Auto Trends Magazine ? Auto Insurance and Your Hobby Car

Does your insurer understand your collectible car?

Your hobby car may be eligible for reduced rate collector car or antique car auto insurance.

That 1969 Pontiac Firebird convertible you picked up at a classic car show a few years ago and gradually restored is your baby. This F-body model is rarer than its sister Chevrolet Camaro and still features its special Windward Blue paint color. Its high output 400 cubic-inch V-8 engine, four-barrel carburetor and 4-speed manual transmission provide the performance you want and with a V-6 model recently listing for nearly $40,000 with Barrett-Jackson, you know that the $15,000 you shelled out for it two years ago was worth the time and money you put into making it ?showroom new.?

Hobby Car Insurance

Beauty is certainly in the eye of the beholder
with this classic car.

One problem with hobby or collector cars is that its insurance coverage may not match your needs. Not every insurer has the skills to understand your car or its valuation. Your current coverage may be restricted to exhibitions and parades, but if you use your car for other purposes such as the occasional Sunday drive, then you need to review your policy.

Moreover, you may want to contact an insurer that specializes in classic and antique car coverage to discuss your needs. Such companies work with owners of collector vehicles and will want to find out how often you take it out for a drive.

Collector car insurance is typically offered for vehicles that are not used for daily transportation. Such vehicles must be stored, typically in an enclosed and secure structure. If there are multiple drivers in your home, each must have access to a regular-use vehicle for their transportation needs and an underwriter will pull up the driving record of each driver in your home. One or two minor accidents or traffic violations shouldn?t affect your eligibility, but more serious infractions most certainly will.

Collector Car Exclusions

International Harvester Scout with the SSII package. Picture taken at Dumont Dunes California. (Photo credit: Wikipedia)

Insurers may exclude certain vehicles even if these are categorized as antiques or collectibles. That 1969 Meyers Manx body dune buggy sitting on a Volkswagen Beetle chassis probably won?t qualify for collector insurance coverage. Nor may any commercial vehicle, your 1973 International Harvester Scout or that AMC Rambler that has been outfitted with a nitrous kit. With this last group of vehicles you may still be able to get insurance, but not the lower-cost collector insurance coverage you desire.

Importantly, with collector car insurance you?ll want to secure a Guaranteed Value policy, one that ensures that you receive full value for your car in the event of a covered total loss. Even if your car is not totaled, your insurer should have someone on staff that is familiar with the cost of replacement parts, an individual who can help you find what you need when you need it. No insurance is adequate if it can?t give you the perfect replacement part.

Collectible or Not

Not every older car is considered a collectible, even if it is at least 25 years old. Your Pontiac Firebird convertible qualifies simply because it is a convertible. But even if it was a hard top, its big block engine as well as its rarity alone make it a collectible. However, your neighbor?s two-door 1973 Ford Maverick with a 170 cubic-inch inline-six may not be considered a classic. Had it contained a V-8 engine, then insurers might think otherwise. Unique body styles, most sports cars and cars with big block V-8 engines under the hood are usually considered ?collectible.?

Your insurers will make a determination for your vehicle and offer a plan that also meets your state?s requirements. Those requirements vary, but may include bodily injury liability, comprehensive, collision, property damage liability, personal injury protection and medical payments. Glass coverage, rental reimbursement as well as towing and labor costs.

As with any insurance coverage, you will want to shop around. One insurer may consider your car a collectible while another may not. You can help your cause by giving detailed information about your car including its current condition, where it is garaged and its appraised value.

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Lead photo: Peter Mazurek (SXC)

Second photo: Michal Zacharzewski (SXC)

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