Insurance Claims & Collector Cars

Although most classic car aficionados know there can be big differences between regular daily driver insurance and classic car insurance when it comes to settling a claim correctly after an accident, insurance statistics from around the country seem to indicate that fewer than half of the classic vehicles on the road today are actually insured by proper classic and collector car insurance programs. An insurance policy created specifically for classic cars will provide more than just comprehensive coverage, as it should be supported by seasoned claims adjusters who are versed in the classic car market. Collector cars often present complex repair jobs due to the potentially high costs of both parts and labor as well as the difficulty of locating the correct parts.

Just like a regular auto claim, an accident in a classic car will be followed by a physical inspection to assess the damage and the payment that will eventually be made by the insurance company will be based on the cost of the repairs. However, unlike repairing a regular car, the adjusters and damage appraisers have no handy universal database to refer to that covers the all of parts and labor associated with repairing a classic or collector vehicle. Instead, the adjuster must rely on his knowledge and experience in vintage auto repairs to negotiate a realistic payout agreement that will cover all of the costs and also satisfy his customers’ needs. One of those needs will likely be selecting the shop(s) that will repair the vehicle. If the owner does not have a preference or does not have an existing relationship with a specific repair facility, a good adjuster will have the experience and contacts necessary to help the customer identify and select his best options. An insurance company that writes policies specializing in vintage automobiles will already know that different brands and models of classic cars present different repair challenges and typically, the right repair facility means a shop with direct experience working on the customer’s exact type of vehicle. A regular collision shop is practically guaranteed to lack the knowledge or experience to handle the specific challenges presented by a classic car.

A regular collision shop won’t have established vintage parts connections either. While some types of collector cars may still be supported by a few factory parts, the opposite is far more likely, especially when it comes to older cars. An experienced repair facility will know where to get the right parts for a specific classic car whether they are new old stock components or brand new aftermarket restoration items. Used parts might be necessary in some certain cases, but they are not a first choice due to condition issues and the added restoration costs. When there are no parts available for a specific repair, they might need to be fabricated by hand. While that can obviously be costly, it can also be difficult to find someone competent to make them in the first place.

Once the right parts are located and installed, many will probably need to be painted. Modern car repairs rely on computerized paint matching technologies, but the paint on classic cars is vastly different from the paints used today, making paint matching on a classic is an art in its’ own right. There are many good auto painters out there, but it takes a higher degree of skill and expertise to match to the paint on a 60 year old car correctly. It is not unusual for complex repairs on a classic car to take several years to complete either. A good insurance agent will stay in touch with both the customer and the repair facilities throughout the length of the job. The agent will check on the progress of the work, negotiate the best prices when needed and document the ongoing repairs with photographs.

It can make life a whole lot easier when your car insurance company has the knowledge and experience necessary to meet the many different challenges that a classic car accident can present. It also makes it easier for the repair shop to do its’ job when the vehicle owner has enough trust and faith in their insurer to stick with the accident claim over the long-haul. If you drive a classic car, you could probably use a good classic car insurance policy.