Protecting Your Investment - Insurance

There's three basic types of insurance that you can purchase for your collector vehicle:

  • Daily Driver - this is the insurance that you would purchase if you are using your vehicle for a daily driver and are routinely driving back and forth to work. It is the most expensive.

  • Collector - this is the insurance that has restrictions on the amount of mileage that you can accumulate every year, you can't drive to work, you must inform the insurance agent if you are going on a vacation or long trip. It is very reasonably priced.

  • Vintage - this insurance is for a vintage vehicle that rarely is driven on the roads and is limited to driving to car shows and parades. Typically, your vehicle must be licensed and registered as a vintage vehicle with the appropriate registration authority.

There are many insurance companies out there and the one that I use offers a 5,000 km limit per year for travel, complete coverage of my tools and spare parts in the garage for only $200 per year. It also covers towing fees and breakdown costs. It is based on the appraised value of the vehicle.

Appraisal

Make sure that you have a current appraisal of your ride. Keep it up to date! I've updated the interior on my car, had the paint professinally wet sanded and had the chrome rechromed since the initial appraisal. That added up to another $10,000 value to the car!

Breakdown Coverage

If your insurance doesn't offer breakdown coverage, consider purchasing coverage from companies like the American Motor Association (AMA) if you are in the United State, the Canadian Motor Association (CMA) in Canada or RAC Breakdown if you are in England or Europe.

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Copyright January 2012 Eugene Blanchard