If you are also passionate about motorsport and keep that powerful classic in immaculate condition in your garage — or are thinking about starting your collection soon — you need to take some care to ensure the safety of the vehicle and keep it maintained.
In this post, we will explain how insurance for collector models works. Are you interested? Keep reading!
What are black plate cars?
The black plate is one of the greatest rewards collectors can get for their zeal for their mighty antique. It is issued by the Detran only for cars that meet the requirements capable of determining them as classics.
For this, the car must have been manufactured more than 30 years ago, have at least 80% of the original parts and be in perfect condition.
There is, however, a risk that the black plates will be replaced after the adoption of the Mercosur standard. As soon as this happens, the classic models will be distinguished by a white plate with gray letters.
How does old car insurance work?
If you own an old vehicle, you probably already know that it is not so simple to insure it. This is because models with more than 20 years of manufacture tend to generate a lot of maintenance expenses and, if they are involved in accidents, their repair is very difficult, as many of the replacement parts are no longer manufactured.
It is common for some insurers to refuse to offer conventional insurance for these vehicles, after all, it is not something advantageous for them. In the case of black plate cars, the situation is even more complicated, as these models are valuable and need much more care.
In view of all this, there is a specific policy for classic vehicle insurance, with some peculiarities. Its value varies according to the conditions of the car, frequency of use and driver profile.
It is important to pay attention to the assessment that determines these points, as collector models are usually much more valuable than what is stipulated in the market table. Compensation needs to be calculated according to its actual value, otherwise it will not be fair.
As classic cars need more care, insurance is usually a little more expensive than normal, but this also depends on the insurance company and the types of coverage contracted, a subject that we will address in the next topic.
What are the coverages of this insurance?
Insurance for black plate cars usually does not have comprehensive coverage – which includes damage from collision, lightning, fire, hail, theft, robbery, etc. — as it needs to be hired separately. There are few insurers that offer conventional insurance for these models.
As collectors are not used to moving around with their powerful, insurance usually only offers coverage for robbery and theft, which guarantees a fairer price. It is also possible to hire full coverage, but its cost is much higher and often not worth it.
Finally, given the particularities of this policy, the owner can choose to take out non-automobile insurance, as if the car were a collector’s object, and not a car. In this case, it is necessary to talk to the insurance company and stipulate what the contract clauses, types of coverage and indemnity amount will be.
Black plate cars are valuable assets and it is common for them to generate expenses both with their conservation and with the care to protect them against misfortunes. This is precisely why your insurance has so many peculiarities, which makes it essential to have a good brokerage firm that can guide you to get the best deal possible!