The most likely solution for guys whose hot rod is their sole means of transportation is to contact a local independent agent and get a stated value policy or actual cash value from a standard insurance company. Drawbacks are that your premiums will be higher due to the fact that you're using your car in the standard way, with more exposure to standard risks. Some companies may not offer coverage for physical damage. If they do, you will probably have a tough time collecting the full value of your hot rod in the event of a total loss. At least you will be protected by liability insurance, which is legally required.
There are ways to tip the scale in your favor. Get to know your agent, or more importantly, let your agent get to know you, your good driving record, and the value of your car. Get an independent appraisal, and submit it to your agent along with photos. The agent still may not be able to insure your car for as much as you'd like, but he will have documentation that what you've got is a valuable car, not just an old car. That effort could mean a larger number on your check should you ever have to file a claim.
We cannot tell you the specific details of every insurance company's policies. There are many insurance companies and thousands of policyholders, and each case is as unique as the car being insured. You'll be happy to know, though, that most specialty insurance companies are staffed by enthusiasts who would rather insure your hot rod than not insure it, and are willing to work with you to make that happen.
Top 10 Insurance TipsRead and understand your policy.Shop around and seek referrals from other hot rod owners.Insure your project as early as possible, upgrading your coverage to match the growing value of the car.Don't select insurance based on lowest premiums, but on how the policy fits your car and how you use it, along with quality of service, and fair agreed value. Be honest and objective when assessing the market value of your car. Get to know your agent. Make sure he's familiar with your car, your driving habits, and your driving record. Get the highest level of liability coverage you can afford.Stay current on your car's value by paying attention to classified ads, auctions, and other sources. Update your insurance as your car increases in value. In most cases, this can be done through e-mail, with a request and some digital photos. Don't assume anything about your policy until you see it in writing.
Finding Insurance For Your Hot RodIf your agent gives you the mouth-open stare when you start talking about insuring your hot rod, it's time to find a company that understands the hobby. There are many companies that specialize in insuring specialty cars. These are a few of the better-known ones:
American Collectors Insurance Companywww.americancollectorsins.com
American Hobbyist Insurancewww.americanhobbyist.com
Aon Collector Car Insurancewww.aoncollectorcar.com
CHROME InsuranceAmerican National Property And Casualty Companywww.anpac.com/AmericanNat/more/index.htm
Classic Automobile Insurancewww.classicins.com
Collector Car Insurancewww.collectorcarins.com
Condon & Skelleywww.condonskelley.com
Grundy Worldwidewww.grundy.com
Hagerty Insurancewww.hagerty.com
JC Taylorwww.jctaylor.com
Voyager Insurancewww.classicautoquote.com