Collecting classic cars and motor vehicles can be a rewarding and engaging hobby. However, these automobiles also represent significant financial investments. With that in mind, you should take appropriate action to protect your property from losses and damages. That’s why understanding and acquiring suitable insurance for your collectible cars is crucial. 

For over 40 years, McKinney Insurance Services has been helping individuals, families and businesses in the Asheville area assess and address their insurance needs. 

What Does Collector Car Insurance Cover? 

You cannot rely on standard auto insurance to provide adequate protection for collectible cars. Still, specialized policies for these vehicles will generally include similar coverage for certain losses, such as damages for which you are liable. Further, collectible car insurance provides enhanced coverage for your vehicle by including several additional features, such as the following: 

• Set value—Under standard auto insurance, your vehicle may depreciate to the point that your coverage cannot pay for a total loss if you still owe money on a lease or auto loan. However, insurance for your collectible car will not depreciate throughout your policy’s term. You and your provider will work together to determine an agreed-on cash value before coverage begins.

• Specialized maintenance—Collectible car insurance can give you access to specialized services and garages that cater to your particular vehicle. Your policy may also cover parts and components intended explicitly for your vehicle, even if generic alternatives are less expensive.

• Towing and transportation—If you prefer not to drive your collectible vehicle on the open road, a suitable insurance policy may be able to help you transport it by offering special towing.

What Vehicles Need Collectible Car Insurance? 

No exact definition determines a vehicle’s status concerning being a collectible. Requirements may vary among insurance providers; however, in general, the following automobiles may qualify for coverage: 

• Antique and classic cars (i.e., at least 25 years old)

• Hotrods

• Custom/modified vehicles

• Exotic and luxury automobiles

• Muscle cars

Beyond the aforementioned criteria, several other factors may also influence your ability to obtain special auto coverage for your collectible car, including the following: 

• Frequency of use—Providers may be less inclined to offer coverage depending on mileage limitations and how often you use your vehicle.

• Storage—In many cases, providers may require that you store your collectible car in a locked, enclosed and private structure.

• Driving history—Much like standard auto insurance, a record of reckless or unsafe driving habits may hinder your ability to obtain coverage.

• Display plans—Some providers may require additional coverage or set certain limitations if you plan to transport your vehicle to car shows or auto club gatherings.

Get the Right Coverage 

Like any other financial investment, collectible cars must be insured. Even if you don’t plan to operate your vehicle on the open road, there may be certain risks and exposures that you cannot eliminate entirely, such as severe weather and criminal activity. Without an adequate insurance policy for your collectible car, even a minor incident could have significant financial ramifications. 

The agents at McKinley Insurance Services are well versed in understanding optimal coverage for collectible cars. We will work with you to assess your insurance needs and craft a suitable policy. Contact us today to get started.