Collector Car Insurance

By Robert Snowden

I'm sure many of you like me, despise that monthly car insurance bill. But, like so many other things in life, it's something you just have to have. In this months View, I would like to spend just a few minutes underscoring the importance of proper insurance coverage for your collectable Chevy. Also, let me stress that I am not the ultimate expert on collector car insurance. The following information is common knowledge, yet many times it’s overlooked or not considered as important by the collector car owner.

It's important as the owner of a collectable Chevrolet that you realize not all car insurance policies are equal. The insurance coverage you have on a daily driver and the coverage you have on your collectable Chevy should not be the same. Your daily driver policy is typically based on a "depreciating" value, whereas the policy on your collectable Chevrolet should be based on an "appreciating" value. Often, collectable car owners will get caught having a "multi-car policy" that puts the daily driver and collectable Chevy on the same policy. This kind of policy can leave the collectable Chevy in jeopardy.

The good news is that in the past few years many specialty collectable car insurance companies have evolved. These companies realize that the collector Chevy is something far different than the family sedan. The collectable Chevy is driven very few miles, it's appreciating in value and in most cases is driven and owned by a mature adult. These companies have even accepted the fact that the "modified street machine", with lots of chrome and horsepower, needs special insurance!

So where do you find a specialty collectable car insurance company? If you're looking for companies in the form of magazine ads, start with publications such as Hemmings Motor News or Old Cars Weekly. If you go online and search "collectable car insurance", you will find several reputable companies. A few of the most recognized companies are: American Collectors, J.C. Taylor, Condon & Skelly and Grundy. Each of these companies has their strong and weak points. When you contact these companies, don't be influenced with insurance jargon the agents will use such as "stated amount", "stated value", "actual cash value" and "agreed value". Make sure you ask questions, clearly understand your coverage and don't over insure or under insure your Chevy classic.

Last of all, a few must-have items for every collector car Chevy owner:
1. Have an updated appraisal done on your Chevy at least every two years. Remember, your Chevy is becoming more valuable each year. 2. Keep a current photo file of your Chevy in a safe location and take detailed shots.
3. Keep receipts of all transactions, original purchase, improvements, repairs, etc.
4. An anti-theft device is always recommended.

Protecting your collectable Chevy classic takes time and effort on your part. Don't get caught wishing you had spent more on both!

Attention 1958 Chevy owners: We're still looking for those 29 special 1958 Chevrolets! Remember, we want to run a '58 special - showing all 29 original solid or two tone color combinations. (See October 2008 View)
Send your color 1958 Chevrolet photos, or CD's, and summary's to: Late Great Chevys, 5200 S Washington Ave. Titusville, FL 32780, attention Robert Snowden. All photos and summary's sent by e-mail should go to robert.snowden@ecklers.net