Classic Auto Insurance
If you own a classic car, antique car or some other sort of collectible car, you probably know its value and want to ensure it’s protected against anything and everything that can cause damage your investment. Classic auto insurance is affordable to protect your classic automobile.
Classic auto insurance is generally cheaper than regular auto insurance because most classic cars are not driven as much or as often as every-day vehicles, and owners typically provide their classic cars with more protection against wind, storms or other damaging elements. Another way classic auto insurance is different from conventional auto insurance is in claim payouts.
If your everyday vehicle is totaled out in an accident, the insurance company will pay for what they believe to be the vehicle’s value with depreciation included. When you insure a classic car, you and the insurance company generally insure it for an agreed-upon price, which is what it’s worth according to a professional appraisal. Classic auto insurance offers the same types of coverage: collision, comprehensive, liability, medical payments, and uninsured motorists. You’ll also have to pay a deductible. Liability insurance is required in all the states.
In addition to the conventional auto insurance, classic car owners can choose the classic auto insurance that best matches their type of auto.
• Classic car insurance – for restored vehicles 19 to 24 years old and in good working condition
• Antique car insurance – for restored vehicles over 25 years old and in good working condition; at least 20 years old in some states
• Modified car insurance – for vehicles significantly modified from its original condition in terms of body, interior, chassis or engine
• Replicas and kits – for vehicles more than 20 years old with different kids or reproductions that are more than 25 years old.
Insurance companies may need proof that the vehicle is a classic in the true sense of the word. These cars must meet certain requirements. Most specifically, they may not be driven more than 7,500 miles per year and cannot be the primary driving vehicle. Many insurance companies also have specific rules regarding the owners of classic cars, including age, driving experience, driving record, and geographic location.