HOTRODS & CLASSICS
Hotrod & Classic Car Insurance
Insuring Hot Rods and
Your hot rod or classic car is more than a financial investment; it is an investment in time, effort and emotions. To create or restore a piece of automotive history whose value goes beyond the cost of custom paint and chrome plating is a testament your devotion to preserving your car's condition. Other than taking care to protect it from harm or loss, finding the best way to insure your vehicle is just as important....
A Special Insurance
Company for your Special Vehicle
The best way to get insurance for classic car, whether it is a street rod, custom, antique, classic or other collectible vehicle is through classic car insurance. For a variety of reasons, your coverage may be less expensive compared to a standard auto insurance company, even though the value of your car may be much greater than a generic production vehicle.
Generally, you will not likely be using your classic car or modified vehicle for your daily commute, and in fact, to qualify for a policy, your specialty insurer will stipulate a maximum number of miles you are permitted to drive the vehicle; to and from local club events and shows, or on a closed circuit like the Pebble Beach Concours d'Elegance. Many insurers also require proof that you also own a "daily driver" vehicle that you drive for routine use. Your driving record, credit score, and method of storing the vehicle, "locked garage" preferred, also play a part in qualifying for coverage and receiving preferred rates.
Will your Agent Be There When You Need Him?
Knowing what to look for in an insurer of fine automobiles will give you the assurance that the insurance company you choose will meet your needs. First, learn if the company in question has the financial stability to quickly meet its fiscal responsibility in the event you file a claim. Organizations like J.D. Power, A.M. Best Co. and Standard & Poors publish insurance company's reports which rank each insurer's ability to meet its financial obligations.
What to Look For In an Insurance Company
For the purpose of display, your classic car may have memorabilia, display items, spare parts, and tools which your specialty insurer can include in your policy. If you need to transport your vehicle to an out of state or overseas venue for a show, your insurer is well–versed in arranging this type of coverage. All types of situations can occur which can cause injury to spectators, team members and relatives which will require special attention when arranging the liability portion of your policy.
Getting Your Money's Worth
Because many custom, hot rod and modified vehicles contain parts and expensive enhancements, such as custom paint, chromed body parts, and expensive suspension and wheels which may be of more value than the actual vehicle itself, your specialty agent will negotiate an "agreed-value policy" which takes into account all of the added value to your car. You would no more repaint your perfectly preserved 1964 Ferrari 250 GT Lusso Berlinetta at home in your driveway with Rustoleum than to insure it with an insurance company who is inexperienced with classic cars and has a low J.D. Power financial strength rating, would you.? I didn't think so.