How to Choose an Auto Insurance for Your

Collector Carby Insurance Hero

Introduction

Owning a collector car provides a sense of pride. And since you probably consider the vehicle among your most prized possessions, it is also essential that you have auto insurance to back it up. Keep in mind, however, that the process of insuring a classic collector car is quite different from that for a regular modern car.

In this presentation, we will give you all the tips you need in order to choose the right coverage.

Get an Appraisal

One of the crucial pieces of information you ought to know before you agree to signing up any type of document is the vehicle's worth. It is practical information you should have handy at all times.

Also, keep in mind that a collector car's value changes over time along with the changes in the market. So, it will be wise to have the car appraised at least once every five years.

Get a Rating

Another important piece of information you should get ASAP is the collector car rating. In a nutshell, this involves assessing the condition of the car. In this process, it will be determined whether the car is restorable or not.

More often than not, this will all depend on how well you have invested on its maintenance (another reason why you should never be cutting corners with the upkeep). To be sure, hire a licensed appraiser to get a reliable classification of your vehicle.

Make Room for Your Collection

This probably goes without saying, but it is important for auto insurance companies to know that you have a dedicated space for your collector's car. A space that will keep it safe and shielded from vandals and thieves, as beautiful pieces of art can make people jealous or envious.

If you do not have any available garage space at home, you can purchase a space from your local personal storage center. As you would never leave your cash or jewelry in plain sight, do not let your prized car lying on the street unattended.

Shop Around

Unlike auto insurance for regular cars, there is no set standard for a collector car. Quotations vary from one company to another. So, do not just buy the first estimate that you get, which will probably result in higher expenses and more than what you actually need.

Research and shop around. Free quotations are available anyway, so take advantage of them. Take your time as being in a rush here is the surest way to make a costly mistake.

Ask Other Collectors

If it is your first time insuring a vehicle of this caliber, it is a good idea to get some suggestions from the more experienced collectors. This way, you can set a ballpark in terms of cost and coverage. The information these enthusiasts offer can help you pick the most appropriate type of coverage and the best value for your money.

If you don’t know any, just search on the forums as that’s one place these people like to gather to talk shop and share their passion.

Consider Increasing the Deductible

To lower your monthly premium, you may also want to consider increasing the deductible. After all, with the amount of care you (should) put into the vehicle, chances of getting into an accident are slim. Increase the deductible only if you can afford it though. Check if your savings and income can take the extra demand.

Conclusion

If you keep all these things in mind to guide your choice, you should have no issue finding the right auto insurance for your prized collector's car. Just make sure to evaluate your coverage regularly, adjusting according to value, especially if you have recently applied restorations.

This presentation was brought to you by the experts in collector car insurance: http://www.insurancehero.ca/