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Collector Car Insurance is Worth it for Odd and Unique Cars

Buying a collector or exotic car can be exciting, but it also comes with a lot of stress factors that your average car doesn't come with. Collector car insurance, for example, can be very different from your standard car insurance, and it might be worth looking into even for just a quick quote to compare.

There are so many car insurance policies and levels of coverage out there that it can get pretty confusing. In fact, sometimes it’s easier to just settle with one or two quotes to get it over with, as car insurance is a requirement in almost every state in order to register your vehicle. But, like emergency roadside assistance, you don’t really need car insurance on a daily basis — but when you do, you want to know that you’re going to have something reliable. This couldn’t be any more true for more expensive exotic cars and collector cars, and that’s part of the reason why collector car insurance is well worth looking into.

Collector car insurance isn’t always more expensive

A looking into Jay Lenos collector car collection
Motorcycles in the 3 Air-conditioned warehouse that store Jay Lenos collection of cars and motorcycles | Paul Harris, Getty Images

When it comes to getting insurance on higher-end exotics or collector cars, sometimes going with the more mainstream options can be more expensive. Insurance policy premiums can vary greatly even between different companies, which is why it’s so important to shop around for quotes before settling on a policy. But, even if collector car insurance is more expensive, there are still a few reasons why it’s the better option. For example, the amount of coverage between quotes could differ, affecting the insurance premiums.

Collector car insurance is often more experienced with odd-ball cars

Ferrari LaFerrari at the Amelia Island Concours d'Elegance
Ferrari LaFerrari at the Amelia Island Concours d’Elegance | Gabrielle R DeSantis, MotorBiscuit

Insurance can be confusing, and when it comes to making claims on exotic or collector cars, that confusion can turn into stress. From my personal experience on owning collector vehicles like Lotus, the biggest struggle with working with more mundane, consumer-vehicle-focused insurance agencies is that, when you do make a claim for these lesser-known vehicles, you have quite a few more hoops to jump through. Many of these average insurance companies can be great at covering your average vehicle, but they don’t have the same systems in place to know exactly what to do in case something goes wrong with your car.

I found this to be true several times as we made a few claims on our two Lotus Elise and Lotus Evora over the past several years. The local body shops that worked with our insurance company weren’t capable of properly assessing the work or finding the cost for replacement parts in order to give the insurance company a quote for repairs. Eventually, things were sorted out, but it was much more different and streamline the experience.

Different types of insurance offer you different forms of coverage

Another benefit of collector car insurance is that it can be more flexible than your average insurance plan. Collector car insurance companies know that their customers range in how much and how often they drive their vehicles and typically allow fast switches between storage insurance — like in those wintery months where you don’t want to take your nice collector car out in the rain and snow — and track insurance for those days that you want to push your vehicle to its limits. In either case, collector car insurance is designed for automotive enthusiasts and car collectors, allowing for a bit more flexibility in coverage than you would want for a standard commuter car or street-focused sports car.

For some owners, collector car insurance is well worth the difference in price — and then again, it can even be cheaper for some owners, too. If you want to ensure you’ll have the easiest time possible if you ever need your insurance, it is smart to check coverage before buying and contact any insurance agencies to ensure they have systems in place in your local area to cater to the needs of your less common car in case of an accident or claim.


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