The first and most critical matter is to settle with your insurer your car’s agreed value and write it down in the policy. This “agreed-valuation” policy may not be as expensive as your conventional car insurance coverage, but make sure that it is a guaranteed payment in the event of an accident. You may want to obtain the assistance of an outside party to price your car precisely. Also, make sure you can lift or drop the agreed valuation annually as your classic car rises or tumbles in value. Think about the price of scarce extras which may be very agonizing to replace. As mentioned earlier, your unique insurance contract should accommodate hazards specific to classic cars. Check that your classic car can be insured as a stationary item, if you don’t plan on taking it out for a spin.

You may wish to consider a mileage limit in your contract if you do not plan to drive your classic car very often, which will grant you considerably lower premiums and make your car a more viable insurable prospect. Pay attention to any prohibitions on your car usage that would void the insurance policy if not followed. Check whether your classic car can be used for conventional driving or only for events. Determine whether you must take your car to a shop chosen by your insurer for fixing. See whether or not special storage is a must for the vehicle. While these restrictions are usually cumbersome to follow, they should also drop the premium on the insurance agreement. The proper mindset to have when obtaining insurance for a classic car is that you’re acquiring coverage for an antique, not just a mode of conveyance. Assemble your insurance policy like you would your cherished vehicle, and liberate yourself from concern as you display your darling at the next car fair, or your backyard.

Check out the pics here.

Some of the cars being auctioned are:

1976 Jensen Interceptor Convertible
1989 Ferrari Mondial T Cabriolet
1964 Mercedes-Benz 230SL Convertible
1971 Jaguar E-Type Series III 2+2 Coupe
1999 Dodge Viper RT/10
1998 Ferrari F355-F1 Challenge
1963 Austin Mini 850 Traveller Woodie
1956 Mercedes-Benz 300SL Gullwing Coupe
1964 Bentley S3 Continental Coupe.
2005 Panoz Esperante GTLM
1937 Packard Series 1508 V-12 Convertible Sedan.
1937 Rolls-Royce Phantom III Enclosed Sports Limousine.
1956 Ford Thunderbird
1939 Cadillac Series Series 90 V-16 Convertible Sedan.
1966 Chevrolet 427 Corvette Coupe.
1935 Packard Series 1207 V-12 Convertible Coupe Roadster with Rumbleseat
1957 Porsche Speedster Carrera GS/GT Re-creation
1961 Ford Thunderbird Convertible
1983 Lamborghini Jalpa
1940 Packard Eight Convertible Victoria

I hope the lucky new owners don’t forget to get classic car insurance, and save money by doing their research at this blog first!

Membership in a classic vehicle collectors’ or enthusiasts’ club can have a number of advantages. Some specialty classic car insurance providers, for example, have discounts and other benefits on offer to members of certain clubs. These types of providers also offer a vastly superior type of insurance policy compared to conventional insurance companies. With a policy intended specifically for classic vehicles, your vehicle, whether it’s a classic auto from the past, a limited-production or otherwise rare or exotic auto from up to the present day, a vintage tractor, commercial or military vehicle, or even a custom street rod, hot rod, kit car or high-quality replica, can be covered in a greater variety of situations (shows, shipping, restoration, and more), and, what’s more, your vehicle will be covered at a substantially lower premium, and a proper, accurate valuation.

Among these companies is Leland-West Insurance Brokers, who offer special plans for Porsche owners though the Porsche Club of America and plans for Mercedes-Benz 300 SL Coupe and Roadster owners who belong to the Gull Wing Group International. Also, Hagerty Insurance, which operates in the US, Canada and the UK, offers a special liability program for clubs, under which all members of your club will be covered. Some specialty classic car insurance providers may also offer discounts to members of AAA and other such organizations.

A number of UK-based classic car insurance firms also offer club discounts. Members of the Jaguar Enthusiasts’ Club can get a discount through Footman James & Co Ltd. (Footman James also offers discounts for members of other enthusiasts’ clubs.) The Alfa Romeo Owners Club UK offers its own special insurance policy through Chris Knott Insurance. Adrian Flux offers a club members’ discount which can go as high as 15% annually. Lancaster and its affiliates also offer a variety of club discounts.

The best way to find out if your club and vehicle are eligible for specific discounts is to take a look at the websites of specialty classic vehicle insurance providers in your area. While you’re there, you can get a quote, so you can see just how much more affordable specialty insurance is compared to a standard insurance policy, and how much greater and more appropriate the coverage on offer is. Even if you’re not in a club, the savings with a classic auto specialist will be great enough to significantly outweigh any possible discount that a conventional provider can offer anyway.

As far as the driver goes, there are several common considerations. The first is age. Young drivers and senior citizens are generally considered to be a higher risk – younger drivers because of a lack of experience, and seniors because of health concerns. (However, there are insurers who specialize in auto insurance premiums tailored to drivers 50 and up.) Another factor that insurers take into consideration is your driving record. If you’ve had an accident in the past, depending on the jurisdiction in which you’re registered, you can be penalized. If you’ve had a recent, serious accident, you might have trouble getting any kind of coverage at a reasonable rate. Basically, the longer you’ve gone without an accident, the better, when it comes to your potential insurance premium. Other personal factors that may be taken into consideration include disability and location.

For the vehicle itself, there are also a few basic factors that will go a long way toward determining what sort of coverage you are likely to get. If the vehicle is a common target for theft, that is considered to add a high degree of risk to the vehicle. For classic cars, the most common theft targets include: Corvettes, particularly those from the “golden days” of 1966 to 1982; ‘60s-era Mustangs; ‘60s Impalas; Camaros from 1968-69; vintage Harley-Davidson motorcycles; late ‘60s-early ‘70s Chevelles; ‘70s Monte Carlos; ’55-65 Cadillac DeVilles; classic Chevy pickups; classic Thunderbirds; ‘70s Continentals; and late ‘70s Mercedes-Benz 450s. In other words, widely-recognized classic American vehicles, as well as select foreign models, are considered by standard insurers to be theft threats. Additionally, if your location sees an above-average number of thefts, this can be held against you.

The safety record of the vehicle is also taken into consideration. This is especially pertinent for classic cars, as they generally don’t have the same sort of safety features as modern vehicles; if there’s an accident, you’re more likely to be seriously injured if you’re in an older vehicle. Furthermore, the driving habits of people who own certain cars means that they’re considered to be more of a risk. This is thought to apply especially to older vehicles with a lot of horsepower, such as classic muscle cars.

Drivers and vehicles that meet these “risk” criteria are generally subject to higher premiums, or even complete denial of coverage. The only surefire way to find out if you, with your own vehicle and circumstances, will be insured is to get a quote from an insurance provider. If you’re looking for insurance for a classic, vintage or antique vehicle, be sure to get a quote from a specialty classic car insurance provider. These companies will be more sympathetic to your situation; they understand vehicles like muscle cars, and they’ll give you a policy tailored specifically to your classic vehicle, resulting in a much lower premium, even if this is a vehicle considered by standard insurers to be a greater risk.

For auto insurance purposes, there are three basic ways of determining the value of a vehicle. The first is known as “actual value.” Actual value uses the “book” value of the vehicle, which, of course, depreciates markedly over time – from the instant it’s purchased, in fact. With an actual value policy, you’re never entirely aware of the level of coverage you’re getting, as that information is essentially only given to you definitively in the event that you experience a total loss. Furthermore, it’s almost certain to be much less than you had anticipated, especially if it’s a classic vehicle; agreed value does not take into account the special attributes of a classic vehicle, only its age and its original price.

The second common method is known as “stated value.” Under the stated value system, you are able to state a value for your vehicle. This value also depreciates, though, and in the even of a total loss, these policies generally pay only “up to” the stated value, meaning that, again, you’re not likely to get anything close to the true value of the vehicle.

The third method, “agreed value,” is a must-have for any classic vehicle insurance policy. With agreed value, you, the owner, determine the value of the vehicle, and it stays at that level in perpetuity – no depreciation. (An appraisal may be requested by the insurance provider if you are looking for coverage for a vehicle worth over $100,000 in some cases.) In fact, in many cases, the value of the vehicle appreciates annually, which is only appropriate; age is actually an asset for classic cars, after all. Therefore, with agreed value, should anything happen, you will receive the true, expected value from your insurer.

Agreed valuation policies for classic, vintage and antique vehicles generally entail some understandable restrictions. With most of these types of policies, mileage is restricted to a certain quantity, although not always – Grundy Worldwide, for example, advertises “no mileage restrictions.” Flexible mileage plans are often available, which allow you to receive a policy and premium attuned to the exact amount of mileage you expect. Most of these policies also stipulate that, when not in use, your classic vehicle is kept in an enclosed garage. You’ll also generally need proof of a regular-use vehicle under a standard auto insurance policy, which is the insurance providers’ way of making sure that your classic vehicle is being treated as such.

Agreed valuation is almost exclusively provided by classic car insurance specialists, so it’s worth considering one of these companies if you’re not already using them. They’ll insure your classic car at a much lower cost, while providing much more appropriate coverage, including a proper system of valuation.

All of this means that, from an insurance company’s perspective, compared to male drivers, female drivers are likely to incur less damage, fewer liabilities, and therefore have less potential cost to insurers, and less likelihood of a claim. Therefore, competitive insurance companies are able to offer female drivers somewhat lower premiums.

This effect can carry over to insurance for a classic car as well. However, even if you’re a female driver, over the age of 25, with a pristine driving record, living in a jurisdiction with relatively low insurance costs, you might still be paying much more for your insurance than you need to. This is the case if you’ve got your classic car insured under a conventional insurance policy.

Why is this? Well, conventional auto insurance policies have their own conceptions about older vehicles. They’d say that classic, vintage and antique vehicles are worth less, as their value has been depreciating since the time they were manufactured. They think these vehicles are more dangerous, to their driver and others on the road, because of their less efficient braking and safety systems. They’re also more likely to break down. These preconceptions, of course, are the result of the assumption that these vehicles will be on the road just as much as any other.

Specialty classic vehicle insurance, on the other hand, treats your classic car like it really is a classic: it’s worth more as time goes by; it’s on the road less; and it’s being used in different situations, and almost certainly not for things like highway driving and the like.

Therefore, if you’re a female classic car owner, the savings you get in comparison to a male driver on a conventional auto insurance policy are miniscule compared to the money you can save by going with a specialty classic vehicle insurance policy. What’s more, this type of policy will cover your classic vehicle in situations such as shows, shipping, overseas travel, restoration, and more. You might even be covered for damage or theft to your spare parts, accessories and memorabilia.

By getting a quote from a classic vehicle insurance specialist, you’ll see immediately how much less you could be paying. Female, male, old, or young; if you have a classic, vintage or antique automobile, the best way to make sure that your vehicle is covered appropriately and affordably is to go with specialty classic car insurance.

The implications of this are twofold. If you’re a young driver, statistically speaking, you’re more likely to injure yourself while driving. Perhaps more importantly, you’re more likely to be found liable for injuring someone else, which can result in significant liability costs, which in turn make insurance providers a little bit nervous, to say the least. Young drivers are also more likely to have their vehicles stolen or vandalized. These realities are also especially true for young, male drivers. For all of these reasons, young drivers are forced to pay proportionately more expensive premiums.

There is one basic thing young drivers can all do in order to help get themselves more reasonable premiums, and that’s to take an accredited driving instruction course. After that, insurance companies will offer lower premiums, to the point where you’ll end up saving a lot of money in the long run, even taking into account the cost of taking the course in the first place. However, even with lessons factored in, the cost of insurance is still quite a bit greater for young drivers compared to older ones.

If you’re a young driver involved in the classic car hobby, the issue of insurance premiums is especially important. Not only are young drivers likely to be tagged with prohibitively high premiums, but older vehicles are also subject to higher insurance costs, and the combination of the two is almost certain to price the hobby out of reach for a young driver. In this case, though, there’s another way to reduce your premiums to a much more acceptable level, and that’s by getting a specialty classic car insurance policy though a company that deals specifically with this area of auto insurance.

Young Driver Restrictions

Among these providers, some do have restrictions on the experience level of drivers they’ll cover. For example, with Hagerty, you’ll need at least 5 years of driving experience in certain states. With American Collectors, you’ll need at least 5 years of experience no matter where you are, and with Leland-West, you’ll need at least 9 years of driving experience.

In general, the only way to find out whether you and your vehicle are eligible for coverage or not is to go to the various providers’ websites and get a quote. This is a more than worthwhile action anyway; you’ll see just how much you can save on insurance for your classic, vintage, or antique automobile through a specialty insurer, not to mention how much more extensive the coverage is. If you’re a young driver, this is especially important, as the difference between conventional insurance and specialty classic vehicle insurance can mean the difference between keeping your classic vehicle and having to give up the hobby – or at least wait a really long time.

However, there are plenty of companies that provide insurance policies tailored to classic vehicles, with much lower premiums, agreed value coverage, and coverage in the variety of situations that apply to classic, vintage, and antique automobiles. This is an introduction to a few of them.

American Collectors Insurance has over 30 years of experience covering collector vehicles. They offer flexible usage plans, aiming to give you the best possible value for your car at the mileage level at which you prefer to use it. Additionally, American Collectors will cover spare parts for your classic vehicle at up to $500 a year. They also offer an inflation guard which increases the value of your vehicle by up to 8% in a year, 30-day new purchase coverage at up to $25,000, and an optional TLC (Towing and Labor for Collectors) package which offers coverage for a wide variety of situations, including towing and roadside assistance, locksmith fees, and more.

CHROME Specialty Vehicle Insurance is part of ANPAC, one of the largest families of insurance providers in the United States. Their policy features for classic vehicle coverage include their “Multi-CHROME Discount,” a volume discount that increases with each additional car you have covered. This discount can go as high as 85%. They cover vehicles used at up to 10,000 miles per year, and offer $1000 in spare parts coverage, 24/7 claims services, and a “common cause of loss deductible,” which means that you pay only one deductible even if multiple items are damaged in the same incident.

Grundy Worldwide will cover your hobby vehicle without any model, year, or mileage limitations. They offer liability limits of up to $1,000,000; an inflation guard of 4% per year; spare parts coverage of up to $500; “Trip Interruption” coverage, up to $600 for expenses incurred as a result of an accident or breakdown such as lodging; and medical coverage for injuries occurring at auto shows.

Hagerty Insurance has offices in the US, Canada, and the UK. Their service features include: an in-house claims department; new purchase coverage of up to $50,000; a business-use endorsement, allowing you to use your classic vehicle for business purposes without having to worry about whether you’ll be covered in the event of an accident or not; foreign touring coverage; coverage for motorcycle safety equipment; memorabilia coverage; a single liability charge; and various information resources and classic car hobbyist community features.

Leland-West Insurance Brokers are backed by the A+-rated American Modern Insurance Group. They offer new purchase coverage at up to $100,000, as well as $750 in accessory theft coverage, windshield repair or replacement coverage, and multi-vehicle discounts.

The best way to get a much lower premium, and better, more appropriate coverage, is to go with a specialty auto insurance policy, intended specifically for a classic vehicle, through a provider with expertise in this area. The most important thing about this type of policy is that the insurer will recognize that your classic car isn’t going to be on the road that much; in fact, they generally require that you have proof of insurance for another, regular-use vehicle before they’ll insure your classic car. Once this has been established, you can get a much lower premium. After all, if a vehicle isn’t meant to be on the road that often, you shouldn’t have to pay as much to insure it. Also, under a specialty classic auto insurance policy, the value of your vehicle will actually appreciate over time – as it should.

There are a number of insurers that specialize in providing policies geared specifically toward classic, vintage, and antique automobiles. Additionally, each provider offers its own advantages, so it’s worthwhile to take the time necessary to figure out which one has the best policy for your particular vehicle and situation. Among these are: American Collectors Insurance, which offers flexible mileage plans tailored to meet your needs; CHROME Specialty Vehicle Insurance, which offers a volume discount for owners of multiple classic vehicles; Grundy Worldwide, which has no limitations on the model or year of vehicles it will cover; Hagerty Insurance, known for a wide variety of private client services and community-type features; Leland-West Insurance Brokers, who offer new purchase coverage of up to $100,000; and Sneed Insurance, covering a wide variety of exotics at affordable premiums.

Compared to the sort of coverage you can get with a conventional auto insurance policy, these and other specialty classic car insurance providers will cover your classic car at a much lower cost. Perhaps even more importantly, these policies will cover your vehicle at a proper, accurate valuation, and in situations which aren’t normally covered under standard insurance policies, such as car shows, foreign tours, shipping, and restoration. Who knows – with the savings from a true classic car insurance plan, you might just be able to get even more enjoyment out of the hobby.

Fortunately, there are a number of providers who offer insurance geared specifically toward classic cars, and with many of these policies you’ll be covered under a much wider range of situations and circumstances compared to the coverage you’re currently getting from a regular auto insurer.

Each policy incorporates its own set of coverages, but here’s a brief introduction to some of the types of insurance that exist for classic cars.

Most commonly, and most appropriately, many specialty classic vehicle insurance policies cover both damages and liabilities from auto shows. This can even include medical costs incurred at shows. Since shows are an integral part of the classic car hobby, this area of coverage is considered a must-have by many owners. There are quite a few policies that even extend liability and damage coverage to shipping and overseas tours, including foreign liability and insurance, and some offer coverage for expenses that occur as a result of accidents or breakdowns while on tour, including roadside assistance and even lodging.

Another type of coverage available to classic car owners is new purchase coverage, under which any classic vehicle newly purchased during the policy term is automatically covered for a certain period and up to a value determined by the provider. This means that collectors are free to add to their collections without worrying about insurance coverage, even in the period immediately following their purchase.

Many providers’ plans extend to other items which relate directly to your classic vehicle. These can include spare parts, classic auto-related memorabilia (things like decals, ornaments, external accessories and even various types of trailers), and utility accessories, so that these items, which are often kept in or around the vehicle, are also covered in the event of an accident, theft, or otherwise.

Perhaps the best thing of all is that specialty classic car insurance providers offer these wide-ranging services at significantly lower premiums in comparison to standard auto insurance. In other words, even though the coverage for your classic car is much broader and more appropriate, it’s also a lot cheaper. This means that there’s really no reason not to take a long look at switching to a policy from a specialist in classic, vintage, or antique automobile insurance. In virtually all cases, you’ve got almost nothing to lose, and a lot to gain.