According to Ford Heacock III, President of Heacock Classic, barely half of all collectible cars in the U.S. are covered by classic car insurance. That means there are a lot of car guys (and gals) who are paying too much to insure the objects of their automotive desire. And these days, no one can afford to be paying too much for anything.
It may seem counter-intuitive, but covering a classic, hot rod, sports car or some other type of collectible vehicle with a typical, family-car insurance policy could cost two to three times what a policy through collector car insurance would be. How is that possible? It’s due to how hobby vehicles are used. Garaged most of the time, taken out only when the weather is good and usually driven short distances to special events, classics are pampered vehicles. As such, the risk of damage due to accidents, parking-lot paint-swapping and other hazards is far less than for an average, daily-driven vehicle.
A common misconception about classic car insurance is the idea that the vehicle has to be classic, or old, to be covered. That’s not the case with a Heacock policy. Certainly antiques, pre- and post-war classics and muscle or special-interest cars from the ’60s and ’70s are eligible. Yet according to Ford Heacock, a car’s eligibility is based less on age than on whether it has a following or some sort of support group, such as a club, event or publication. This means modern collectibles, such as the Ford GT, Corvette Z06 and Dodge Viper are eligible, as are exotics like Lamborghinis and Ferraris. True to his vintage racing roots, Heacock offers what he calls “STP” coverage – for Storage, Transportation and Paddock time – for race cars old and new. Kit cars, street rods and customs can be covered, as can motorcycles (vintage and modern), boats, travel trailers (such as Airstreams) and motorhomes.
As Ford explains, the basic principle of insurance is to restore the car’s owner to the same financial position he or she was in prior to the loss that has occurred. So the foundation of a Heacock classic-car policy is the Agreed Value of the classic being insured. Heacock Classic uses a number of sources, from owner input to printed value guides and the expertise of its staff car enthusiasts, to arrive at a realistic value for the covered vehicle. Plans are then based on the Agreed Value and the number of miles it is driven during the year. Typically, these policies have premiums that are less than half the cost of a conventional automotive policy. For collectors with multiple vehicles, Heacock Classic assesses liability charges on just the first vehicle. Zero-deductible policies are available, too.
In addition to saving the car owner money, Heacock Classic offers some special benefits, including the Heacock Classic Driver Club, which includes free roadside assistance with flatbed towing, lock-out service, fuel delivery and other emergency services. Collectors may use the repair shop of their choice to fix their vehicle; and unlike some other companies, Heacock Classic will cover cars undergoing restoration. When policy holders add vehicles to their collections, Heacock Classic offers $75,000 coverage automatically for the first 30 days of ownership.
Heacock Classic’s expertise in, and appreciation of, classic cars of all kinds has made it the official collector car insurance program for several nationwide automobile clubs, including the Mustang Club of America and the Shelby American Automobile Club.
Ford is literally a life-long car enthusiast, having grown up in a family that was integral to the launch of the Sebring 12 Hours of Endurance sports car race in the 1950s. That family also founded Heacock Insurance, a full-service, independent insurance agency that has been in business since 1922. Ford joined his love of cars with the family business in 1992, when he devised a means of offering insurance to his friends in the vintage racing community. Over the years, these policies expanded to include other types of enthusiast vehicles, and Heacock Classic is now one of the Top Three classic car insurance companies in the country.
Heacock Classic is aligned with the well-known American Modern Insurance Company as its primary carrier. Founded in 1965, American Modern consistently earns superior A+ ratings from A.M. Best, a leading industry analyst. It’s owned by Munich Re, one of the largest insurance companies in the world with more than $300 billion in assets. As such, all customers of Heacock Classic are protected by the solid financial backing of an international powerhouse.
For more information on Heacock Classic and its wide range of classic car insurance policies, log on to
www.heacockclassic.com, call 800-678-5173, or write Heacock Classic, P.O. Box 24807, Lakeland, FL 33802-4807.
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