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Insurance for collectable vehicles.

Updated on March 5, 2011

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.

  1. They travel far less miles annually.
  2. They are highly valued by their owners, so care is taken with these vehicles.
  3. They are almost always kept in a secure garage or workshop.
  4. They are seldom driven at speed on the open road, and if racing have insurance for the events they use the vehicle in.

This Bugatti Royal is worth many millions. Photo taken in 1977 at the Harrah collection in Reno Nevada.
This Bugatti Royal is worth many millions. Photo taken in 1977 at the Harrah collection in Reno Nevada.

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..

A 450 twin DOHC Honda. A very collectible motorcycle.
A 450 twin DOHC Honda. A very collectible motorcycle.

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.


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    • earnestshub profile imageAUTHOR


      7 years ago from Melbourne Australia

      The 66 Mustang is a very cool car. I think the insurance for it from a specialist insurer should be reasonable though, unless it has a blown 445 or similar under the hood that is!

    • toknowinfo profile image


      7 years ago

      Thanks for the information. I have a 1966 Mustang that I keep in my garage. I have been thinking about getting collector insurance to take it out once in a while. I appreciate you sharing your knowledge.

    • earnestshub profile imageAUTHOR


      7 years ago from Melbourne Australia

      Thank you prasetio, if you ever need any assistance with buying a car, feel free to call on my help. I would be honored to help you.

    • prasetio30 profile image


      7 years ago from malang-indonesia

      Thanks for writing this. I learn much from you. Unfortunately I don't have a car. But I'll bookmark this hub. So, I'll read again if I have my own car. Used car is not a big problem for me, as long as it can run very well. Well done, my friend. I give my vote to you. Have a nice weekend.


    • earnestshub profile imageAUTHOR


      7 years ago from Melbourne Australia

      Shannons are a very good choice from what I have seen. They certainly know their collectible cars, being collectors themselves, and should be a good classic vehicle insurer.

      The Mighty boy is a gem!

    • darkside profile image


      7 years ago from Australia

      I had my Suzuki Mighty Boy insured by Shannons.


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