As a car collector, you have an appreciation for quality and craftsmanship. The beauty is in the details, whether your vehicle is in mint condition or you are planning to fully restore it. You deserve the same attention to detail when it comes to your insurance coverage. At Strobel Insurance, we offer coverage for collector cars and antique vehicles so you can enjoy peace of mind whether it is stored in your garage or being shown off at a car show on the weekend.
Starting Off On the Right Foot
When you are preparing to purchase a vintage car, the last thing you may be thinking about is insurance – particularly if you are buying it to stage instead of drive. From hot rods to collector motorcycles, these vehicles often appreciate in value, making them more and more valuable over time. Protecting them is essential, not only for your current investment but also for their future worth. It is important that you work with an agent who understands the collector and antique vehicles and the unique coverage needs their owners have when rebuilding, restoring, showing, storing, and even driving them.
The Risks of Classic Cars
Classic cars are virtually irreplaceable. If they are damaged or destroyed, it may be the end of the line for the collector. Although many collectors keep their vehicles on showroom floors and in garages safely away from the dangers of highly trafficked roads, there are still risks of ownership even for vehicles that are not in standard operation.
For example, perhaps you’ve entered your vehicle in a show with the hope of winning the grand prize. You live in Wisconsin, but the show is in Chicago. You load your antique vehicle onto a trailer and begin the journey toward Illinois. Along the way, you hit a patch of ice, sliding you off the road and rolling your antique car into a tree. The vehicle is a total loss, and you’ve lost your entire investment.
Even if you never take your vehicles anywhere, there are still risks. What would happen if your garage caught fire and destroyed your entire collection? What if a tree fell through the roof and crushed the front end of a classic Porsche? What if criminals targeted your classic car collection and stole your rare fleet in the dark of night? Though they seem safely secured under your watch, accidents and loss can still happen, which is why you need comprehensive insurance protection that covers a wide range of loss.
Understanding Antique and Collector Car Insurance Coverage
Classic cars require many of the same insurance coverages that regular vehicles need, only with a few added protections specifically designed for collectors. Depending on the type of car you have and other factors, we may recommend:
Vintage Car Part Replacement Coverage
If your vehicle contains many of its original parts, you likely would want them replaced with those same parts if available. Although not always possible, antique restoration shops can sometimes obtain vintage car parts, albeit at a much higher price than newer parts. Vintage car part replacement can help cover the cost of vintage parts when they are available.
Physical Damages and Loss Coverage
If your vehicle is damaged, this coverage can help cover the cost of repairs or otherwise compensate you for its loss of value. You can purchase physical damages coverage that pays for collision damages, as well as non-collision damages, vandalism, and theft.
Towing and Assistance
If you drive your vehicle and it breaks down, you may need special assistance or towing to the nearest repair shop. Talk to your agent about insurance that can help cover the costs of taking your vehicle to a specialty car repair specialist – not just the nearest mechanic shop.
Liability Insurance
All drivers – even people behind the wheel of collector and antique cars – need liability insurance in Wisconsin. This coverage helps pay for third-party injuries and property damages if you cause an accident while operating your car. It can also cover your legal fees and court costs, as well as judgments against you if you are sued.
Uninsured/Underinsured Motorist
If another driver injures you in an accident, he or she is liable for the damages. If the driver is uninsured, however, it may be difficult to obtain compensation. Uninsured motorist insurance allows you to file a claim against your own policy for your injuries and those of your passengers.
Working with Your Agent
When it comes to protecting your collector, antique, or classic car, the partnership you have with your independent insurance is important. Unlike other vehicle types, the value of these types of vehicles often rises over time. By working with a local agent at Strobel Insurance, you can check in periodically to determine if your coverage is still meeting your needs or if it needs to be updated in keeping with the new value of your car or fleet.
If you own one or more collector cars in the greater Eau Claire area, we are your go-to source for insurance coverage. We want to provide a professional relationship and insurance coverage that is built as well as your car is – something that will stand up to the test of time. We invite you to contact us to request your free antique car risk assessment and Wisconsin insurance quote. We look forward to serving you soon.
