Antique and vintage cars can take you on a trip down memory lane. Whether you own an original Model-T Ford or a sleek antique Jaguar, your collector car is most likely one of your most prized possessions. You’ll need the right insurance protection to make sure your car is covered, and your investment is safe.
The main difference between traditional cars and collector cars is that instead of depreciating, they often increase in value. Moreover, collectors will often add customized parts to the vehicle, improving the car. So, collector car insurance must be based on the “agreed value” of the vehicle at the time the policy is issued. The agreed value includes your entire investment in the car.
Rates for antique collector car insurance are normally cheaper than they are for traditional coverage, since collectors tend to take better care of the vehicle and drive it less than they do a car meant strictly for transportation.