Classic Car Financing & Loans

Specialty insurance from a classic car insurance company offers a number of benefits for those who own and drive antique or collector cars.  Companies that specialize in antique car insurance can offer better coverage with lower premiums than a standard auto insurance company can, but the better coverage and lower premiums come with some restrictions.  There are a lot of points to consider when choosing a classic auto insurance provider and policy, so it is important that you do your homework in order to find the antique auto insurance provider that is the best fit for you.

 
Grundy Worldwide is one insurance company that specializes in collector car insurance.  They have been in business since 1947 in Horsham, PA just north of Philadelphia.  Since their beginning, Grundy Classic Car Insurance has covered over 1.5 million collector vehicles, and they are one of the fastest growing classic car insurance companies.  The owner is a car collector and restorer himself, having won awards at several of the major collector car events in the US.  His involvement in the hobby helps him to understand the wants and needs of other car collectors.

Grundy Classic Car Insurance is the originator of the Agreed Value policy, in which the insurance company and the car owner set an agreed value on the vehicle before the policy is initiated.  If there is a total loss, the car owner receives the full value of the car, instead of what the insurance company decides the car was worth after the fact.  Grundy will insure any year vehicle, even late model cars as long as they are used for show, hobby and pleasure purposes only.  Many other collector auto insurance companies will only write policies for vehicles of a certain age or older.

Grundy only uses underwriters with an A.M. Best rating of A+ or higher, which means the companies are very stable financially.  They offer liability up to one million dollars, and have a single liability charge for collectors with more than one vehicle, which lowers the total premium.  Grundy’s antique auto insurance policies have a number of built-in coverage perks, which include towing and labor expenses, car show medical reimbursement, automatic 30-day coverage for new acquisitions, and coverage for the loss of spare parts.  They even have “Trip Interruption” coverage for costs incurred from a breakdown on the way to a show (such as transportation, lodging, and meal expenses).  One feature that Grundy provides that many others do not is their “Inflation Guard”, which automatically increases the amount your vehicle is inured for by 4% each year to help cover inflation.

Like any other vintage car insurance provider, Grundy has some restrictions.  Your car must be stored inside a locked garage when not in use; you must have a daily driver for each licensed driver in your household in addition to the classic vehicle; and the car must be in excellent condition.  The vehicle should only be used for collector activities, exhibits and parades, but one feature that sets Grundy apart from many other classic antique auto insurance providers is that they do not have a mileage limitation.  Many other antique classic car insurance companies have limits ranging from 1,000 miles up to 6,000 miles per year, but with Grundy Classic Car Insurance you can drive the car to as many distant car shows as you like without worrying about exceeding a yearly mileage limit.

Grundy also offers specialty insurance for restoration shops and professional car builders.  It provides Agreed Value coverage for the Garagekeepers portion of the policy, instead of the Actual Cash Value coverage that other insurance providers offer.  Since they don’t offer this policy to mainstream collision repair shops, the premiums are lower than they would be for the often inadequate protection a specialty shop gets from a standard insurance provider.

Grundy Classic Car insurance has a lot to offer for the car collector.  Whether you need muscle car insurance, antique car insurance, or collector car insurance for a late model specialty car, Grundy can provide an Agreed Value policy that will most likely suit your needs.  However, they are just one of many different classic auto insurance providers out there.  Do some research on several different specialty insurance providers to find the one that is right for you.

To learn more about classic car insurance, visit American Classic Car Insurance. For directory of the most popular specialty car insurance providers, go to Classic Car Insurance Companies.

People who own and drive collector cars have different needs for their collector car insurance than they have for their cars that are driven every day.  A collectible car is by definition “special”, and so it has special considerations to take into account when it comes to insurance.  Your everyday insurance provider that insures the vehicle you drive to work is accustomed to dealing with claims on modern cars that depreciate in value as they age, and the average owner doesn’t notice the difference between a $2000 paint job and a $10,000 paint job.  A company that specializes in collector auto insurance has several key benefits to offer the collectible car owner.

Benefit # 1:  Lower Premiums – A collector car is normally only driven on a limited basis, stored indoors, not driven in bad weather, and generally leads a “babied” life.  Most classic car insurance companies are also somewhat selective in who they will insure.  These two factors allow the classic car insurance company to charge much lower premiums than conventional insurance companies, because they know that the collector’s car is less likely to be in an accident.

Benefit # 2:  Agreed Value Coverage – Most classic car insurance companies offer an Agreed Value policy, which means that you come to an agreement with the insurance company on what your vehicle is worth before the policy is written.  If you have a total loss accident or theft, an Agreed Value policy will reimburse the total amount that was agreed upon when the policy was initiated.  Very few conventional insurance companies offer a true “Agreed Value” policy.  They offer a “Stated Value” or “Stated Amount” policy has a clause that allows them to only pay what they “think” the car was worth, and it makes the assumption that your collector car is depreciating like a typical used car!

Benefit # 3:  They Understand Your Needs – Specialty collector car insurance companies understand your needs better than a typical insurance provider does because in many cases the insurance agents and possibly even the owners of the company are car enthusiasts or collectors themselves.  They realize how much your collector car means to you, and they understand the importance of the car being repaired correctly so that it retains its value.  When presented with a claim they will give you much less argument and more leeway to get your car repaired the right way the first time.

Benefit # 4:  Repair Shop Of Choice – Many everyday insurance companies will only pay a set rate for collision repair at a high-volume body shop that does average-quality work on modern cars.  If you take your car to a shop that specializes in restoration work, you may be left footing the bill for the difference in cost.  Many antique car insurance companies will allow you to take your car to a specialty repair shop, and they will pay what it costs to have the car repaired the right way by a craftsman that is skilled in restoration work.

Benefit # 5:  OE Parts – On a similar note, many everyday insurance companies will only pay for less expensive aftermarket repair parts.  Using non-original parts can reduce the value of your vintage car considerably, as they may not fit as well as original equipment parts and an all-original car is always worth more.  Many specialty insurance providers allow for the higher cost of using original equipment parts.

Benefit # 6:  Perks and Special Situations – Some collector car insurance companies offer many other types of benefits, such as coverage for spare parts, memorabilia, tools, car trailers, coverage for overseas transport, etc.  Some even offer medical coverage for personal injuries that occur at car shows, and “event disruption” insurance that reimburse car show entry fees and non-refundable hotel deposits if you miss an event due to a mechanical breakdown on the way there!

All in all, specialty collector car insurance companies have a lot of advantages for the classic car owner.  If you own and drive a collector vehicle, you will find that an everyday insurance policy from an everyday insurance company is severely lacking in comparison.

Classic car insurance from a specialty insurance company has a lot of advantages for those of us who own and drive a muscle car, antique car, or other collectible or special interest vehicle.  These policies offer much better coverage for less money than a standard auto insurance policy.  There is a lot to consider, though, when comparing classic car insurance companies.  Each company has its own advantages and disadvantages, and it is important that you find the insurance company that offers the best fit for your situation.

Hagerty Classic Car Insurance has been offering specialty collector car insurance since 1991, and is one of the largest and most well-known classic car insurance companies.  They are car collectors themselves, so they understand the insurance needs of other classic car owners.  Their policies offer:

- Agreed Value coverage – you receive the full insured amount in the event of a total loss
- A wide range of deductibles, from $0 and up
- Single liability charge, which saves you money on the premium if you have more than one classic vehicle insured
- In-house claims management – most claims are handled at Hagerty by a collector car insurance expert, seven days a week from April through October
- Repair shop of your choice – you get to choose the shop you want to handle any repairs
- Instant new purchase coverage – a new addition to your collection is automatically covered up to $50,000
- Car show medical reimbursement – clients and their family members get pre-determined medical coverage if they are injured at a car show

Hagerty Classic Car Insurance also offers special policies for coverage during an active restoration, for business-use endorsement, coverage during overseas shipping, and foreign liability and property damage if you take your car to an event overseas.  You can get additional coverage for your automotive tools and memorabilia, spare parts, and even motorcycle safety equipment coverage.  Hagerty also has a car club liability program.

The optional Hagerty Plus program offers even more benefits for its members, including emergency roadside assistance and flatbed towing coverage, a subscription to the Hagerty magazine, and access to the “Ask Hagerty” concierge service.  They are active in advocacy on legislative issues related to the collector car hobby, and a portion of the membership fees go to support The Collectors Foundation, which provides scholarships and grants to organizations working to preserve the hobby through education and other avenues.

Hagerty Classic Car Insurance does have some restrictions, though, on who and what qualifies for their insurance.  Drivers with more than one or two minor traffic violations or accidents in the past 3-6 years may not qualify.  The vehicle must be used on a limited basis, going to automotive-related events or an occasional pleasure drive.  If you drive your classic car very often or very far, you might be better off considering a different classic car company that doesn’t place limits on how much you drive your car.  Like most other classic car insurance companies, your vehicle must be stored in a fully enclosed and locked garage when not in use.  And like most other companies, you must have a “daily driver” that is insured in your name in addition to your classic car.

Insurance policies are available for most antique and classic cars, street rods, muscle cars, military vehicles, antique fire trucks, tractors, motorcycles, and some replica cars.  However, Hagerty does not offer insurance for Cobra replicas, off-road vehicles, many Pro-Street cars, any vehicle equipped with nitrous, dune buggies, commercial vehicles, or motorcycles that are modified for performance.  They do offer policies for some of the “late model classics”, exotic, special interest, or limited production vehicles, as long as they are being treated as a collectible and are driven on a limited basis.

Hagerty Classic Car Insurance is a great option as long as you and your vehicle meet their qualifications and you don’t drive your car extended distances each year.  I will soon be adding articles on other classic car insurance companies, with different qualifications and restrictions.  Take a look at my other articles, and make sure that you choose the classic car insurance company that fits your needs the best.

For more detailed information on what to look for in a classic car insurance policy, visit American Classic Car Insurance. For a directory of the top classic car insurance companies, go to Classic Car Insurance Companies.

There is no doubt about it, if you own and drive a classic muscle car, there are many advantages to getting your insurance from a specialty insurance provider.  They can offer you much more appropriate coverage for less money than a standard insurance policy from the company that insures your everyday driver.  However, the way that the muscle car insurance companies are able to offer better coverage for less money is that they place a number of limitations or restrictions on the policyholder and how the car is used.  Some of these limitations may disqualify you from being able to get specialty insurance, or may be too restrictive for how your car is driven.

The first restrictions to consider are your age, driving experience, and driving record.  Most vintage car insurance companies require that you be of a certain age or have a certain number of years behind the wheel.  All of them that I have researched require a good driving record, and have a limit on the number of accidents or moving violations that you have had within a specified time frame.

The second restriction to consider is that most if not all specialty insurers require that you have a currently-insured daily driver vehicle in addition to your classic car.  Some companies require that you have a daily driver vehicle for each licensed driver in your household.  They will not offer a specialty insurance policy if your muscle car is your main mode of transportation.

The third restriction to be aware of is that many classic car insurance policies have limits on how many miles the car can be driven each year.  This may be a concern if you drive to a number of distant car shows or take it on vacation.  Most will not allow you to use your muscle car for your daily commute or for running errands, even if you meet the previous criteria of owning a daily driver.  If you drive your car quite a bit, there are muscle car insurance companies that offer unlimited mileage policies, but the number of providers you have to choose from will be limited.

Fourth, you will likely be required to store your muscle car in a fully enclosed, locked garage when not in use.  Some classic car insurance companies even require that you send them photos of the garage where the car is stored!  If your car is kept outside or even under a carport, you may have trouble getting a specialty insurance policy.

The fifth restriction you may run in to is that some collector auto insurance companies will only insure vehicles that are valued above a certain amount.  If your classic muscle car happens to be a rusty four door sedan, your number of choices for specialty insurance providers will be somewhat limited.

Each insurance company is somewhat unique in their limitations and restrictions, but the above points are common to most muscle car insurance companies.  As long as you can meet the qualifications above and can live with the mileage limits, a specialty muscle car insurance policy is most likely your best choice.  It will save you money and provide you better coverage than using a conventional auto insurance policy and provider.