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Don’t Just Enjoy Your Classic Car – Protect It

Classic, collectible or antique cars are not ordinary, everyday cars. This means that general auto insurance cannot fully protect this type of vehicle against damage or loss. There is not a book definition of a classic car. If a car’s value exceeds its original selling price, then it might be considered collectible and a candidate for specialized classic car insurance. In general, vehicles that might warrant classic car auto insurance include:

  • Antique and classic cars, usually at least 25 to 30 years old
  • Hotrods and modified vehicles
  • Exotic and luxury autos
  • Muscle cars
  • Classic trucks

How To Qualify for Coverage

The age of a car is usually not enough to qualify for specialized classic car insurance. Requirements will differ from company to company. Below is a list of requirements that most cars must meet in order to qualify for classic car insurance:

  • Limited use – The classic car in question cannot be used for everyday commuting or errands. It is possible that the policy will include mileage limitations and proof that the classic car is being properly garaged. In this case, your insurance may require you to own a personal vehicle.
  • Secure storage – When your classic car is not in use, it must be stored in a locked and enclosed private structure. This could be a residential garage or storage unit. 
  • A clean driving record – If you have serious offenses on your driving record, such as reckless driving, repeat speeding violations, or driving while intoxicated, you may not be qualified for class car insurance. 

Classic Car General Policies

Classic car policies include provisions that are found in standard auto insurance policies. Typically, these provisions are property damage and bodily injury liability coverage. There are some differences as listed below:

  • The car’s value – There is not a set “book value” for specific makes and models because every car’s condition is unique. Your initial step for your classic car coverage is to work with your insurance provider to agree on the value of the vehicle. This agreed value will be specified in your policy and your car will be covered up to that value without depreciation. 
  • Specialized repair or restoration – With classic car coverage, you should be given the flexibility to bring your classic car to a specialist—even if the rates are twice or three times the cost of a typical car repair at a traditional auto body shop.
  • Special towing and spare parts – Coverage for towing and spare parts coverage need to be aligned with the cost of the service provided. Towing with the special demands of transporting a classic car. Spare parts need to be aligned with the cost of replacing valuable and perhaps hard-to-find vehicle components, such as wheels, transmissions, and engine parts.

Keep your prized automobile well protected. Speak to your agent today about adding specialized classic car insurance.