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What You Should Know > Obtaining A Policy
Many collector-car programs will require you to have at least one other car in your name for everyday use.
Be sure the coverage limits for both liability and uninsured/underinsured motorists coverages provided by the auto policy covering your everyday car(s) match the same coverage limits provided by your "Collector Car" policy. The medical payments limits may vary, depending on what the insurance company's filings offer.
A few unethical insurance agents will tell you not to obtain a separate collector car policy because their auto policy or personal umbrella/excess policy will not allow it. This is misleading and simply not true. There are two key provisions these policies may require of a collector car policy:
- The limits of liability coverage provided by the "Collector Car" policy must be the same or higher than those provided by the everyday auto policy.
- The insurance company issuing the policy must be "A" rated.
I have yet to see an auto or umbrella/excess policy requiring you to insure all of your automobiles with one insurance company. If necessary, ask the agent to show you where their policy states you cannot secure a separate auto insurance policy for your "Collector Car."
Don't hold your breath.