Jessica Sautter is a Content Writer for CarInsuranceCompanies.com with a Bachelor’s Degree from Eastern Michigan University in Elementary Education with a Major in Reading and a Minor in Mathematics.

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Chris Harrigan has an economic degree from Limestone College and an MBA from Clemson University. He previously managed auto insurance claims for Enterprise Rent-A-Car. Currently, he is using his business and insurance expertise to provide insurance data analysis and visualizations to enhance the user experience.

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Reviewed by Chris Harrigan
Former Auto Insurance Claims Manager

UPDATED: Oct 16, 2020

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Key takeaways...

  • Unique automobiles that are no longer being manufactured and have a market value fall into the broad category of classic cars
  • Only five in 100 insurance companies will underwrite classic car insurance policies
  • Most classic car insurance policies will have a 2,500 miles limit, but some will allow the car to be driven up to 5,000 miles in one year
  • Even though insuring a classic car falls into special categories, low cost classic car insurance quotes are available for comparison

When the classic car insurance shopper begins to look for low classic car insurance quotes, the list of insurance companies might seem unfamiliar. Most standard car insurance companies do not underwrite insurance for classic cars.

A specific definition of what classifies a car as classic has never been established. Unique automobiles that are no longer being manufactured and have a market value fall into the broad category of classic cars.

Drivers seek low-cost classic car insurance quotes to cover their treasured collectible and meet the legal requirements of carrying liability insurance at affordable rates.

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Table of Contents

The Classic Car Insurance Distinction

Classic cars fall into a specialized insurance market segment that insures cars under a different structure.

Because of this unique approach to insurance, only five in 100 insurance companies will underwrite classic car insurance policies.

Savvy classic car insurance shoppers will seek out a company that understands all of these important points. Any motor vehicle that is considered collectible and has a market value is called a classic car.

Collision and comprehensive policy components are not part of the classic car insurance policy.

Classic cars do not fall into defined groups that are comparable, so the actual insured value of the car is set by the market of unique classic car enthusiasts.

The market value of the car is insured by the insurance company. Unlike standard insurance policies, the driving habits of others do not play a role in the insurance cost.

Classic car specialists are consulted to set the market value of the specific car that will be underwritten by the insurer.

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The Agreed Amount Policy Form

Classic car owners know that low-cost classic car insurance quotes must reflect the use of the Agreed Amount policy form by each insurance company.

When a savvy insurance shopper sees an insurance company trying to deviate from the agreed amount policy, he knows to look for another company. Every one of the following points must be covered by the classic car insurance coverage.

The form used to gather policy information will clearly read “Agreed Amount” or “Agreed Value” across the top of the printed or electronic policy form.

Classic car insurance underwriters understand the unique process of working with the insured classic car driver to establish the actual market value that will be underwritten. Accident or theft is covered in the same way under the Agreed Amount policy form.

The agreed amount stated on the policy will be paid by the insurance company in the event of loss. The policy documentation cannot contact an “actual cash value” clause, which would allow the company to pay less for the claim.

The Agreed Value insurance policy provides the peace of mind to the classic car driver who drives a vehicle that is unique and irreplaceable.

Money received from a claim following a loss will be used to purchase a classic car of comparable value and style.

Limitations of Classic Car Insurance Coverage

Some low-cost classic car insurance quotes are presented to lure new customers to the insurance company. All insurance companies place limitations on the drivers of these unique cars.

The focus of the limitations is to reduce the risk of loss associated with underwriting policies that cover classic cars. Low-cost classic car insurance quotes will include a very low annual mileage limit.

Most classic car insurance policies will have a 2,500 miles limit, but some will allow the car to be driven up to 5,000 miles in one year. One option is to purchase additional miles for cars that will be used more often.

“Occasional use” vehicles are considered less risky to insure so all classic cars are placed into this category by the insurance industry. Classic cars will not be underwritten as “full use” vehicles.

Since original parts must be located and purchased for repairs, car repairs are part of the insurance coverage.

Specialty repair shops must be employed to perform the repairs because the repairs will impact the value of the vehicle. All of the repair costs are negotiated when the policy is underwritten and the original terms are established.

Whenever repairs are performed on the classic car, the value of the car is reassessed. The replacement parts will affect the actual market value of the classic car.

Original features, including the wheels and steering wheel, will add substantial value to the classic car. The insurance policy documentation must state that these features are included in the policy.

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Driver Profile

Low-cost classic car insurance quotes will include specific questions about the driver of the classic car. Insurers place very strict guidelines on the drivers of classic cars because of the high costs of repair and replacement.

Drivers must meet the stated criteria that will be set forth by the insurer prior to underwriting the policy.

All drivers are listed specifically on the policy and each driver must have a driving record that is free from any moving violations. Young drivers will not be insured on the classic car policy.

Older drivers will be rewarded with lower premiums because their standard insurance group is known for mature and safe driving habits.

A primary use vehicle must be listed on the classic car policy as the full use vehicle for the driver listed.

Insurance companies require that classic cars are stored in a garage because it will reduce the risk of theft or damage when the car is not in use.

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Final Consideration

Classic car owners continually seek low-cost classic car insurance quotes because of the exorbitant cost of insuring against loss.

Following the tips listed above will enable the driver to take advantage of all savings by staying within the requirements set forth by the insurers.

Even though insuring a classic car falls into special categories, low-cost classic car insurance quotes are available for comparison.

Find and compare the best car insurance companies and make sure your classic car is properly covered! Save on classic car insurance by comparing car insurance quotes with our ZIP code search!