How are most collector cars insured? Less than half of the collector vehicles on the road today are insured by specialty programs. Although, antique car collector insurance has been available for five decades, most owners of collectibles, specialty cars and street rods are still insuring them through a standard insurance company despite the higher cost and often more restrictive policies.

Am I limited to driving my collectible only in parades or shows? What if I want to take a Sunday cruise? Enthusiasts like to share their collector cars with the public but they also just enjoy driving them around. While some programs require that collector cars are only to be driven in activities of public interest, we also allow for and encourage the private enjoyment of collector cars. Go ahead and take that Sunday drive. Nevertheless, collectors should consider these types of restrictions and find a policy with flexible usage guidelines that best suits their overall needs.

Are there other usage limitations? Yes. Most specialty insurance programs do not allow vehicles to be used for the commercial transportation of goods or passengers, for racing, or for daily transportation.

How do you value a classic? There are many factors that are considered when valuing a vehicle. The first consideration is whether the car is a stock original vehicle. If so, there are many resource guides and pricing books that can provide value guidelines based upon the overall condition of the vehicle. These are somewhat less useful for newly restored vehicles and even less useful for street rods; because every newly restored car is restored to a different level of perfection and every modified car is different by nature. So with both newly restored cars and modified cars we dig a little deeper into the project, the amount of money spent on it, the type of parts used, etc. Our best advice is for people restoring cars or building a street rod to keep detailed lists of the work performed and receipts for all parts and labor. This will help us when attempting to insure the car properly and the whole process will be smoother. Occasionally, appraisals help but they're not always necessary.

The bottom line? Antique car collector insurance will save you a lot of money. Interested hobbyists and collectors can now afford to own, insure, and enjoy their classics because specialty insurance programs offer lower rates and better benefits than standard insurance companies.