Collectible Cars & Boats: How to Protect Your Prized Possessions with the Right Insurance

For many collectors, classic cars and boats are more than hobbies—they’re investments, passions, and legacies. Whether it’s the roar of a vintage Ferrari or the quiet glide of a mahogany Chris-Craft, these prized possessions deserve more than standard insurance.

Unfortunately, too many owners assume their regular auto or homeowners policy will suffice—only to discover gaps in coverage when it’s too late.

If you own a collectible car or a classic boat, here’s what you need to know to protect your investment the right way.

🚗 Why Standard Insurance Doesn’t Cut It for Collectibles

Traditional auto or watercraft insurance is designed for everyday use—not for vehicles that are rare, limited-use, or appreciating in value.

Common issues with standard coverage:

• Doesn’t account for the car or boat’s true market value

• May not cover spare parts, custom upgrades, or restoration work

• Assumes regular usage, which affects liability and risk calculations

• Often omits agreed value protection—a key feature for collectors

🏆 What to Look for in Collectible Car or Boat Insurance

To fully protect your investment, you need specialized coverage that considers the unique nature of collector assets.

Here’s what to look for:

✅ Agreed Value Coverage

You and the insurer agree on a set value upfront. If there’s a total loss, you receive that amount—no depreciation or disputes.

✅ Limited-Use Provisions

Collectible policies recognize that your vehicle is likely stored more than it’s driven or sailed. This can reduce your premium and ensure the usage aligns with coverage terms.

✅ Restoration & Spare Parts Coverage

Many collectors have rare or custom parts stored alongside their vehicles. Make sure your policy includes protection for parts, tools, and ongoing restoration work.

✅ Worldwide Coverage (for Boats)

If you transport your boat internationally or sail outside U.S. waters, ask about navigational limits and international liability extensions.

✅ Event & Exhibition Coverage

Planning to attend a show or concours event? Look for policies that offer protection during transit, display, and participation in exhibitions or parades.

🛥️ Boat-Specific Insurance Considerations

Classic and luxury boats—like antique runabouts, yachts, or performance vessels—require coverage that considers both watercraft risk and collectible value.

Be sure your policy includes:

• Hull & machinery coverage for full replacement value

• Towing and salvage coverage

• Pollution liability (especially for older vessels)

• Lay-up period protection when your boat is out of the water

• Crew member liability (if applicable)

📸 Document Everything

Maintain thorough records of your vehicle or boat’s:

• Purchase price and current value

• Appraisals and restoration receipts

• Storage and security measures

• Photos of condition and upgrades

💡 These details help with underwriting, ensure correct valuations, and streamline claims in the event of a loss.

🧠 Pro Tip: Bundle with Your Other Coverage

Many high-net-worth insurers offer bundled policies that include collectibles, primary residences, vacation homes, umbrella liability, and more—all under one roof.

This can provide:

• Higher liability limits

• Streamlined claims

• Premium savings

• One trusted advisor managing your complete risk profile

🛡️ You’ve Invested in the Dream—Now Insure It Like One

Owning collectible cars and boats is a reflection of your taste, success, and individuality. Don’t leave their protection to generic policies that weren’t designed with collectors in mind.

✅ The Luxury Group Understands What Moves You

At The Luxury Group, we specialize in insuring high-value assets for collectors, enthusiasts, and legacy-minded families. Whether it’s a rare Porsche, a vintage Mustang, or a beautifully restored Riva Aquarama—we tailor insurance solutions that match the craftsmanship and care you’ve invested.

📞 Contact The Luxury Group today for a private consultation or collectible policy review.

Let’s make sure your passion is as protected as it is priceless.