What comes after buying a collector car?

Collector cars may be your passion, but to truly protect them, admiration alone is not enough. You need strategy. With some models appreciating by as much as 88%, according to a Forbes article, the collector car market can be driven as much by investment potential as it is by love of the hobby. Marcus Maingot, Vice President of Product Management at Berkley One, a Berkley Company, offers expert guidance on considerations for maintenance, insurance, and building community around your classic car with longevity and sustained value in mind.

Be Proactive About Care

The first step is proactive care. Collector cars are not like everyday vehicles; they require specialized attention. Even a fully restored classic can begin to deteriorate if it sits too long without proper upkeep.

Maingot emphasizes that “before you start driving the car, you should have it serviced by someone knowledgeable in that specific make and model vehicle.”

Your specialist should really know your type of vehicle, for instance, whether it’s an air-cooled Porsche classic or a domestic V8 muscle car. A general mechanic might miss important preventative maintenance and overlook key problem areas for a given model. And even if your car looks flawless, don’t skip a pre-drive inspection. As Marcus Maingot puts it, “It’s impossible to know everything you need to know just by looking at the exterior,” so giving it a careful once-over can help catch problems before they become expensive surprises.

Protect Your Car with Smart Storage and Routine Maintenance

Staying on top of routine maintenance is also key. Simple things like regular oil changes, checking fluids, and inspecting tires can help you avoid issues (think dry seals, rust, and wear, especially if your car spends a lot of time parked).

Climate-Controlled Storage

Where you store it matters, too. A climate-controlled garage can make a big difference by protecting it from high humidity and temperature swings. Keeping the space clean and enclosed helps preserve the paint, interior, and mechanical parts.

Maintenance Records

And don’t forget the paperwork. Detailed records of everything you’ve done to the car can not only help demonstrate its care history should you choose to sell it but also come in handy for insurance and appraisals.

Choose the Right Insurance

Next, you’ll want insurance that understands the unique replacement valuation of your car. Standard auto coverage may not cut it for collector vehicles. As Marcus Maingot recommends, look for agreed value insurance. Essentially, this is a policy that covers a stated amount, not a depreciated estimate, in the event of a covered total loss. Go with a provider that specializes in vintage and rare cars, since they understand the details and can offer coverage tailored to your needs.

Before locking in a policy, get a professional inspection. It helps set an accurate insurance value and can uncover any issues you might have missed. Be upfront about how often you drive the car and where it’s stored. Many policies include mileage limits and require secure indoor storage. And if you plan to show your car or keep spare parts on hand, consider adding coverage for things like roadside assistance and those spare parts.

Build Your Collector Car Community

Enhancing your ownership experience can also mean connecting with the collector car community. Not only is it enjoyable, but it’s also incredibly useful. From tracking down rare parts to finding reliable mechanics (or even just swapping stories) connecting with fellow enthusiasts can be a game-changer.

Online and In-Person Connections

Online forums dedicated to specific models offer a wealth of tips, restoration advice, and market insights. Facebook groups have surged in popularity, making it easier than ever to engage with like-minded collectors. And if you prefer face-to-face interaction, local car shows and meetups provide the perfect setting to admire rare vehicles, mingle with seasoned collectors, and build lasting relationships.

Join Clubs and Organizations

Joining car clubs and organizations can even unlock exclusive opportunities and deepen your involvement in the scene.

Final Thoughts

As you think about the investment in your collector car, being thoughtful about how you care for it and with whom you surround yourself is a great place to start. Smart maintenance keeps the engine humming and helps prevent accidents that might have an effect on the vehicle’s value, while the right insurance can respond in the event of such an accident. And when you tap into a strong support network of fellow enthusiasts and trusted resources, you gain a community that shares your passion. With the right strategy and care, you can enjoy every drive and help keep your classic running for generations to come.

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Berkley One is an insurance provider for modern, sophisticated individuals and families. We’re redefining insurance with technology, innovation, expertise and the backing of Berkley, one of the nation’s premier insurance providers. Offering customized options for homes, automobiles, fine art, collectibles, liability, recreational marine and collector vehicles, we give clients the confidence to move forward and live their adventure.