Insurance for collectable vehicles.
When making car insurance quote comparisons for your classic car or motorcycle, ensure you try the insurers who specialize in this type of vehicle insurance. Often they are cheaper and understand your needs better.
Collectible vehicles can be very reasonable to insure. Many insurance companies today recognize that the owners of classic cars and other collectible are not generally as high a risk as other vehicles that are used as daily transport.
- They travel far less miles annually.
- They are highly valued by their owners, so care is taken with these vehicles.
- They are almost always kept in a secure garage or workshop.
- They are seldom driven at speed on the open road, and if racing have insurance for the events they use the vehicle in.
There has been more competition in the market for insurance companies in this field of late, as specialist motoring companies are offering tailored products for this insurance niche as an isolated insurance product.
In Australia there are a very high number of collectors cars and motorcycles ranging from the very earliest veteran and vintage Rolls Royce to Morgans and late model collectible super cars such as Lambo's and Ferrari. Old motorcycles are also well catered for these days and can be insured at an agreed value. Once again the risk is low, so the premiums are reasonable as these machines are not usually used as transport other than for the ocassional organized outing or club ride..
Many of my friends take the risk of remaining uninsured as they figure the risk is so low, that they will carry the risk themselves. I know others who insure a part of their vehicle collection only.
With the current competition in this insurance niche I would be getting a quote or two. That way you can decide for yourself if it is worth insuring your collectible vehicles.
The main reason I would have insurance is the risk of fire. Early model electrical wiring and fuel storage was not as secure as it is today, and the risk of a fire are real, especially when starting the vehicle or restarting it when the motor is hot.
The other fire risk is during restoration where welding can cause a fire hazzard. I would also be concerned about a house fire that spread to the garage.
If insurance for your collectible vehicle is reasonably cheap, you may well consider it as an option.