Classic car insurance is a special policy that helps protect antique or classic cars. Classic automobile definitions vary, but according to the Insurance Information Institute (III), a car is deemed a classic when it is at least 25 to 30 years old.

Standard automobile insurance may give some coverage for a classic car, but it may not cover its worth. This is because traditional plans evaluate age, mileage, and depreciation when estimating the value of a vehicle. On the other hand, a classic car that has been customized or repaired may be worth more than its depreciated value. As a result, more than basic automobile insurance coverage is needed to cover the cost of repairs following an accident.

Classic car insurance is a special type of policy that helps protect antique or classic cars. Definitions of a classic car can vary, but the Insurance Information Institute (III) says a car is considered a classic when it’s at least 25 to 30 years old.

Standard car insurance may provide some coverage for a classic car, but it may not cover the full value of the vehicle. That’s because standard policies take age, mileage, and depreciation into account when determining how much a car is worth. But if a classic car has been customized or restored, for example, it may be worth more than its depreciated value. Therefore, a regular car insurance policy may not be enough to help cover the cost of repairs after an accident.

Classic car insurance typically offers coverage types similar to a personal auto insurance policy:

Liability auto insurance

This coverage pays for damage and injuries you cause to others. It also pays for a legal defense if you are sued because of a car accident you caused. This coverage type is required in most states if you plan to drive your vehicle on public roads.

Collision and comprehensive insurance

Together, these insurance types cover a wide range of problems, such as accident damage to your car, auto theft, vandalism, collisions with animals, fire, flood, hail, falling objects, and riots.

Uninsured motorist coverage

This coverage compensates for your medical fees if someone without insurance smashes into you. Some states require you to get this insurance. It may also cover several areas of automotive damage caused by an uninsured driver.

The following alternative coverage types are frequently available in addition to the standard coverage types for classic automobile insurance, allowing you to customize it to your specific requirements:

Cherished salvage coverage
Spare parts and automotive tools coverage
Vehicle under construction coverage
Automobilia coverage

They're often more expensive than everyday rides and may require more complicated and specialized repairs if damaged. In addition, classic and collector cars are more likely to be stolen or vandalized of their value and rarity, making insurance all the more critical.

When applying for classic automobile insurance, more than only the vehicle's age and worth is considered. According to the III, you will need to meet additional standards. For example, a car covered by classic automobile insurance cannot usually be used for daily driving. Mileage restrictions may apply to a classic car insurance policy. Some insurers may want confirmation that the car is stored correctly and that you have another vehicle for ordinary usage.

Few insurers allow you to drive the vehicle to car exhibitions and auto club functions. If not, the III warns you may require specific coverage for certain trips. When not in use, the insured vehicle usually needs to be securely stored in a private garage or other locked facility.

Insurers may also require a clean driving record to purchase or renew a classic car insurance policy.

Get in touch with us to know more about coverage options so you can protect your classic car.

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.