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Insuring
Your Street Rod
There's no denying that there's
special pleasure derived from
sitting behind the wheel of a
vintage street rod, whether that
car is a '39 Ford or a '55
Chevy. There's an even better
feeling that comes from hearing
someone's open admiration of
your car. It doesn't matter if
the moment comes when you're at
a cruise-in, a formal car show,
or just at the local Dairy Queen
during a weekend drive –
you'll still puff up with pride.
It is these moments that must be
protected, and that's why your
street rod must be insured, even
if you rarely drive it. The
catch, of course, is finding a performance
car insurance policy that
covers the real value of your
automobile, and accounts for the
rarity of vintage street-rods
and the work you've probably put
into yours.
Conventional
Insurance is for Conventional
Cars
If you have a good relationship
with the insurance company that
covers any other cars you may
own, there's a chance they'll
cover your 'rod as well, though
you may have a battle getting
them to offer much beyond the
blue-book value as a coverage
amount. After all, the coverage
in standard insurance policies
is based on a number of factors
that all boil down to
"actual price of car when
new, minus depreciation."
This value, known as the
"actual cash value" is
also based on actuarial tables
detailing how often certain cars
get into accidents, and what
they cost to repair. The more
unique your car, the less likely
it is to be defined by existing
data.
In addition, if you don't drive
your car often – if you use it
primarily for car shows and the
occasional Sunday meander, a
conventional insurance policy
may cost you more than you
should be spending, for coverage
you don't really need.
Collector
Car Policies
From the cost stand-point alone,
a collector car policy is worth
considering. These policies only
cost a few hundred dollars a
year, and often have a very low
(and sometimes no) deductible.
They're also based on an
"agreed value." This
means that you and the insurance
agent discuss your car in
detail, including any
restoration work or
modifications that have been
done to it, and agree on a fair
value for coverage purposes. You
may have to provide photographs
and documentation of the cost of
any aftermarket
body parts, and in some
cases an appraisal is required,
but you will usually find that a
specialty insurer will agree to
a value that is significantly
more than what a conventional
policy will cover.
While collector car policies
allow more coverage for less
money than standard auto
insurance, there are several
conditions that must also be
met. Typically such guidelines
are:
1.
You
must also own at least one
truck, SUV, or passenger car,
and it must be insured.
2.
Mileage
is restricted to short
recreational trips and the
distance to and from car shows
and similar activities.
3.
You
must have at least ten years of
driving experience, and your
driving record must be cleaned.
4.
You must store your car in a
garage when not in use.
It's a popular misconception that collector car
policies are only for vintage
vehicles. While it's true that
the best rates are offered to
owners of cars that are true
antiques (25 years old), most
specialty insurers will accept
cars as new as 15 years, and
many will even accept modern
"muscle" cars (though
those, of course, are not really
street rods).
It
is estimated that more than 50%
of all rods are uninsured, and
that 80% of those which are
insured are not insured under
collector car policies. Don't
make the mistake of thinking
your street rod won't be harmed
because you keep it under lock
and key. Call your insurance
agent, or contact a specialty
insurer, and make sure you have
adequate coverage.
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