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Auto Insurance for Automobile Customization/Parts

If you have an antique or classic car, you have (no doubt), put a lot of work, special parts, and a certain amount of customization into your vehicle. Because your antique or collectible car is not considered a standard vehicle, in order to protect your investment, you will need a special type of insurance called “collectible auto insurance.” Collectible auto insurance is your best bet for many reasons. Insurance companies that offer this “specialty” insurance are more likely to design an insurance policy for your vehicle which takes the “agreed value” (AV) of the collectible into consideration instead of the actual cash value (ACV) or the stated value (SV).

In the event of a total loss, only agreed value insurance policies guarantee that you will recover the full value of the vehicle. There is no depreciation with an agreed value policy. Actual cash value for everyday cars and stated value may actually depreciate vehicles, as it only pays up to the stated value of the car.

Many collector car programs will also insure new cars, hot rods, rare vehicles, and exotics – no matter how new or old they may be. The collectible auto insurance policy for these types of vehicles will consider the following:

• Paint job.
• Aesthetic modifications. 
• Mechanical modifications.
• Horsepower.
• Suspension system.
• Parts.
• Labor.
  

In the case of pure collectibles, depending on the insurance agency, there may be strict mileage restrictions. In some cases the mileage restrictions may be around 2,500 miles per year. However, some insurance companies do offer flexible mileage guidelines for drivers that drive their customized cars a bit more than usual – but still on a limited basis.

A common theme with collectible/specialty auto insurance policies is that the insured collectible, antique, or customized car cannot be used for racing, commercial transportation of goods and passengers, or daily transportation. Finally, keep in mind that the vast majority of collectible/specialty insurance programs require all drivers to be 25 and older. In some cases, the insurance provider requires all drivers to be 30 and older.