Many companies now offer insurance programs for the auto collector. These companies offer substantial benefits and should be carefully considered as an alternative to using your family insurance agent. Collector car insurers understand that most collector cars are not regularly driven for transportation, are almost always garaged, and are lovingly cared for. They also understand that in case of a claim, a specialty shop is required to carry out repairs.
With this in mind, specialty car insurers offer significant discounts to vintage auto enthusiasts. One of the major advantages offered by some classic auto insurers is referred to as stated value coverage. Put simply, stated value coverage means that in the case of a total loss the insurer will pay you the value of the car that you have been paying premiums on. Some insurers will pay “up to” the value you have been paying premiums on. This is an important distinction and one that should be considered when choosing insurers.
If you need more information about insuring your Hyman purchase, don’t hesitate to ask your Hyman representative.