There is a form of vehicle insurance that’s not a moral outrage – because you’re not forced to buy it.
Classic car insurance.
Ordinary car insurance (the kind you’re forced to buy) is a bad idea in principle but also when it comes to protecting classic cars because they are considered old cars by the insurance mafia.
And most old cars aren’t worth very much.
Or rather, the mainline insurance companies often don’t think they are – and pay out accordingly.
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But your classic might be worth a lot – and not just to you. If it’s been meticulously restored – or in pristine original condition – it’s probably worth more today than whatever it sold for when it was brand-new.
Adjusted for inflation.
Almost always a lot more than whatever the NADA or Kelly Blue Book says it’s worth.
These guides are used car value guides. Using them to value a classic car is like using a generic real estate square foot/how-many-bedrooms-has-it-got calculator to establish the value of a Frank Lloyd Wright House.
If you have ordinary insurance and your classic car is damaged – whether by someone else or by nature, such as a tree branch falling on it at a car show – your “coverage” may not cover very much.
You may have to fight to get the insurer to cover anything.
Classic car insurance, on the other hand, will usually cover everything – guaranteed. Before anything needs to be covered. And it will usually cost your less than the insurance you’re forced to buy – kind of like Obamacare vs. what we used to have when the government didn’t force you to buy “coverage” for that.
If someone totals your classic car and it’s appropriately covered, at least you’ll get back the full value of the car – which will make you feel a little better about having lost the car.
That’s an offer you shouldn’t refuse.
