Having the right insurance for your classic truck or collector truck is important. Older trucks may have a higher collector value to them than the standard book value, and you could lose a lot of money if you don't have a classic or collector insurance package on the truck. We will guide you through what you need to know to properly insure your classic truck.
Insuring your classic truck is not much different than insuring a classic car, so if you have done that before you will probably know the basics. The most important thing to mention is to make sure you do a not get scared thinking a classic auto policy will be more expensive than a standard insurance policy. If your driving record is fairly clean and you are over 26 years old, a classic auto or truck policy will probably be cheaper than your daily driving vehicle insurance policy. This is because classic auto insurers understand that this is a collectible and it will not be driven daily, and that you will probably drive safer with your collectible truck than another vehicle.
Like any other classic auto policy, a collector truck insurance policy will have some limitations on it. Mileage restrictions usually limit you to 2500 miles a year, although this can sometimes be extended to 5000 miles for a small premium. Another restriction is age. Most minimum age requirements are 25 years old, and a fairly clean driving record of at least 10 years is required. Some minimum age requirements are 30 years old, so if you have an issue with that just shop around, it should be fairly easy to find a 25 year old minimum policy.
You also must prove you have another vehicle as a daily driving vehicle, and sometimes a vehicle is needed for every driver in your household. Collector auto insurers do not want any chance of someone in your household to have to drive the classic truck to the hardware store, grocery store,or the shopping mall on a daily basis. A garage is also a necessity, and it usually has to be a fairly secure garage (not falling apart, garage door easily opened/accessible, etc.). You may even get discounts for having alarm systems and a fire sprinkler system if you have a very highly valuable truck or auto.
Classic truck insurance policies should only be written as an “Agreed Value” policy. This means you and the insurance agency agrees on the value of your truck on a total loss, and this value will not change unless you review the policy and manually change it (Which you should do periodically). Actual cash value and stated value policies SHOULD NOT BE used under any circumstance with a collector vehicle. The value of the vehicle changes over time on the other policies, due to depreciation and other factors. Only an agreed value policy will help you get every penny your truck is worth on a total loss.
Finding the value of your classic truck can be some hard work, but a god classic auto insurance company should be able to help you with that. Categorizing your receipts, labor costs, special modifications, and other unique items to your truck and having them ready to give to your insurance agent will be helpful.
