This is Bob DeKorne of Hagerty Insurance's response:
"Hi Barry and fellow Lincoln enthusiasts: A challenging question to
answer in a single statement - one we obviously deal with hundreds of
times a day. Here's my best shot at it: A vehicle that, due to it's
care or reconditioning, holds a market value higher than it did when
purchased new.
That handles almost anything from the 60's and before quite easily -
even including most high production vehicles that were pretty mundane in
their day. It addresses the 70's cars from the "low horsepower/big
bumper" era if they are in great shape, too. It also addresses the
limited production cars or exotics from the 80's or 90's pretty well -
if they are used hard, they do depreciate and may not qualify for
collector car insurance. It also handles the rare exotics from today -
such as an Enzo, that sold for $650-$750 and are now trading above a
million.
The formula gets a little sticky with modified cars, which we try to
judge on a case by case basis. Take a "new build" street rod, for
example, where a guy spent $100K creating it (including labor). 9 out
of 10 wouldn't trade on the market for $100K, even if flawless and
undriven, so almost every one is "upside down" value wise right from the
start. In those cases, and really, any situation that is very unique,
comparables from the market or a valid appraisal are about as good as it
gets.
That being said, just owning such a car isn't a guarantee that a
collector car agency will be able to say "Yes" automatically. At
Hagerty, we profile the family drivers (driving record, past claims
history, storage situation, etc) as much or more than the car itself,
and both pieces have to fit. Experience in the hobby, size of the
fleet, intended usage, and the type of "daily driver" vehicles in the
household are also factors we consider.
We understand that collectors are often anticipating a rise in vehicle
value when making a purchase (hey, I want a good deal when I buy a car,
too!), as well as the "fun" factor in our hobby. Leave the "making
money" thought to the professionals, but obviously, we all like the
concept of an investment that also turns heads and is fun to drive.
That's why the market has been so strong the past 10 years. My
suggestions are simple - do your homework and get as much documentation as possible, buy the best condition you can find (afford), and own these beauties because you love them rather than to make money"
The above response was posted on the other board where we are discussing this subject.
The insurance rep perfectly describes the criteria for insuring a "collector" car but I don't think came close to describing a classic vehicle.
I guess the opinions on this one are quite varied.
Like you, I will stick with my original contention, A classic is anything 25 years old. Period.
I think antique kicks in at 50 years old.
