I own an '08 Corvette Z06 and a new Shelby GT500. My question has to do with car insurance. Specifically, is it possible to get collector-car insurance on a modern-day collectible? I do like to drive my cars, but with the demands of work and a family, I only get a chance to do so a couple times a month-and that's usually to a show or cruise-in. I also live in Illinois, where it's quite cold in the winter and keeps the cars in storage.
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This is a question a lot of people are asking, as today's new-car market offers more potential collectibles than ever before. For advice we turned to Gary Gandy, Vice President of Heacock Classic Collector Car Insurance. This is what he had to say:
Here at Heacock Classic, we're seeing a lot of modern-day supercars, such as the Z06 and ZR1, migrating into collections. And so the question is often asked: how can they be insured? The answer-at least for our program-is that if the cars are truly collectable and are treated as such, they can qualify for several of our Collector Car programs.
Cars in this category would include the new Challenger, the Shelby GT500/Super Snake, and, of course, the Z06 and ZR1. The advantage for customers is they can obtain Agreed Value Coverage, rather than the more traditional Stated Value Actual Cash Value that's applied to most other new cars.
When we refer to a modern-day car leading a "collector-car life," we mean that it's driven less than 3,000 miles per year, not used for any type of daily commuting, and kept in locked, enclosed storage. The cost savings to the client is generally in the 35-to-40-percent range. Cars used more than 3,000 miles are generally better off using a standard carrier such as AAA or State Farm.
An additional reason for choosing one of our Collector Car programs is that we encourage the client to select the repair shop of his or her choice in the event of an accident. This is especially important when considering fiberglass work. We also offer coverage for newly acquired collector cars, up to $75,000. This is nice to have if you purchase a car at a show or a weekend auction. Roadside assistance is offered at $10 and covers all collector cars on the policy.
Heacock will also cover cars that are under restoration as long as they are being actively restored. We only charge one liability per policy, and it covers all vehicles on the policy. Many discounts apply for large collections. Security systems and club discounts may also apply. Our program can even provide coverage for dedicated race cars when they're away from the track. Such a policy would cover the car while it's in the trailer or paddock, as well as while it's stored in your garage or race-prep shop.
Pleasure driving is permitted, but there is an exclusion that prohibits daily commuting such as driving to work. Extra mileage endorsements can be purchased for long tours such as Route 66 or Americruse.
I hope this helps. If you have any questions, feel free to give us a call at (800) 678-5173.
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