Insuring My Antique Car
As we get older, we tend to latch on to things that will make us happy and amuse us in our spare time. For many of us it is that special classic or antique car that is rarely used and is taken care of as if it were one’s first born. This includes those beasts of the 1960s such as the GTO or that over horse powered Chevy that gets rubber in all four gears commonly referred to as “Muscle cars”. Chances are these vehicles are not our every day car and as long as you have a boring “regular car” for your daily use, these special collectibles can probably be insured separately through a specialty insurance carrier. I insure my 1950 Plymouth Woodie with Chubb’s Classic Car program at a fraction of the cost of a regular auto policy. The reason why these policies are so inexpensive is that the insurance company is convinced that usage will be minimal and the owner will take special care in maintaining and protecting the vehicle. Most companies that insure older collectibles have restrictions such as adult drivers only and no commuting to work. The vehicles also have to be garaged on a regular basis. An alternative to insuring separately is to place the insurance on the family auto policy and “laying up” the classic car during the winter. The separate policy is better, however, so on that particularly balmy winter afternoon one can rev up the Porsche and feel the wind in one’s hair without calling up your agent to add it back on to the policy.
The author of this blog, Guy Hatfield CPCU CIC, can be reached at 203.256.5660.