Cars are your passion. You’ve been dreaming of owning a 1957 Ford Thunderbird for years and now it’s finally yours. Whether you plan to keep your prized possession in the garage for restoration, take it out for an occasional drive or display at a car show, you need to protect your investment.
Your first instinct may be to add it to your standard auto insurance policy, but classic cars require different coverage than your family car. Instead, you need a policy designed for car enthusiasts and collectors. While many traditional auto insurers offer collector car insurance policies, a company in Colorado specializing in collector car insurance may be better suited to your needs, given their knowledge and experience.
Does my Car Qualify?
Before you can purchase, you need to determine if your car qualifies. Generally, there are three types of collector cars – antique, classic and vintage. While the terms seem interchangeable, they are separate designations.
Antique cars are usually more than 45 years old and are maintained to keep original manufacturer specifications. State law determines what qualifies as antique so the designation in one state may not be the same if you move to another state.
Classic cars must be at least 20 years old but not more than 40 years old. Cars should be restored to the original design; however, cars modified with aftermarket updates may still be considered classic.
Vintage cars are more loosely defined. Most vintage cars were manufactured between 1919 and 1930, meaning some vintage cars can be antiques (and vice versa). Unlike classic and antique cars, vintage cars can be modified and maintain their status.
What Does the Policy Cover in Colorado?
Since antique, classic and vintage cars tend to be stored more than driven, premiums may be lower although the replacement cost is higher. Classic car insurance policies include provisions from standard policies such as property damage and bodily injury liability coverage. However, there are notable differences:
Car value – There is no set “book value” for specific makes and models because every car’s condition is unique. You and your insurer need to agree on your car’s value and your car will be covered up the value without depreciation. While everyday cars depreciate as your mileage increases, classic cars may gain value, so you will need to adjust coverage as the car value appreciates.
Original repair or restoration – your policy should allow you to bring your car to a specialist even if the rates are higher than a traditional body shop.
Special towing and spare parts – Coverage for towing is commensurate with the special demands of transporting a classic car. Spare parts coverage needs to cover the cost of replacing valuable and hard-to-find parts.
Flexible usage – Your car insurance should allow you to take it for an occasional drive or to a collector car exhibitions and tours.
What is the Best Collector Colorado Car Insurance?
Because every collector car is unique, the best policy for one driver may not be the best for another. Your first consideration may be to find cheap classic car insurance. Of course, you will also want to know how the insurance company will designate your vehicle. As mentioned previously, designations of antique, classic or vintage can differ by state and insurance company. In addition to cost and car type, you should consider other factors including the coverage offered as well as the reputation and experience of the insurance company. Some additional criteria to think about include driver age limitation, driving record, storage and usage requirements.
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