Whether your classic car is road-ready or you’re working on restoring it to its original glory (or as close to it as possible) the classic car insurance you choose matters.
Your classic car is more than a hobby: it’s an investment in a dream of yours, perhaps a life-long ambition, and you need to protect that. Whether you’re looking into buying a classic car or you’ve already taken the leap, finding the right classic car insurance for your ride should be a top priority.
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Classic cars are rare and valuable collectible vehicles with a value that has exceeded the original selling price. These cars are typically at least 25 to 30 years old or are considered rare and exotic.
Understandably, insurance for classic cars isn’t quite the same as regular car insurance. The insurance for a classic car needs to reflect its value, uniqueness, and age. Owning and driving a classic car certainly isn’t always simple, and classic car insurance isn’t either. But that doesn’t mean it needs to be overly complicated or expensive.
We’ll dive into exactly what classic car insurance entails, how to get it, what to look for, and why you need it so that you can get back to what matters most: enjoying the ride.
As we mentioned, classic cars are unique and rare, and the insurance you choose needs to be singular in terms of its scope of coverage too. You wouldn’t put subpar accessories on your classic car, so you shouldn’t opt for subpar protection either.
A typical insurance policy factors in the age, mileage, and depreciation of a car when creating an insurance policy. Based on those factors, most classic cars wouldn’t receive any coverage.
But classic car insurance is different.
Classic car insurance factors in the rarity of the vehicle, including any customization and restoration, so that the insurance policy accurately reflects what the vehicle is truly worth. Choosing traditional car insurance for a collectible vehicle could put you at risk of losing the time and money you’ve put into this four-wheel investment.
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Qualifying for classic car auto insurance can be a little more complicated than traditional auto insurance—but it’s not impossible. Keep reading.
Defining what makes a classic car ‘classic’ and what influences its value isn’t always crystal clear. The factors insurance providers take into consideration include:
Once you’ve determined you qualify for classic car auto insurance, it’s time to get quotes to make sure you’re getting the right policy for your prized vehicle.
You’ll want to have the following information handy and up to date when reaching out for vintage car insurance quotes:
Having this information ready will speed up the process and get you an accurate quote faster.
Aim for at least three different quotes to ensure you have the best possible coverage for your classic car. Coverage and requirements vary from provider to provider, so make sure you know the details of each quote and policy so that you can do a true comparison between them.
We can help. Get your free comparison quote here. We source our quotes from the top, niche providers of classic car insurance so you can rest assured you’re getting the best coverage at the best price.
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Policies for classic cars can vary between providers, so it’s crucial to know exactly what you’re getting when you’re finding quotes. When you’re insuring something as precious as an antique vehicle or collector’s car, you simply can’t afford to be lax on the insurance.
Classic car insurance is typically less expensive than regular auto insurance because you’re generally driving it less and there’s less risk for the insurance provider. You’re likely maintaining it more than a normal vehicle too, which helps keep claims down.
Opting for classic car insurance, if you qualify, is better for you and your prized possession in every way. It’s less expensive, it covers the true worth of the vehicle, and it can cover everything you need for your classic car care, like restoration, spare parts, auto shows, and towing.
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Classic cars need special coverage due to their value and age. There are also more requirements to qualify for classic car insurance.
What’s more, payouts are very different between the two types of auto insurance: while traditional car insurance is paid on the current, actual value of the car (usually less than you paid for it), classic car insurance is paid on the agreed value (which you and the insurance provider agreed on initially).
Cars that are at least 25 years old can be considered classic cars. They range from antique vehicles to muscle cars, exotic vehicles, modified vehicles, and more.
Typically, your classic car can’t be your everyday vehicle and you definitely shouldn’t be using it to run errands or commute to work. Insurance providers often place mileage limits on your insurance coverage to prevent you from using your classic car as your main ride.
Claire Smith Claire is a creative entrepreneur with a variety of marketing and content creation skills, including blog and web copy writing, research, and strategy. She has a Masters in Cultural Studies from Queen's University and is known for thinking laterally about marketing, based on her deep knowledge of people and behavior.
