Classic car owners overpaying for insurance

by Richard Kilner

Story link: Classic car owners overpaying for insurance

Chubb Personal Insurance has warned that many classic car collectors are paying over the odds for their insurance needs.

Worldwide Underwriting Manager Paul Franklin has expressed concern that those with vintage cars and high-powered racers may not only be paying too much but getting too little coverage.

Franklin has advocated, instead of adding the new cars to a standard insurance policy, taking out a collector car policy which can include lower premiums as the cars are infrequently used and particularly well-maintained.

Another big difference between cars collected and cars used everyday is that an everyday vehicle constantly loses value, whereas the vintage vehicle appreciates rather than depreciates.

Franklin also advises collectors to look for insurance offering global coverage, no limitation on mileage and high comprehensive, collision and liability limits.