As any car collector knows, it’s a labor of love to find, purchase, and maintain your collection. However, before you purchase your next vehicle, there are some hidden costs of ownership that should be considered. As we take a closer look at these concealed expenses, ensure your collection is backed by an Augusta Collector Car Insurance policy.
Overpricing.
Before you even write the check, be sure you’re paying market value for the vehicle. It’s recommended that you get a pre-purchase inspection done by someone who specializes in that make and model. This way, you will ensure the car you are purchasing is in great condition and you’re paying a fair price.
Car insurance.
According to Bankrate, most collector cars are driven only occasionally and are carefully maintained, translating to lower insurance rates than the family sedan. Speak with your trusted insurance representative to determine what premium coverage they can find for your collection.
Storage.
Owning one classic car might be easy enough to maintain in your own garage. However, if you plan on having more than one, you must think about storing facility expenses. Not only do you want your cars to be protected, but also well-kept and coddled. For climate controlled, 24-hour surveillance storage units, they typically cost around $500 a month!
Repairs and restorations.
Maintenance costs for repairs and tune-ups can be pricey on collector vehicles. Be sure to factor in these expenses when determining what kind of car you wish to purchase.
At Provident Protection Plus Insurance Agency, we offer custom tailored insurance policies that are crafted with you in mind. Our comprehensive collector car insurance policies can be crafted to protect each facet of your vehicle to guarantee peace of mind for your investments. With over 65 years of experience, we have a deep understanding of the insurance industry and the necessary protections your classic car needs. To learn more, contact us today at (888) 990-0526.