While you are shopping for the next cool vehicle, keep in mind you should look for specialty insurance to go with it.
Custom and collector vehicle insurance is a specialty product. It is tailored for vehicles that are not regularly driven, usually less than 5,000 miles a year. Maybe they are driven for fun, to local club events, a show or rally. Other restrictions or limitations could include that all drivers need to be over 26 years old and you must have another vehicle that you use as your regular “daily driver”. Company requirements vary.
Other items might include that the vehicle does need to be in a fully enclosed and locked garage, shop or building. But recently, some of the underwriters have started approving carports and other storage areas as protection.
Dont insure your custom car or bike for a “used vehicle” value from an underwriter that doesn’t understand the value of your vehicle. Specialty coverages are usually “agreed” values which will make sure you get what you have it insured for (minus any deductibles). You have too much time and money in your vehicles not to protect them for what they are worth.
Have more than one custom vehicle on the same policy? With most specialty policies, you pay the liability once, for all your cars or motorcycles listed on that policy.
Have an accident? Claims are settled by adjusters that understand custom and collector vehicles.
The basic breakout of categories for custom or collector vehicle insurance are:
Antiques (over 25 years old),
Classics (20 to 24 years old)
Collectibles (15 to 19 years old)
Customs (mechanically or cosmetically altered)
Exotic cars (less than 15 years old but appreciating)
Street rods (usually cars built before 1950 that have been and mechanically or cosmetically altered)
Kit cars (built from a package)
Each company has a different variation on their categories and what qualifies as modifications.
The vehicle usually needs to have some appreciable characteristics. If the vehicle is newer and doesn’t have any collectable or appreciable status, it’s probably not going to meet the underwriter’s guidelines.
Doesn’t mean a new car can’t be on a specialty policy, it just depends what model and the market for the vehicle.
Oh, even collector boats can be insured with a specialty company. So that old Chris Craft ,in the barn, better finish the restoration and put it in the water.
If you are in the business you should attend this event. It’s a great way to contact most if not all the manufacturers and vendors you will ever need all in one place. One really big place! I have been using my contacts at the SEMA show for books, columns and seminars for years. You might not think that they have the information that you can use, but my experience is different. I am in the aircraft; marine, automotive and motorcycle and insurance industries and I always find something for all of those markets.
The SEMA Show is the premier automotive specialty products trade event in the world (PLEASE NOTE: THE SEMA SHOW IS NOT OPEN TO THE GENERAL PUBLIC). It draws the industry’s brightest minds and hottest products to one place, the Las Vegas Convention Center. As part of the AAIW, the SEMA Show attracts more than 100,000 industry leaders from more than 100 countries for unlimited profit opportunities in the automotive, truck and SUV, powersports, and RV markets. SEMA Show 2013 drew more than 60,000 domestic and international buyers…