The weather is starting to look up, for the most part, here in Cleveland and it has collector car owners thinking about their tires meeting the road for the first time this year. If you have a collector car (not just based on age anymore, but a car that you bring out for the summer and enjoy driving even if it's a brand new Corvette) and you haven't looked into collector car insurance, you should certainly consider it and at a minimum read this quick article! 

So what are some reasons to look at quoting with a collector car insurance company? Here are a few...
  • Lower Premium on average than your standard car insurance
  • Agreed Value
  • No fixed mileage restrictions
  • Specialty claims department
  • Roadside services available
  • Valuation Support

Now that we've touched on some of the high points, lets dive in a little deeper.

When you work with us here at Cobos Insurance, we will help you find the best collector car insurance company that fits your wants and needs! Most of our clients would like to get better coverage for their collector vehicle but also save some money in the process. We have found that clients who move from a standard auto insurance policy to a specialty collector car insurance company save an average of around $250 a year! The specialty collector car carrier is able to offer discount since they know you drive your collector car less often than you drive your everyday car or vehicle. 

Agreed value or Guaranteed Value from Hagerty Insurance, is the biggest difference from a standard auto insurance policy. Agreed value means that you and the insurance company agree to a value for your collector car upfront and in the event of a total loss, that is what you will be paid out. The flip side to agreed value would be ACV or Actual Cash Value in which the insurance company would send out an insurance adjuster at the time of loss to let you know what the insurance company would be willing to pay you for your collector car. The biggest disconnect is that most of these collector cars are appreciating in value or at least holding value, while ACV factors in depreciation since most daily drivers will be worth less than when purchased. Your collector car does not fall into this category, which makes it important to seek out an agreed or guaranteed value option! 

Some of the collector car insurance companies that we work with will even allow you to use the car in any way you see fit, while some limit you to parades and car shows only. After discussing it further with us, we can help you find the right carrier to work with! Many of the companies we work with also has a specialty claims department that understand what it takes to repair and restore a collector car. Hagerty, one of our classic car carriers, also has staff members that will help you find original parts for your car. Along with a specialty claims department, some also offer roadside programs tailored to fit your collector car which guarantee a flatbed truck with soft straps so your car will not be damaged in the event you would need a tow in the Cleveland area. 

Lastly, in regards to valuation support, one of our collector car carriers will actually help you find a correct market value for your car! We have partnered with them to utilize their massive database of collector car values to be able to run collector car valuation reports for you. In many cases you wont even need an appraisal, we can simply utilize the valuation tool and help you determine an appropriate value for your collector car. If you would like us to run a report for you, simply give us a call at 440.233.6199 or visit our Contact Us page at We want to help you properly insure your collector car, we know how much in means to you!

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NOTICE: This and all content is developed from sources believed to be providing accurate information. The information in this material is not intended to be used as tax or legal advice. Please consult with a tax and/or legal professional for detailed information regarding your individual situation. Some of this material was developed and shared by Cobos Insurance Center, Inc. to provide information that may be of interest. Cobos Insurance Center, Inc. is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.
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