many coverages available in standard auto policies, such as for third-party liabilities and collision damage, your collector car insurance may offer additional financial protections. For example, many policies allow you and your insurer to establish an agreed value for which you can be compensated in the event of a total loss, meaning your payouts for classic vehicles won’t be subject to depreciation.

Who Is Eligible for Coverage?

Collector car insurance companies may have varying criteria when it comes to what vehicles qualify for coverage. However, there are several factors that may influence eligibility for most carriers, including the following:

• Age—Classic and collector vehicles are often defined as those that are at least a certain age, such as 25 years old.

• Usage—Most insurers may require usage limitations regarding a classic vehicle. For instance, you may not qualify for coverage if you use your vehicle for regular errands or commutes.

• Storage—In order to be eligible for classic car insurance, carriers may mandate that your vehicle is housed in a private, enclosed and locked garage or storage unit.

• Driving records—Policyholders may also be subject to certain conditions. For example, if you’ve committed major infractions, such as operating a vehicle while intoxicated or reckless driving, you may be ineligible for collector car insurance.

We’re Here to Help

Contact Herman Bell Insurance Agency today to discuss your eligibility and procure appropriate coverage for your collector vehicle.

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.