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5 Collector Car Insurance Facts: Get Miles Ahead of the Competition

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There are more than 14 million vehicles on the road that are at least 25 or more years old1. With the weather warming up, an entire country of enthusiasts will soon be pulling their classic or collector vehicles out of the garage.

As the season progresses, brokers and agents will increasingly see more opportunities for insuring these fun cars. Insurance Market Source connected with Bill Gatewood, Corporate Vice President and Director, Personal Insurance, Burns & Wilcox, to share five key facts that brokers can learn about Collector Car Insurance.

1: Collector cars are getting younger

The collector car market is growing, with the amount of insured cars 25 years or older up more than 42 percent in the last two decades1. The fact is, many individuals think classic cars are from the 1930s through the 1960s. However, as younger generations age, there are an increasing number of automobiles from the 1970s-1990s emerging. In fact, it has been noted that millennials have an infatuation with pickup trucks, SUVs, and performance cars of these more recent years2.

2: Value can be guaranteed

Brokers and agents newer to the world of Collector Car Insurance should know about vehicle valuation. Hagerty Valuation Tools®, an industry leading guide provided by Hagerty, ensures that clients place the right value on their cars. Many owners have a strong idea of what their car is worth before garnering insurance. Values in Collector Car Insurance differ from those provided on regular cars at standard automotive insurance carriers.

Some clients believe that if they stop driving the vehicle for any reason and park it in their garage, insurance is not needed. That could not be further from the truth.

Collector vehicle values are agreed upon up front. This is in stark contrast to actual cash value policies that provide payment based on used car values in the event of a claim.

3: Usage matters

Classic car insurers take into account the usage of clients’ vehicles. Some companies may put limitations on the amount of miles driven per year, who can actually drive the car, and the number of times it can be driven. It is important that brokers and agents ensure that their clients have the broadest coverage possible so they can enjoy the collector car when they want, how they want.

4: Driving stops, insurance continues

Some clients believe that if they stop driving the vehicle for any reason and park it in their garage, insurance is not needed. That could not be further from the truth. Many things can happen to the vehicle while it is not being used, including vandalism, a house fire, and more. Driving is not the only exposure, and homeowners insurance will not properly protect a parked vehicle. In an unfortunate instance, one Canadian man’s 27,000-square foot barn caught fire and destroyed his uninsured collection of more than 40 collectible cars3. He had been working on many of the cars for some time, and had been collecting for more than 45 years.

5: Parts make the difference

In standard auto policies, cars often are required to use aftermarket parts for repairs. This lack of understanding can severely devalue certain collector cars. Collector Car Insurance policies from specialty carriers help to make sure original parts are used whenever possible and that the owner can send the car to the repair facility of their choosing.

These types of collector vehicle policies can extend beyond cars and into antique farm equipment, military equipment and vehicles, vintage fire engines and police cars, motorcycles, and classic wooden boats. In any instance, it is important to have these classic rolling works of art covered correctly. Numerous collectible vehicles have low production numbers, rare features, or are simply family heirlooms. No matter the case, the car or automobile collection often means much more to the collector than another mode of transportation, and brokers and agents who recognize that will be miles ahead of the competition.

Get an online quote or learn more about Collector Car Insurance.


  1. USA Today
  2. Detroit Free Press
  3. The Drive

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