Collector Car Insurance

classic red car

You have spent hours researching the year make and model. You have invested weekend after weekend caring for, cleaning, maintaining, and driving it. It’s not just a car. It’s a collector car. The only thing you may have not considered is collector car insurance.

Minnesota insurance companies, as in most states, recognize the difference between regular, every-day commuter cars and collector cars. Collector and classic cars don’t get as much use as daily cars, but they can be more valuable than other vehicles, too. Because of these issues, they generally require specific insurance that is different from traditional auto coverage.

If you own a classic car and it is not insured, run, don’t walk, to Lake Region Insurance Agency. We have the experience you need and the service you deserve when it comes to protecting your collector car. Our customers trust us over and over to cover their valuable items.

What is Collector Car Insurance?

Collector car insurance is sometimes called classic car insurance. It is for old or rare cars that are worth more now than when they were initially made or purchased.

For example, let’s say you drive a modern sedan that was worth $30,000 when you bought it last year. Now it has depreciated to $25,000. If you experience an accident that totals the vehicle, your car insurance will only cover up to $25,000.

However, let’s say you own a 1966 Ford Shelby Mustang worth $100,000. It certainly didn’t cost that much when it was brand new. If you were to get in an accident, you would want to receive the full value of the car based on its classic status.

Choosing collector car insurance helps make sure you have adequate coverage. Using tools like the Old Cars Report Price Guide, your Lake Region agent will help you choose the right policy. Because collector cars increase in value, especially if you put work into restoring them, you want to ensure your coverage is sufficient.

How Does Collector Car Insurance Work?

There are different types of coverage available like there are with all other kinds of insurance. As with traditional auto insurance, you will see liability, collision, and comprehensive coverage. You also can choose to protect yourself against uninsured or underinsured drivers. 

There are also a few unique coverage options for collector cars:

  • Roadside Assistance – If your classic car needs assistance while you’re out and about, this coverage ensures flatbed towing to prevent damage.
  • Traveling Coverage – Cover yourself for incidentals like food, lodging, and a rental car if your vehicle breaks down when you’re away from home.
  • Auto Show Medical Liability – If someone gets injured at an auto show with your car, coverage kicks in to protect you and cover their bills.
  • No Attendance Required – If you leave your vehicle at a show and are not there when damage occurs, this policy option provides protection.
  • Coverage for Spare Parts. This choice goes beyond your car and covers spare parts you have in your possession. Anyone who deals with collectors knows parts can be expensive and hard to come by.
  • Increase in Coverage. If you prove that the value of your collector car has gone up, you can increase your coverage to ensure adequate protection.

Call Lake Region Agency Today

If you love driving your classic car through the beautiful landscape of Minnesota, give us a call at Lake Region Insurance Agency. Collector car insurance is just one of the many services we offer, so stop in for a quote today.





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