We’re the Classic & Collector Car Insurance specialists in Spokane.
If you own a collector car, chances are you’ve spent countless hours, and a good deal of money taking care of it. That’s why it’s so important to carry the correct type of car insurance on your classic or collector vehicle.
What makes collector car insurance different?
Collector, or classic car insurance, is much like traditional auto insurance but includes special provisions, conditions, and coverages that are more appropriate for a classic or collector car. In addition, collector car insurance is usually significantly less expensive than standard auto insurance!
Most personal auto insurance policies cover damage to your vehicle on an actual cash value (ACV) basis. What this means is that if for example your vehicle is totaled, the insurance company pays you essentially the market value of the car and factors in depreciation.
The problem with this, is that most vehicles are always depreciating to some degree. This presents a problem when it comes to high performance sports cars, and collector cars in general. Collector cars are collectible because there is a certain amount of intangible nostalgic value. Not to mention the amount of money owners put into the restoration, and maintenance of collector cars. A standard auto policy doesn’t account for any of this when settling a claim.
For example, if you put $20,000 into restoring your 67 Mustang, don’t expect to recover this investment if your car is insured on a standard auto policy.
This is where collector car policies come in.
With the help of Lilac Insurance we can insure your prized ride on an agreed value policy. This type of policy provides you the peace of mind in knowing that what you have invested in either the purchase, or the restoration of your car or truck, is what you would receive if it’s deemed a total loss.
Lilac Insurance is also able to insure newer high performance sports cars on an agreed value policy. Corvettes, Mustangs, Ferraris, etc. are all something we can help you insure for an agreed upon amount.
Important limitations of collector car policies
Collector policies are generally cheaper than standard policies, but there is a reason for this, primarily because they are expected to be driven less.
- Collector car insurance companies we work with don’t severely restrict the amount of miles you can drive your car, but they do not want to insure your daily driver either. Taking a long road trip, or pulling it out of the garage on the weekends is what these are geared towards.
- Younger drivers (under 25) typically experience increased pricing, and drivers with extensive driving infractions or accidents may not qualify.
- Pictures will likely be required, which is usually not a problem because who doesn’t want to show off their pride & joy!
Either way, we’ll make the process of finding your collector car insurance policy easy!