classic and collectible car insurance
what you should know
Purchasing classic car insurance and collectible car insurance should be done carefully and purchased only from an agent that has experience with classic car insurance. At Siracusa Risk Management we have the experience you need.
Not all classic car insurance is the same and not all insurance policies provide the same insurance coverage. It is always best to compare the collectible car insurance coverage before you purchase.
It is important to understand that classic car insurance and collectible car insurance is not designed for daily or primary use. There are accommodations that an insurance company may make, but the general idea behind classic car insurance policies is that the insured vehicles are not driven daily and that you have a daily driver vehicle that you use for work, school , errands etc. Racing and track use is also prohibited on most policies.
What to look for:
- Valuation basis - Stated amount, agreed amount, actual cash value
- Deductibles - Zero deductible is preferred
- Liability limit - $300,000 is typical
- Mileage restrictions - Very important to know if your policy includes mileage or radius restrictions
Insurance companies that offer classic car insurance and collectible car insurance tend to offer many "bells and whistles" such as:
- Evacuation expense
- Spare parts coverage
- Tool coverage
- Automatic annual value increase
- Travel interruption
- Zero deductible
- Automobilia insurance coverage such as gas pumps, automotive displays and signs etc.
If you're a collector and need classic car insurance for a collection including automobilia insurance we have programs that can accommodate you.
Not all coverages are available in your area. If you have any questions or need additional information regarding classic car insurance, collectible car insurance or unique auto insurance feel free to call us.
classic car insurance faq's
If I take my car to the track and have an accident on the track will I be covered?
The short answer is NO. Accidents while operating on a race track, even though you may not be racing anyone, is typically an excluded activity.
If I have a claim on my classic car insurance and it is considered a total loss, can I keep the car?
In some cases YES. Some classic car insurance carriers will allow you to keep or purchase the salvage of a destroyed vehicle.
Does my late model muscle car or super car qualify for collector car insurance?
Yes, many insurance companies will offer collector car insurance coverage to late model cars provided they are not being used as a primary form of transportation such as:
- Dodge Challenger Hellcat
- Lamborghini
- Porsche
Restrictions apply.
What is the difference between Stated Amount, Agreed Amount, Actual Cash Value?
- Stated amount insurance is the dollar amount you feel the car is worth. However, if there is a claim you will be paid the stated amount or the actual cash value based on factors such as dealer prices and auction results.
- Agreed amount pays you the amount that you and the insurance company agree on.
- Actual cash value is the value of the vehicle at the time of loss as determined by market conditions, sales history of similar vehicles and auction results.