Your classic car is more than a vehicle. It’s a cherished piece of history and often a significant financial investment—one that you’ll want to protect! Whether you already own, or are looking to purchase, we’ll explain how classic car insurance differs from your regular auto policy, and what types of coverage you may want to purchase.
What is Classic Car Insurance?
Classic car insurance is a specialized type of insurance policy designed to provide coverage for vintage or antique vehicles that are typically over 20-25 years old. Unlike standard car insurance policies, which cover the value of the vehicle at the time of an accident or incident, classic car insurance is designed to cover the appraised or agreed-upon value of the vehicle, which can be much higher than its market value.
Classic car insurance policies often come with specific requirements, like limiting the number of miles the car can be driven each year, or requiring that the car is stored in a secure location. These requirements are meant to help protect the vehicle from damage and ensure that it retains its value over time.
How is Classic Car Insurance Different from Regular Auto Insurance?
Classic car insurance is different from regular auto insurance in several ways:
Value: Classic car insurance policies are designed to cover the agreed-upon or appraised value of the vehicle, rather than its market value, which can be significantly higher.
Usage: Classic cars are typically not used for everyday driving, and are instead used for exhibitions, parades, and other events. As a result, classic car insurance policies often have limitations on the number of miles the vehicle can be driven each year.
Storage: Classic cars are often stored in secure locations, such as garages, and are not left on the street overnight. Classic car insurance policies may even require that the vehicle is stored in a secure location to protect it from damage or theft.
Specialized Coverage: Classic car insurance policies may include specialized coverage options, such as coverage for spare parts or accessories, or coverage for cars that are under restoration.
How Can I Qualify for Classic Car Insurance?
In order to qualify for classic car insurance, your vehicle usually must meet certain criteria, like being a certain age, being in good condition, having a certain minimum value, and being used primarily for exhibitions, parades, or other events. Most insurance companies require that the car is not your primary mode of transportation and is stored in a secure location when not in use. Some companies may also require that you have a good driving record and limit the number of miles driven each year.
What Type of Coverage Should I Get?
Choosing the right coverage for you and your car is essential, and classic car insurance policies offer different coverage options than your typical auto policy. These overage options may include:
Agreed value coverage: Coverage for the full, agreed-upon value of the vehicle in the event of a total loss, such as theft or a severe accident.
Liability coverage: Coverage for damages or injuries that you may cause to other drivers or their property while operating your classic car.
Comprehensive coverage: Coverage for damages to your classic car that are not caused by a collision, like theft, vandalism, or damage from natural disasters.
Collision coverage: Coverage for damages to your classic car caused by a collision with another vehicle or object.
Spare parts coverage: Coverage for spare parts that are stolen, lost, or damaged while your classic car is stored or in transit.
Restoration coverage: Coverage for the cost of restoring your classic car to its original condition.
It's important to note that not all insurance companies offer all of these coverage options, so it’s always a good idea to shop around until you find a policy that meets your specific needs.
Your Cushman agent can help walk you through your options, explain your coverage, and ensure peace of mind that your classic car is protected—at the right cost for you. Contact your local independent Cushman Insurance agent today to learn more.