Now that it’s almost a classic, insure it!

You may not have spent a lot of money to get that old rust heap of a clunker in the first place, but once you finally turn it into a classic restoration masterpiece, you’ll definitely want to insure it properly.

Problem is, adding it to your regular car insurance policy isn’t going to cut it, assuming you want to get its actual value back should something untoward happen to that baby.

If you surf the web you’ll find several companies offering coverage for your antique or collector car, street rod, or other modified vehicle. And now the third-largest private passenger auto insurer in the U.S., GEICO, is bringing back an insurance product that specializes in coverage for classic and vintage cars.

Collector car insurance coverage is different than a regular automotive policy. Since classic cars don’t depreciate, coverage is based on “agreed value”, not “actual cash value”. You and the insurance company agree on a value at the time the policy is purchased, taking into account everything you’ve invested in your classic car. Also, classic car insurance rates are generally lower than standard auto insurance rates since these painstakingly restored cars are well-maintained, and driven less than everyday cars.

You can see this is something to seriously consider, before you leave that garage for the first time.

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