Have a classic car? Here’s what you need to know about insuring them:
Insurance Eligibility
To be eligible for classic car insurance, your vehicle must usually fit one of the following definitions:
- Classic Car: A vehicle more than 10 years old that is a rare make and model due to exceptional workmanship or limited production.
- Antique Car: A vehicle more than 25 years old. If a “classic car” is more than 25 years old, it is considered an antique car for insurance purposes.
Your antique or classic car must also meet these conditions:
- Limited Use: Most classic car insurance policies will only cover a limited number of miles each year.
- Condition: The car must be restored, maintained or preserved. Some insurers may decline coverage if the vehicle is not in excellent condition.
- Storage: You will need to store your car in a fully enclosed and locked garage.
Policy Payouts
Typically insurance companies provide coverage one of two ways: 1) agreed-value policies that guarantee 100 percent of the amount listed on the policy in the event of total loss or 2) stated-value policies will pay out their perceived value of your classic car.
Classic Car Coverage
Antique or classic car insurance policies include typical vehicle coverage options, such as liability, collision, comprehensive, medical payments and more. But because regular-use vehicle policies often won’t protect classic cars in certain situations, you should purchase separate insurance for your classic car.
To find out more, please contact our office.
