To get classic car insurance, you need to ensure your vehicle meets specific criteria such as being at least 25 years old, maintained in good condition, and stored securely. Classic car insurance provides specialized coverage including agreed value protection and spare parts coverage, which are essential for preserving the value and uniqueness of your classic car.
Seeking classic car insurance? This guide gives you the practical steps on how to get classic car insurance that matches the unique value of your classic vehicle. You’ll learn how to determine eligibility, select the correct coverage, and find the insurance provider that fits your specific needs, all while being mindful of costs. Whether you’re new to classic cars or a seasoned owner, our insights will help you navigate the insurance process with confidence.
Classic car insurance offers specialized coverage for vehicles not used as daily drivers, accommodating individual needs and reflecting the car’s value and rarity, often with lower costs compared to regular auto insurance due to limited usage and secure storage requirements.
Eligibility for classic car insurance typically depends on the vehicle being of a certain age (usually 25 years or older), maintained in good condition, not used for daily commuting, and adhering to insurer-set mileage limits and storage guidelines.
Key features of classic car insurance policies include agreed value coverage guaranteeing the full insured amount in case of a total loss, and flexible usage policies that may cover participation in car shows, parades, and occasionally for pleasure driving.
Imagine classic car insurance as a custom-fit suit designed specifically for your antique vehicle. It’s not just a necessity—it’s a custom-made protection plan designed to fit the unique needs of classic cars. Unlike regular auto insurance, customized car insurance for classic cars accounts for the significant monetary and sentimental value of these vehicles, which often exceeds that of traditional cars.
The coverage offered by classic car insurance policies, including collector car insurance, is specialized and unique. It’s designed for vehicles that aren’t your daily drivers but are instead your weekend joyrides, your showpieces at car exhibitions, your collector’s items that have distinctive attributes like age, value, or customization.
Now, you might be wondering, what sets classic car insurance apart from regular auto insurance? For starters, classic car insurance accommodates flexible mileage limits, reflecting the less frequent usage of vintage vehicles. It’s not meant for cars used daily but for those driven to shows or for occasional pleasure.
Moreover, the cost of classic car insurance is often lower than standard insurance costs. This is due to the careful storage and limited use of classic vehicles. Plus, classic car insurance takes into account the car type, driver’s age, location, and driving record when determining the premium.
Classic car insurance serves as more than just a policy; it acts as a protective shield for your valuable asset. Owning a classic car isn’t just about possessing a vehicle; it’s about cherishing a piece of history, a work of art, a symbol of a bygone era. And classic car insurance ensures that this treasured asset is protected against potential risks.
Whether it’s theft or damage, classic car insurance coverage assures that your investment is safeguarded. Remember, it’s not just about the money—it’s about preserving the legacy, the elegance, and the nostalgia that a classic car embodies.
You can read more of our blogs about Classic Car Insurance for more information.
DID YOU KNOW? Classic car insurance policies often offer premiums that are up to 40% lower than standard auto insurance due to the limited usage and secure storage of the vehicles? This makes it not only a tailored protection plan but also a cost-effective option for classic car enthusiasts.
Qualification for classic car insurance typically hinges on certain criteria such as the car’s age, its value, and usage restrictions. This type of insurance is specifically designed for older, collectible vehicles that are often used for display or occasional pleasure driving. Firstly, the vehicle often needs to be older than a certain age, commonly more than 15 years and should be maintained in good or original condition. It should have certain qualitative attributes, such as limited production numbers, exceptional quality, or specific historical significance.
But it’s not just about the car’s age or excellence. Classic cars must not be used for daily commuting or racing, and they should be stored in a secure, fully enclosed facility. Essentially, the cars that usually qualify for classic car insurance are those that either hold or appreciate in value and are primarily used for non-daily activities, such as exhibitions or recreational pleasure.
While the term “classic car” might seem broad, insurance companies typically have a specific age requirement for a vehicle to be classified as a classic. Generally, a vehicle must be at least 25 years old to be eligible for classic car insurance.
However, there’s some flexibility in this age criterion. Cars that are between 19 to 24 years old may also qualify for classic car insurance if they are restored or maintained in good working condition. So, that well-preserved muscle car or vintage automobile in your garage could potentially be covered under a classic car insurance policy.
Classic car insurance is not intended for vehicles that serve as daily transportation. These policies adhere to strict usage and storage guidelines. The requirements for classic car insurance are:
The named insured must be a minimum of 25 years old
The named insured must have a clean driving record
The classic car is subject to mileage limits set by the insurer
The classic car should not be used for daily transport.
While racing or use on a racetrack is usually restricted, some policies allow for participation in:
car shows
parades
exhibitions
occasional pleasure driving
For instance, American Modern’s policies may also offer options for driving to work, providing flexibility in usage while still maintaining coverage.
Classic car insurance goes beyond just covering the vehicle, it offers an all-encompassing protection plan for every aspect linked to your classic car. Many classic car insurance policies offer automatic temporary coverage for newly acquired vehicles that qualify, ensuring that your new classic car is protected right from the start with classic car insurance cover.
These policies also offer comprehensive coverage, which includes protection for spare parts, personal automotive tools, and collectible items related to automobiles—known as automobilia. This means that even the smallest details of your classic car experience are covered under your insurance policy.
One notable feature of classic car insurance is the agreed value coverage. This means the vehicle’s value is determined and mutually agreed upon by the insurance provider and policyholder before activating the policy. This agreed value reflects the collector’s value of the car and secures the full insured value of the classic car in case of a covered total loss.
In the case of a total loss, the agreed value coverage guarantees that you will receive the full insured amount for your classic car as previously determined, preserving the investment in the car’s condition and rarity. So, you can rest assured that your car’s value is protected in its entirety.
We all know that finding replacement parts for classic cars can be a herculean task. But fret not! Insurance companies specializing in classic cars often provide coverage for hard-to-find replacement parts, a service not typically included in standard car insurance policies.
For instance, Hagerty maintains an extensive list of resources for locating hard-to-find parts for collector and classic cars, assisting owners in maintaining the authenticity of their vehicles. Classic car insurance policies can also cover automobile memorabilia, such as hood ornaments, collector license plates, and other historical items associated with collectible vehicles.
Armed with this information, you may be curious about securing insurance for your classic car. The first step involves requesting a quote from insurers either online or over the phone. This involves comparison shopping tailored to the specific characteristics of your classic vehicle.
During this process, you should take into account various factors such as the car’s agreed value, potential increases in the car’s value over time, and the specific coverage options provided by different insurers.
Like any other market, thorough research is crucial for securing the best classic car insurance. Coverage options for classic cars can vary significantly between insurers, so it’s essential to compare quotes and features from various companies.
Remember, there is no single insurer that is best for all classic cars due to differing vehicle types and usage needs. So, take your time to compare and find the policy that best suits your specific needs and preferences.
Once you’ve selected your preferred insurer, it’s time to gather the necessary documentation. This includes:
Proof of identity
Affirmation of ownership of the classic car
Detailed records of restoration and ongoing maintenance work
Current photographs of the car
Information detailing how the car is used and where it is stored
Proper documentation is essential for insurance purposes and ensures that your classic car is accurately valued and covered by the insurance policy.
Now that you have all the necessary documentation, you can start requesting classic car insurance quotes. This involves providing details like the car’s make, model, and year to insurance companies.
Choosing the best policy involves selecting one that accounts for potential increases in the classic car’s value over time. So, don’t just focus on the cost—consider the car’s agreed value, the coverage options, and the flexibility and reliability of the insurer.
Securing classic car insurance doesn’t necessitate emptying your pockets. In fact, it often costs less than standard car insurance. Providers such as Hagerty and American Collectors Insurance may offer premiums that are up to 40% lower for classic car insurance. To find the best deal for your needs, it’s important to get a classic car insurance quote from multiple providers.
American Modern’s classic car insurance also provides flexible payment plans to meet the financial needs of car collectors. So, while you’re protecting your prized possession, you’re also saving money.
One of the best ways to save money on classic car insurance is by maintaining a clean driving record. Insurance providers perceive a clean driving record as a sign of a low-risk driver, which may lead to lower insurance premiums.
Taking defensive driving courses can show a dedication to safe driving and may help drivers with prior infractions reduce their insurance costs. To qualify for classic car insurance, owners often need to demonstrate a good driving history, have considerable driving experience, and use a separate vehicle for daily transportation.
Choosing limited usage policies is another effective way to save on classic car insurance. These policies offer a range of different mileage plans to suit the annual use of a classic car, providing flexibility and potentially lower insurance costs for vehicles that are not driven daily.
Remember, the less you drive your classic car, the less risk there is of it getting damaged or involved in an accident, which could lead to a reduction in your insurance premiums.
Selecting the appropriate insurer for your classic car is of paramount importance. There are several companies that provide classic car coverage, such as:
Donnelly and Sproul
Grundy Worldwide
J.C. Taylor
Condon & Skelly
Leland-West
Among the top providers are American Modern Insurance Group, Hagerty Group, and Essentia Insurance Company.
These companies not only offer coverage but also provide unique benefits, making them preferred choices for classic car enthusiasts. Let’s delve deeper into what these two top providers offer.
American Modern Insurance Group offers specialized classic car insurance policies, meticulously crafted to cater to the requirements of classic car aficionados. They cater to a wide range of collector vehicles, including antique cars, offering classic car insurance for:
muscle cars
antiques
exotics
military vehicles
other collectibles
The company offers unique benefits such as reimbursement for moving the collector vehicle to safety in the event of a pending disaster, ensuring that your classic car is protected in all circumstances.
Hagerty Group has carved a niche for itself as a top-tier provider of classic car insurance. They actively participate in the classic car community through their platform for auctions of classic and collectible cars and offer specialized advisory services via ‘Ask Hagerty’.
In addition to auctions and advice, Hagerty Group offers valued services such as valuation tools, a dedicated driver’s club, and an in-house claims department to support classic car owners. Hagerty provides a range of classic car insurance coverage options, including spare parts coverage for all vehicle parts and automobile coverage for automotive collectibles, both with affordable annual premiums and typically a $0 deductible for most losses.
Classic car insurance differs from regular auto insurance in several ways:
Usage: Classic car insurance is designed for vehicles that are not used by daily drivers. They are typically driven occasionally, such as to car shows or for pleasure.
Coverage: Classic car insurance often includes agreed value coverage, which means the insurer and policyholder agree on the car's value, ensuring full compensation in case of a total loss.
Cost: The premiums for classic car insurance are usually lower due to limited usage and secure storage requirements.
Special Conditions: Classic car policies may have mileage limits, and the vehicle must typically be stored in a secure, enclosed facility.
Eligibility criteria for classic car insurance typically include:
Vehicle Age: The car must usually be at least 25 years old, though some insurers may consider cars that are 19-24 years old if they are well-maintained or restored.
Condition: The vehicle must be maintained in good or original condition.
Usage: The car must not be used for daily commuting or racing; it is primarily for display or occasional pleasure driving.
Storage: The car must be stored in a secure, fully enclosed facility.
Driver Requirements: The named insured must typically be at least 25 years old with a clean driving record.
Types of coverage available for classic cars include:
Agreed Value Coverage: Ensures you receive the full insured amount in case of a total loss.
Comprehensive Coverage: Protects against damage not caused by a collision, such as theft, fire, or weather damage.
Collision Coverage: Covers damage resulting from a collision with another vehicle or object.
Spare Parts Coverage: This covers the cost of spare parts that are difficult to find for classic cars.
Automobilia Coverage: Protects collectibles related to automobiles, such as hood ornaments and vintage license plates.
Flexible Usage Policies: Some policies cover participation in car shows, parades, and occasional pleasure driving.
Top providers of classic car insurance include:
American Modern Insurance Group: Offers specialized coverage for a wide range of collector vehicles, including muscle cars, antiques, exotics, and military vehicles. Unique benefits include reimbursement for moving the vehicle to safety in case of a disaster.
Hagerty Group: Known for its involvement in the classic car community, Hagerty provides valuation tools, a dedicated driver’s club, and an in-house claims department. They offer coverage options such as spare parts coverage and automobile coverage with affordable premiums and often a $0 deductible for most losses.
Getting classic car insurance is essential for protecting your valuable investment. Classic car insurance offers tailored coverage that accounts for the unique value and limited usage of classic vehicles. Eligibility criteria typically include the car’s age, condition, and storage requirements, ensuring that only well-maintained and rarely used vehicles qualify. When selecting a policy, it’s crucial to consider coverage options such as agreed value coverage and spare parts protection.
Researching and comparing top providers like American Modern Insurance Group and Hagerty Group will help you find the best policy for your needs. For personalized advice on securing the best classic car insurance, contact an ALLCHOICE Insurance Advisor today.
Give us a call at 1-844-540-0463 or Get Your Classic Car Insurance Quote Online NOW
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