Classic car insurance, much like it sounds, is specialized coverage designed for anyone who owns or drives a classic vehicle. A classic car policy will differ somewhat from traditional car insurance, so it pays to understand your options if you are a collector of vehicles. This guide to car insurance for classic cars will cover cheap classic car insurance, regular auto policies, antique vehicles, tips for finding the right policy, and more.
What Is Classic Car Insurance?
Designed for those who restore, own, or drive collector cars and classic vehicles, a classic car insurance policy is for older vehicles.
Classic car insurance companies recognize that older cars are more expensive to maintain and repair. However, these cars are not typically driven as often as your day-to-day vehicle so that can also play into insurance coverage. Classic car insurance covers this specialty niche to provide customized options for classic car drivers and fans.
Key Features of Classic Car Insurance
Classic car insurance coverage has the following key features:
Agreed value protection: Rather than actual cash value coverage, agreed value protection is based on the agreed-upon value, without depreciation, since classic cars usually maintain or grow their value. This means you will likely see a higher payout in the case of an accident or damage to your classic vehicle.
- Flexible usage policies: These policies recognize that you may not be a daily driver of your classic car. Flexible usage policies allow a set number of miles for an afternoon drive or car show, for example.
Lower premium costs: Even though classic cars are relatively high in terms of value, they are typically less expensive to insure because of their limited usage.
Difference Between Classic Car Insurance and Standard Auto Insurance
While standard auto insurance is designed for daily use and does not include restrictions on usage, classic car insurance is specifically for collectible vehicles that are not driven every day. Policies are based on agreed-upon value rather than actual cash value.
In addition, a standard policy will usually encompass liability, collision, and comprehensive coverage. Classic car insurance, on the other hand, focuses on coverage for restoration and spare parts, in recognition of its unique purpose.
If you are looking into a classic car, you should talk with your insurance company to determine potential costs or consider a specialty insurance company.
How much is car insurance? It will vary based on the type of car you are insuring, your driving record, where you live, and other key factors.
What Qualifies as a Classic Car?
Interestingly, the definition of a classic car is up for debate. Typically, however, a classic car will be:
At least 20 to 30 years old
Of some historical significance
Original and authentic. Cars that have been significantly modified need not apply.
Made with limited production
Different auto insurance companies and car clubs have different definitions of what constitutes a classic car, but all classic cars are considered to be distinctive and unique.
Factors Influencing Classic Car Insurance Premiums
Several factors will influence auto insurance quotes when it comes to classic cars, including:
Vehicle storage conditions: Will your classic car be stored in a climate-controlled and locked garage? This can reduce the price of a classic car insurance premium. If it is stored outside or in less-than-ideal conditions, you will pay more.
Mileage restrictions: You will likely have to follow specific mileage limitations and prove that you have another car for daily driving needs.
Condition and rarity: The car's overall condition and desirability can also influence car insurance quotes for classic vehicles.
Securing Classic Car Insurance
When you are ready to secure classic car insurance, you will want to take some time to review potential insurance companies and offers.
It is important to find a suitable insurer that has expertise with classic car insurance. You can look at their website and check out reviews. You can also connect with other classic car owners to get word-of-mouth recommendations.
Then, it is time to gather customized quotes. A classic car insurance quote should be customized to your vehicle and your driving needs. You can also ask about potential car insurance discounts.
Tips for Choosing the Right Policy
When you are selecting a classic car insurance policy from among several options, consider these helpful hints:
Compare different offers: It simply makes good fiscal sense to compare multiple classic car insurance quotes to ensure that you are getting the best value and option for your driving needs.
Understand policy exclusions: How many miles per day are you allowed to drive? What storage conditions are required? Make sure you understand any and all policy exclusions before you decide to sign on the dotted line.
Check back: You might be surprised to learn that car insurance quotes can change as often as daily, so it pays to do your research and check back if you don't get a winning rate the first time.
Get a Quote with EverQuote
If you are looking for classic car insurance or cheap car insurance, you can get a quote with EverQuote. Insurance options vary a lot by zip code and driver profile, and the best way to get the right insurance is to compare custom options. A custom quote is always free and gives you the ability to compare auto insurance options side by side.
If you are looking for a new car insurance option, check out EverQuote today to find the best option for your driving needs.