Historic cars have a special place in the hearts of car collectors everywhere. They usually symbolize something bigger than themselves; something important to a nation’s culture, politics, or national pride.
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Being able to purchase one of these vehicles is a rare opportunity enjoyed by few. But for those who are lucky enough to own a historic car, insurance is an important part of the investment.
Historic Car Insurance Protects Your Investments
The most significant reason to purchase historic car insurance is financial. You paid an awful lot of money for that special car, losing it means losing all the money you put into it. Seeing that some of these cars can go for hundreds of thousands of dollars, why wouldn’t you insure it?
Of course, you’re probably unlikely to drive your historic car down on the road every day. You’ll probably carry it on a trailer or flatbed if you ever take it out of the garage. Even so, you’ll want to cover the car in case it gets damaged in any type of traffic accident.
Fire and theft are the two other obvious types of historic car insurance coverage you need. Antique car coverage takes into consideration the fact that garages still burn, and enterprising thieves will steal your car if they know there’s a market for it. In fact, fire and theft make up the largest number of claims made on historic vehicles.
Historic Car Insurance Has Covered Some of the Most Famous
With all this talk of historic car insurance, are you still not sure about what types of cars we’re referring to? We aren’t talking about classic cars here, we’re talking about cars of any age that have historical value.
Last year, GM put a whole set of historic cars on the auction block in order to raise money for the troubled company. Among the list of vehicles to be sold were:
- A white Cadillac convertible with hydraulic leather chair, made for Pope John Paul II
- A1967 GTO once used in the movie “XXX”
- The hand-made Buick Blackhawk built in 2003 to honor Buick’s 100 years in the industry
- A 1986 replica of a presidential limousine that saw work in several films
Nearly 200 vehicles were sold by GM that day, most of them being pre-production or concept cars. But it’s not uncommon for collectors to get their hands on cars from the movies, military auctions, museums that close their doors, and other places. No mater where you get your historic car, insurance is an important investment.
Finding Historic Car Insurance Coverage
If you own a home, chances are your homeowner’s insurance policy covers your historic vehicle to some extent. Unfortunately, that extent will probably be very minimal. What you need is a specific insurance product designed for the historic car market. Classic car insurance companies are a good place to start.
As long as you’ve put the money into a valuable car, and assuming you really want to protect your investment, why not consider insuring your garage and tools as well? They can all be included on the same policy to protect you in case a fire or natural disaster wipes you out.
Controlling the Cost of Historic Car Insurance
Like all kinds of insurance, coverage for your historic car will depend on the amount of risk the insurance company must take. For example, if you live in or near a metropolitan area with a high rate of car theft incidents, expect to pay more for your policy due to the higher risk.
You can help keep the cost of your insurance down simply by implementing a few common things.
- First, alarms and other anti-theft systems are a must. Your garage should be armed with motion detectors, open door sensors, and a backup battery system in case the power goes out.
- Fire suppression systems are also a good idea, but be careful about chemical systems. The wrong chemicals could be just a damaging to your car as the fire itself. Your fire suppression system should be hooked into your alarm for automatic notification of the local fire department.
- Finally, climate control systems may help reduce the cost of historic car insurance. Climate control will protect against excess humidity or dryness, varying temperature conditions, and any other number of climate related issues that affect your vehicle.
If you own a historic car, insurance is part of the deal. Don’t let your investment go unprotected by a standard homeowners or auto policy. It’s not worth it.
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