 Let me Count The
Ways
Reasons Not to Let Your Teen Drive Your
Collector Car
by Terry Kohl
It’s your
baby. It’s like a member of the family. That classic car in your garage is your
pride and joy. So is your 18 year old daughter who has never received a ticket
in her life. She’s responsible, reliable and trustworthy. Here’s why you still
say “no!”
- However good a driver your teen is, the risk
is too high. Covered drivers need at least ten years’ driving experience. Not
only are younger or newer drivers at greater risk for an accident, they’re
also more prone to damage the car incidentally—ask anyone who’s seen Ferris
Bueller’s Day Off.
- Bad luck happens. Even if your daughter
is responsible, her friends may not be; the risk of spilled soda, damaged
upholstery, cigarette burns, dings and dents that everyone experiences from
everyday driving are all very real possibilities.
- Let her take your other car to the supermarket
(movies, party, drive-in) The collector vehicle must be used on a limited,
pleasure only basis to be insured as a collectible (up to 2500 miles per
year). Remember the age requirement; while mom can drive her collector vehicle
to the local cruise-in, the 18 year old daughter may not.
- Lock it up. Keeping the car in a garage not
only protects it from theft, (and innocent “borrowing" from your teen) but
also from the ravages of nature. It should be noted that a carport does not
provide the necessary protection from the elements. If there is storage space
available in a locked garage not on your property, you should try to take
advantage of that if you have nothing but a carport at home.
- Find a specialty insurer. Since collector
vehicles spend most of their time in the garage rather than on the street, the
risk of loss is much lower than with regularly-driven vehicles. Specialty
insurance providers—such as American Collectors Insurance— are able to offer
collector vehicle rates that are much lower than standard auto insurance
rates. A classic auto policy provides all the traditional coverage that a
regular auto policy does, but insures vehicles on an agreed value basis,
rather than for actual cash value—which means a 1964 Mustang doesn’t face four
decades of depreciation. The physical damage rate of $5.40 per $1000 of
vehicle value applies to both stock (original) and modified vehicles (e.g.
street rods), and includes a $300 deductible and a $0 (zero) deductible safety
glass replacement (e.g., $54.00 buys 12 months of comprehensive & collision
coverage on a $10,000 vehicle).
What is a “collectible car?” Although guidelines may
vary somewhat among specialty insurance providers, generally a collector vehicle
is one that’s at least 15 years old (25 years old in Massachusetts), in good to
excellent condition and driven only on an occasional basis for pleasure drives
and hobby activities such as car shows and cruise-ins.
For more information on insuring your collectible car—or collectible anything
else—or to get an instant quote, call 800-360- 2277 or go to http://www.American
Collectors.com.
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