Antique, classic and collectible automobiles aren’t standard vehicles by any means. Their owners take exceptional pride in the ownership of these cars that represent an historic look at automobiles going back to the inception of motor vehicles.
This illustrates the need for NJ collector car insurance for owners here in the Tri-state area and why this specialty insurance is so important. Owners of collectors and classics, to modified vehicles and everything in between, knows the value of their cars and understand how important it is to get the insurance coverage they want and need.
Some enthusiasts have gone as far as to lovingly rebuild their antique auto or classic car from the ground up while others have purchased a perfectly restored showpiece; in either case it’s much more than a car to them based on their passion for collector autos.
A classic car is defined as a motor vehicle ten or more years old, which is rare or of special historical interest. This is due in part to it possessing exceptionally fine workmanship or status as a limited edition. Most insurers consider a classic motor vehicle that is currently 25 years old, or older, an antique.
In order to be eligible for classic car insurance the vehicle must meet some important conditions, such as your antique or classic car must be used on a very limited basis, (i.e. exhibitions, club activities, and parades or similar events), and/or you need to have restored, maintained, or preserved your antique or classic car.
How is a collector car insurance policy different from a standard auto insurance policy?
Because collector cars don’t depreciate, coverage is based on agreed value rather than actual cash value. You and the agent agree on a value at the time the policy is purchased and this takes into account everything you have invested in your classic car.
Collector car insurance rates are typically lower than standard auto insurance rates since collector cars are generally well maintained and are also driven less than everyday cars.
Road use tends to be restricted for antiques, and since they’re not used for daily driving, this specialized NJ collector car insurance coverage is much less expensive than ordinary car insurance.