John Webber
John Webber
12/31/12 10:00 a.m.

Okay, let’s start with some sobering scenarios, all of which really happened:
A toolbox fell off a garage shelf and sliced through the hood of the Ferrari parked below.
An owner tuning an early Mustang inadvertently launched it through his garage wall.
Five Porsche race cars broke loose inside an enclosed trailer and played pinball.
A thief broke into a garage, stole a 427 Cobra replica, and totaled it against a tree.
An owner crashed his spanking-new Ford GT on the way home from the dealership.
The good news? All of those cars were insured.
Some collectors start with a pile of crusty bits and then spend countless hours and a safe full of money turning it into a show winner. Others buy their toys already restored. Either way, those investments need to be protected.
Classic car insurance grew out of the fine art insurance business more than 50 years ago. Car collectors—and insurance providers—saw the need to protect valuable antique and classic cars, much like they did costly paintings, jewelry and sculptures.
Those fine art items are appraised, and values are agreed upon to set premium costs and loss payoffs. This is how most collector car policies work today, and dozens of companies compete for your business across the country.
Oddly, despite the low premiums and very generous coverage, an array of classic car owners aren’t taking advantage of this service. Costs depend on a large number of specifics, but we recently got a hypothetical quote: zero-deductable coverage for a $90,000 vintage Ferrari would cost us a little more than $700 per year.
What about less expensive cars? We could get a nice Triumph TR6 covered for less than $200 a year.

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