Difference Between Regular and Collector Car Insurance in Palmetto Bay

by | Sep 15, 2023 | Insurance Services

One of the biggest differences is how collectors and regular car insurance in Palmetto Bay value the cars. Normal car insurance bases the value of your car on how much you paid for it or how much it is worth on the market right now (purchase price plus devaluation). A collector car insurance contract, on the other hand, gives the car a value based on an agreed-upon price. This means the collector car’s value is based on assessing its real market value. This is important because antique cars don’t lose value as quickly as other cars.

Cost of Insurance

Collector car insurance is typically less expensive than standard car insurance in Palmetto Bay. This is due to the fact that collector cars are often driven less frequently, are not used for commuting, and are only driven when the weather is favorable, which lowers their accident risk. Additionally, you might be able to get collector car insurance with a cheaper deductible.

Driving Restrictions

In general, collector cars are used considerably differently than conventional cars. Collector cars are typically only seen on public roads during pleasant weather. They aren’t frequently used for daily commuting or driven a great deal of miles annually. Some collector car insurance policies with a company such as Del Toro Insurance may impose limitations on your driving style, such as prohibiting you from using the car for commuting or setting a yearly mileage cap. These kinds of limitations don’t apply to others.

For standard auto insurance, you must disclose to your insurer whether you intend to travel to work and how much you anticipate driving annually.

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