Whether your passion is an antique, a classic, a musclecar, a street rod, or even a custom or modified vehicle, you need to be asking yourself the following questions:

If your classic automobile is totaled, do you know how much you'll receive from the insurance company?

If your classic car is damaged, will you be able to select the repair shop? Or, will you have to settle for the lowest repair estimate?

Is your special car insured along with your other daily-driver vehicles?

Does your agent know the difference between a classic car and an antique automobile?

If you answered "no" or . . . "I don't know" to any of the above questions, then this article will surely make a difference in how you select your classic car insurance company from now on. Trust me, there are big differences between insurance companies and many of these differences are very important, but often invisible until you ask the right questions.

To find out the skinny on insuring the kind of cars you see featured in DRIVE!, we contacted someone who knows this industry like the back of his hand-Ford Heacock of Parish Heacock Classic Car Insurance in Lakeland, Florida-to learn some ins and outs about what you should consider when selecting the company that is going to be in charge of protecting "your baby".

He made some very good points that many owners might overlook when getting the coverage they need. For the sake of this article, we'll use the general term "classic cars" to mean classics, musclecars, street rods, customs and modified vehicles.

1: Make sure your insurance company understands classic cars. Classic cars are highly specialized or customized vehicles that can't be found in any NADA price guide. A typical insurance claims adjuster doesn't have a clue about what your classic car is really worth, and will attempt to offer you the lowest possible value if the vehicle is totaled. If not properly insured, you'll be in for a real dogfight at claim time. Your agent needs to know enough about the classic car market to help you secure a reasonable limit of insurance with a guarantee of what you'll be paid in the event of a total loss.

2: Frequently, people think the easiest way to insure a classic car is to add it to the family auto insurance policy. This could be a costly mistake. (I made this mistake when I got my first Mustang back in 1980, but luckily discovered the error of my ways before I ever needed to make a claim!) Most insurance companies don't know what to charge for classic car insurance, and will place you in their highest rate category. At claim time, you will be treated just like any other commuter vehicle and forced to either accept the lowest repair bid or be required to turn the car over the insurance company's repair facility. Would you be satisfied sending your ride to a low-cost, low-quality body shop? Worse yet, they may even want to "total" the car!

3: Make sure you understand the rules of your classic car insurance policy. Some of these policies contain restrictions on how the vehicle can be used. While this is a way to keep premiums low, it's also a potential problem if the rules are violated. For instance, make sure your policy doesn't limit your use to shows or parades unless it's a real trailer queen. Most people want the freedom to enjoy their ride, and your policy should be designed to permit pleasure use. Most classic car insurance plans will allow you to select a reasonable mileage limit to fit your personal needs and keep your premium low. For instance, my '66 Mustang has a limit of 2,500 miles a year . . . and that is plenty! I've never exceeded that, or even come close. It's because of these limitations that classic car insurance is usually about half the price of family auto insurance. Also be aware that most plans will require the vehicle to be kept in a locked garage when not in use. That's not good for those living in an apartment without a garage, but then I have to ask why are you leaving that prized possession out in the open anyway? Even renting a storage unit somewhere would be better!

4: Reading insurance contracts is a sure way to induce sleep, but you must review your policy and ask your agent to explain anything you don't understand. You may be pleasantly surprised to learn that classic car insurance policies usually contain automatic coverage for newly-acquired vehicles and towing coverage-in case you break down on the road. Usually, these are built in at no additional cost.

Heacock also explained that his experience has proved classic car owners give their cars better care and have fewer claims. His company, Parish Heacock Classic Car Insurance, recognized this long ago and even developed a program specifically for customs and modified vehicles, as well as one for stock originals and fully-restored show cars. Now, that's good news for those of us who like to "resto-modify" our cars with some of the more modern conveniences that make driving them more fun and pleasurable!

Heacock uses the term "passion factor" when describing why hobby and classic car owners are his preferred customers. They're extremely passionate about their hobby, and take extreme care to make sure no harm comes to their vehicles.

He says, "The program we designed for the classic car community includes 'Agreed Value' coverage, which guarantees you'll be paid the full amount listed on the policy if your car is totaled." If your car is damaged, Parish Heacock encourages you to select the shop you want to repair your car. All they require is that the shop charges them the same as any other customer.

He also explained that his staff has a role to play-as an advocate for the company's clients. "We help people understand the coverage they purchase, and if coverage questions or claims issues arise, our staff is quick to get involved to help resolve any issues."

One of the unique differences with Parish Heacock is their willingness to insure modified and classic cars under construction or in restoration. Most insurance companies will not offer coverage until the vehicle is ready for the road. Parish Heacock understands that a classic car under construction or in the restoration process can represent thousands of dollars of investment to the owner, and they are willing to provide coverage as the car is being refurbished. They will monitor the progress and allow you to adjust your values as the project progresses. This is a welcome perk that will definitely reduce the stress factor on how to replace the project if something catastrophic happened to it!

In fact, Heacock embodies the "passion factor" as a third-generation car guy. He's a vintage sports car racer and car collector with a long family history in the car hobby. His grandfather was instrumental in establishing the 12 Hours of Sebring sports car race in the 1950s. Today, his company is actively involved as a major sponsor at many car shows and events, including the Amelia Island Concours d'Elegance, the Lake Mirror Classic, and the NHRA National Hot Rod Reunion each summer.

In all, you don't want to learn "after the fact" that your "baby" was not insured properly. Most of our "classic" vehicles have no business being insured by the big insurance companies that spend millions promoting themselves in television and radio ads. What these cars need is a company that specializes in the kind of insurance your vehicle deserves. Many such companies are out there; you just have to look. And when you give them a call, have this article close by so you can ask the right questions and get the proper answers!

Source:

Parish Heacock Classic Car Insurance
100 East Main Street
Lakeland, Florida 33801
Toll-free (800) 678-5173
www.parishheacock.com