Collector Car Insurance

Tom Martin

The Wall Street Journal has an interesting article on classic and collector car insurance:

http://online.wsj.com/article/SB121737402789495041.html

Doe anyone have experience with this? Are the price benefits big? Is that true for late model collector cars (e.g. an F430 or a DB9) as well as vintage cars?

danspach

My experience with the collector car insurance on my 1988 M3 (1988) has been very positive.

I'm insured through American Modern Insurance Group and I believe my car falls (by their definition, not mine) under their "collector" car division, not classic.

You can purchase a policy with different mileage allowances (1k, 3k or 6k.)
You can negotiate a stated value for your car....I have my M3 insured for $20k

The caveats:

...you need to have at least one car per licensed driver ASIDE from the car you wish to have them insure
...you cannot use it as a backup to get to work
...they will ask for odometer readings but the unused miles rollover and do not expire
...they will ask you your intended purpose of the car (shows, sunday drives, club events, etc.)

I think my premium was $704 for a 6k mile policy. The agreed value alone makes it worthwhile for me.

They have different definitions as to what constitutes classic or collector. Best thing to do is call for a quote...some insurers called my car a "classic" because it's old enough and they were made in relatively small numbers even though it doesn't fit the definition by years.

http://www.amig.com/products/collector-car.html

Hope that helps.

- Dave