According to Plunkett Research, Inc. of Houston, Texas, there were 240 million vehicles in operation in the U.S. at the end of 2006. Of those, only 16.5 million were brand new cars and light trucks; the vast majority were older vehicles and collector vehicles.
Classic car insurance has been available for over 50 years for owners of classic, collector, antique, exotic, and custom automobiles. Yet, more than half of the owners still insure their vehicles through a standard insurance company even though they may be paying a more costly premium and have less coverage. Some estimate that using a company specializing in collector car coverage can save up to 75% and have a less restrictive policy.
A major reason for specialty insurance occurs when having to make a claim. Most standard claims adjusters will not understand why using a specific repair shop or using original parts is so important to protect the value of you car. In the event of a total loss, they certainly will not value your collector car where you do. This is the reason for setting the value of your car prior to insuring it, the only way that can be done is with an Agreed Value insurance policy.
Protect your collecable car, have it appraised!!