Collectors of antique, classic and special interest cars know they are special! It’s safe to say that the unique admiration for their cars reflects their sense of pride, history, beauty and sheer joy of driving and showcasing these magnificent vehicles.
This dedication is unrivaled; second to none. You can’t compare the master of one of these rare vehicles to the owner of a regular car. Of course one expects to pay more for the best; however, it is refreshing for the owner to discover this is not the case when considering specialized insurance for a special interest automobile.
For many years, there have been lengthy discussions as to the difference between antique and classic vehicles. The Ontario Department of Transportation will provide historic (antique) plates for vehicles 30 or more years old. Some believe that the term “classic” refers to selected vehicles that are pre World War II.
The antique car hobby includes all types of collector cars, trucks, antiques, classics, special interest, custom, modified, street rods and many others too numerous to specify. The creativity of the owners both male and female is astounding. Many folks restore their vehicles to original specs while many others will modify them to the point where the design has been changed both inside and outside to reflect the particular owner’s feelings as to the design and colour of their choice.
Determining the value of any collector vehicle is not as easy as knowing how much someone is willing to pay for a vehicle. Prices should be based on many factors and not only one. Someone who finds their “dream car” may be willing to pay much more than the vehicle is actually worth – because to them the car is worth any amount they can afford.
The value of an antique or collector car varies from model to model and of course from year to year. One factor that creates the difference in value is the rarity of each car. If there are a lot of similar cars out there, they may not go for as much as a fewer manufactured vehicle. Another factor that determines the value of a collector car is the desirability of the specific model and year. If no one has an interest in that certain vehicle, then the value would not be as great as it would for a vehicle that is in high demand.
If you are thinking of selling your collector vehicle and you want to be certain that you receive a fair price, there are a few steps you can take to ensure you are selling the vehicle for its market value, such as:
- Check all the sources that are available to you in print, i.e. car magazines, car value guides, etc. See what your car’s model and year are quoted as being worth. If possible, compare other sale prices vs. the seller’s asking price. Keep in mind that there can also be increased interest and valuation in autos that are associated with a dedicated car club.
- Check with an appraiser. Have an appraisal done on your vehicle and do not try to influence the appraiser in anyway. This way you can ensure you will receive fair value for your vehicle in the event of a claim or sale.
When taking precautions for the safe upkeep of your vehicle, one area that antique car owners often overlook is their own garage. Many comprehensive insurance claims occur while the vehicle is in the “safety” of the insured’s own garage. There are many things that owners can do to safe-proof their vehicle and garage to help reduce the likelihood of such claims.
- Make sure that the actual structure of your garage is in good condition.
- Consider using fire retardant roof materials include metal shingles, tile (clay or cement), as well as slate.
- In areas where there is snowfall, make sure you keep large amounts of snow off of the roof. Heavy snow can cause leaking as well as the collapse of the roof itself.
- Install a smoke detector in your garage for fire safety.
- Keep your garage locked at all times and install an alarm if feasible.
The insurance industry plays a significant role in the health of this very special hobby. All owners want to ensure that their particular pride and joy has the appropriate coverage which reflects the true value if the need arose for them.