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UPDATED: May 22, 2019
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Classic car insurance policies have many components that help to distinguish them from standard auto insurance.
Most importantly, there are numerous benefits for classic car owners who purchase the specialized policies.
Although some conditions may apply in order for your classic car to qualify, antique auto policies are often less expensive than a standard policy, in addition to offering more coverage.
However, one downside to antique auto insurance is that not every carrier provides this type of policy.
Since it can be a little more difficult to find an agent who writes policies for classic cars, you may want to try an online comparison tool.
Start comparing car insurance rates now by using our FREE tool! Enter your zip code above to get started!
Classic Car Insurance vs Standard Auto Insurance
While both types of policies offer all the essential coverage, there are several ways that classic car insurance is unique.
In addition to offering several custom coverage options which are designed especially for antique vehicles, classic car policies also give owners the option of choosing an agreed value instead of being reimbursed based on replacement cost.
In recent years, insurance companies have been giving more discounts to drivers based on mileage and classic car insurance is no exception.
Insurers recognize that the less a vehicle is driven means it is less likely to cause or be involved in an accident. Because fewer miles driven equates to less risk, premiums are lower.
Furthermore, antique auto policies can be much more customizable than a standard auto policy.
This is also due to the fact that the insurance needs of antique auto owners vary more than the needs of the average driver.
While a standard auto policy basically gives you the option of choosing full coverage, liability only, or somewhere in-between, classic car policies differ in many ways.
The biggest difference lies in the optional coverages. While a standard auto policy usually has a few additional coverages available, classic car insurance has several.
However, there are times when a standard auto policy would be more appropriate for a classic car.
For instance, if you drive your antique vehicle daily and put more than 50,000 miles on it annually, it will probably need to be insured on a standard policy due to being a high mileage vehicle.
Alternatively, if you are under twenty-five years old, you may not be able to get a classic car policy since many antique auto policies will not cover young drivers.
Additionally, there may be coverage for your classic car that you can’t get on an antique auto policy. Some additional optional coverages such as stereo equipment may not be covered by classic car insurance.
The best way to be sure what type of policy is best for you is to get both antique vehicle insurance quotes as well as standard insurance quotes and then compare price, coverage, and benefits.
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Specialized Coverage Options
The owners of classic cars have different needs since their vehicles typically have higher values, but are infrequently driven.
Because of this, there are several coverage options designed specifically for antique autos that aren’t found on any standard policy.
Although choices vary by company, here are a few of the coverages that a standard policy can’t provide:
- Spare Parts Coverage – This coverage is rarely found on a standard car insurance policy. It can include both spare parts for your antique car as well as tools purchased for exclusive use with that vehicle.
- Coverage for vehicles still undergoing the renovation process – Even if your antique car is still a work in progress, you can get insurance coverage for it.
- Agreed Value – Generally, when a car is totaled, an insurance adjuster determines the value of vehicle and issues that amount in a check. However, classic car policies give you the option of choosing an “Agreed Value” in lieu of the traditionally used Replacement Value. While it may require the car to be officially appraised before the policy begins, it’s a guarantee that you won’t feel cheated if you ever have to file a total loss claim.
- Beloved Salvage Coverage – Even after an antique car is totaled in a claim and a payment has been made, this coverage would allow you the option of keeping the totaled vehicle.
- Guaranteed Flatbed Towing – Most antique auto owners would cringe at the thought of their classic car being towed with a hook and chain tow truck. With this optional roadside coverage, you have a guarantee that if your classic car needs to be towed, the responding tow service will bring a flatbed to ensure the safest transportation possible.
- Car Show Medical Payments – This coverage will pay a certain amount for medical reimbursement if you or members of your family are hurt during a car-related function.
Criteria for Antique Auto Policies
With all of the additional coverages available and the lower premium, you may be considering a classic car insurance policy for your slightly older vehicle. But, is it eligible?
Since this type of policy is designed with a particular type of clientele in mind, you should check first to see if your vehicle qualifies.
The primary consideration for antique auto insurance is age, and most vehicles less than twenty years of age will not be entitled to classic car insurance.
However, there are exceptions. For a vehicle that is rare and has an unusually high value, a classic car insurance policy may apply.
There may also be newer collector automobiles that can be insured under a classic car policy.
For your teenage son driving a thirty-year-old sedan on a daily basis, a classic car insurance policy would not be appropriate.
Unlike standard car insurance, antique auto policies often restrict how many miles a vehicle may be driven in a calendar year. This limitation usually makes daily usage unacceptable.
Furthermore, some companies restrict the age of drivers and will not allow covered antique autos to be driven by anyone under 25 years old.
Other factors that come into play when considering whether or not your antique auto qualifies for classic car insurance include where the vehicle is stored and who can drive it.
Oftentimes, insurers prefer that classic cars are stored in a secure garage and may deny coverage if the vehicle is stored in a way that would expose it to the elements.
Weather can damage the paint job and other exterior elements over time which will reduce the value of the vehicle.
Since wear and tear isn’t a covered loss, insurers would prefer if this type of damage is kept at a minimum level of exposure.
Some policies also have restrictions on who is allowed to drive the vehicle.
Unlike a standard car insurance policy which will cover licensed drivers who borrow your car with permission, a classic car policy may only provide coverage for the named drivers listed specifically on the policy.
Additionally, drivers who are under twenty-five years of age may not be covered or be acceptable as named insureds.
How to Get Classic Car Insurance
While the search to obtain insurance for your classic car won’t be as easy or yield as many companies to choose from as standard auto insurance, there are still plenty of options.
Since not all agents write insurance for antique vehicles, you might not be able to get this coverage through your current insurance agent.
Of course, you always have the option of calling multiple insurance companies or walking into agencies to obtain quotes directly.
However, a faster option for obtaining quotes is through the use of an online comparison tool. Comparison tools are very handy since they allow you to compare quotes from two or more insurance companies at once.
With antique auto insurance, this is exceptionally helpful since there are so many optional coverages available from different insurers.
For antique vehicle owners everywhere, classic car insurance is an excellent product.
Even though the policies may take a little longer to write since there is so much customization available, this really isn’t a bad thing.
These policies allow classic auto owners to feel confident that they have the best possible coverage for their car and for their personal insurance needs.
If you need coverage for your classic car, you can get a FREE quote now by entering your zip code in our tool below!