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Collectible Cars: Three Core Coverage Considerations - 02/24/12
By Bryant Rousseau

How are Classic & Collectible Car policies different from Standard Auto plans? Three key characteristics make this line of insurance unique.

1. Low Premiums

The premiums for Classic & Collectible Car coverage are much cheaper than Standard Auto policies, with most insureds paying just 25-33 percent of what they would for a comparable policy on a daily-drive vehicle.

Rates are “incredibly reasonable,” says Ron Fiamma, vice president and director of private collections for the Private Client Group division of Chartis. Fiamma notes an average filed rate across most major carriers for physical damage is 30 to 40 cents per $100 of liability, dependent on driving record.

For collectors with just a single classic car in the garage, worth in the mid-five figures, an average premium is likely to be in the $200-$400 per year range, depending on the liability requirements of the state where the insured resides.

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