“A fine or distinctive automobile, American or foreign built, produced between 1925 and 1948.” This is the definition of a classic car given by the Classic Car Club of America. Many who own classic cars feel that ‘classic’, or ‘collectible’ cars also extends to beautifully built, rare cars. While they know and love their cars, classic car owners need to know that New Jersey Collectible Car Insurance is only a fraction of the cost of owning such a masterpiece.
Though it may be true that the cost of acquiring the car is generally the biggest expense, when in the market to purchase a collectible car, you must understand that there are many hidden costs involved in keeping and maintaining these vehicles.
Classic cars today tend to range in price from six to seven figures. If you are purchasing your classic car with the hopes of selling it for profit, you must realize that you need to find someone willing to pay more for it than you are. On the same note, when you head out to purchase the vehicle, you want to make sure you are paying the right price for it. You should always do a pre-purchase inspection and it would be a good idea to bring along someone with knowledge of the make and model of the car you are buying.
Collectible car owners will all agree that their cars are fragile and need to have extra care taken to ensure they stay in the best conditions possible. Storage of classic cars must be handled with care, giving the vehicle proper climate control to avoid rusting, as well as ‘exercising’ the car to prevent brake, clutch or engine failure. Along with basic storage and maintenance, unexpected repairs can be costly. The fact that collectible cars are generally rare, parts can be hard to find and once they are found, may come with a steep price tag.
If you are planning on using your collectible car as a show car, even more care must be taken with storage and maintenance. Add to that the costs of transporting your vehicle around the country, including airfare and hotels for you and the transportation of the vehicle itself, and showing your car can end up being an expensive albeit rewarding experience.
Once you have knowledge of these extra costs, the only thing left is to find the classic car of your dreams.
At Connell Insurance Agency, we understand that owning a classic or collectible car comes with a lot of unexpected fees that you don’t need to extend into your insurance coverage. Call us today for more information on our Collectible Car Insurance packages. 888590.0715