Hot Rod Insurance
A very popular misconception regarding the ownership of rat rods and other classic cars regards the availability of adequate affordable insurance. In reality, there are a number of insurance companies who gladly offer hot rod insurance, or classic car insurance.
The fact of the matter is most insurance policies for these vehicles end up costing the owner much less than a standard automobile insurance policy. The difference lies in the amount of use of the vehicle. If you are driving your rat rod on weekends only, and not as a daily commuting vehicle, you pose a smaller risk. Also, owners with carefully restored hot rods and other classic cars are thought to use these vehicles more "gently" as well as keeping the vehicle garage stored. Generally, a classic car insurance policy can be as less than $300 a year in most regions.
Normal car insurance policies do not recognize "collector" values and will only cover the owners vehicle at actual cash value-this translates to actual cash value minus depreciation. On the other hand, companies offering policies for hot rods and classic cars will insure a vehicle based on an "agreed value". In the event of a total loss, the amount of the payout is guaranteed. This translates into a no haggle relationship with your friendly insurance adjuster and fewer headaches.
The fact of the matter is most insurance policies for these vehicles end up costing the owner much less than a standard automobile insurance policy. The difference lies in the amount of use of the vehicle. If you are driving your rat rod on weekends only, and not as a daily commuting vehicle, you pose a smaller risk. Also, owners with carefully restored hot rods and other classic cars are thought to use these vehicles more "gently" as well as keeping the vehicle garage stored. Generally, a classic car insurance policy can be as less than $300 a year in most regions.
Normal car insurance policies do not recognize "collector" values and will only cover the owners vehicle at actual cash value-this translates to actual cash value minus depreciation. On the other hand, companies offering policies for hot rods and classic cars will insure a vehicle based on an "agreed value". In the event of a total loss, the amount of the payout is guaranteed. This translates into a no haggle relationship with your friendly insurance adjuster and fewer headaches.