Special Needs for Insuring a Classic Collectible Car

When you own a classic collectible car, it is best to work with your agent at Attain Insurance in Fort Payne, Al to make sure your insurance coverage is adequate. If you are just content to own the car for your own personal collection, you will still want to have sufficient insurance if the value of the collectible auto increases. Sometimes, for the rarest vintage vehicles, the value can increase dramatically.

Some examples include the steady increases in value for the Porsche 911 vehicles, especially for special editions. Many classic cars from the 1980’s and even the 1990s are rapidly appreciating in value when they are in pristine condition. Older vehicles like Aston Martins, Alfa Romeos, and Jensens are also doing well.

Some rare special editions go up in value very quickly, especially if there are only a few of them left in good condition. In 2014, a 1962 Ferrari 250 GTO sold for just over $38 million. Haggerty says that the newest cars demonstrating collectible quality include 2000 to 2006 BMW M3 vehicles, the 1976 to 1986 models of the Jeep CJ-7, and the 1989 to 2001 Mercedes Benz SL.

On the average, the value of an in-demand classic collectible car increases about 10% per year. Naturally, this means your insurance coverage should increase as well to match the higher valuation.

Any owner of a classic collectible vehicle should make a habit of having an annual insurance review by working with their agent at Attain Insurance in Fort Payne Al. And, while you are at it; it is a good idea to review all of your other insurance coverage at the same time.

Classic collectible cars are fun to own and they need to have adequate insurance protection. Contact your agent today to get an insurance review in order to make sure the coverage is adequate based on the present-day value.