How To Get Car Insurance for a Classic Car

Vintage car photo

So, you have found your classic dream car and are ready to hit the road with it? Well, this may be difficult without the proper insurance for the vehicle. Your next step is to find the best classic car insurance. This can be a confusing and expensive process depending on the car you own and how often it is used. But there are ways to obtain car insurance for your classic car that are both quick and easy to do. The following will tell you how to locate classic car insurance, how to make sure you get the best deal, and how to figure out if you meet the qualifications to purchase it.

Is classic car insurance necessary? Because they fear the cost, many owners do not purchase specialty insurance for their collectible car. However, classic car coverage is usually more affordable than normal car insurance policies. And insurance companies offer a variety of services that cater to the needs of classic car owners.

Do you qualify? The next step in your search for classic car insurance is determining if you even qualify to purchase it yourself. If you can't meet one or more of the following qualifications you will probably need to find someone else who can insure your car for you. The qualifications you must meet to be insured by most classic car insurance companies are:

  • You must be at least 26 years old.
  • You cannot have more than one at fault violation in the last three years.
  • You cannot use the car for general transport.
  • All modifications to the car must be documented.

The next item to consider when deciding if you qualify for classic car insurance is the actual vehicle. There are a wide variety of classic and antique cars and trucks. The year in which it was made, the make of the vehicle, and its condition play a role in answering this question. For the most part, vehicles that are 25 years old or older will qualify for this type of insurance.

What is the value of your vehicle? The first step when thinking of purchasing classic car insurance is to find out the exact value of your vehicle. You want to do this so that you know what amount to use for your agreed value with the insurance company. The agreed upon value is the amount the insurance company agrees to pay you if your car is totaled. A great place to find this out online is at AntiqueCar. You can also obtain an appraisal of the vehicle through a licensed appraisal company.

What type of classic car insurance do I need? There are 3 types of coverage that can be extended to collectible vehicles.

  • Actual Cash Value. The first is Actual Cash Value or ACV. In this policy, a car is valued by the current market value of the vehicle.
  • Stated Value. Due to depreciation, many classic car owners wish to get Stated Value car insurance. This is insurance that allows the owner to state the value of a vehicle in case of total loss. This value does not change and can therefore be less than market value at the time of the claim.
  • Agreed Value. The last type is not subject to depreciation of any kind. An Agreed Value policy will pay out an amount that is agreed upon by both you and the insurance company.

What are the policy limitations? Many classic car owners opt out of specialty insurance due to the restrictions imposed by the insurer. But there are policies that allow collectible car owners to enjoy the vehicle without limitations. To determine the best policy for your classic car, you will need to ask some questions before the coverage is purchased. The following are areas of concern for classic car owners:

  • Driving Restrictions. Some companies will restrict the amount of miles the collectible car can be driven to 2500 per year or fewer. You may have a higher premium for insurance without this limitation.
  • Specialty Cars. Street rods, custom, and exotic cars can be harder to insure with some companies. You may have to shop around for a policy that will cover these vehicles.
  • Additional Protection. Some policies will require the owner to store the car in a garage or other secure location. This is to help prevent loss.

Check with your current insurer first. If all qualifications have been met, then the first place to start looking for classic car insurance is with your present insurance provider. If you carry home or car insurance, most insurance companies offer classic car plans as well. If your insurance company does offer this coverage you may qualify for a multiple policy discount.

Expand your search if necessary. If you find that your current insurance company does not offer classic car insurance, then your next stop should be your local yellow pages. Go through possible insurers and see which companies offer the insurance you need and call for quotes. Sometimes local companies will offer discounts to local customers.

Find classic car insurers online. The last, and perhaps best place, to search for classic car insurance is on the Internet. You can do a search and find tons of classic car insurance companies, but these will tend to be more expensive since they specialize only in classic car insurance. Some great sites to start with are Hagerty, AmericanCollectorsInsurance, ClassicAutoInsurance, ParishHeacock, and Grundy.

Once you have gathered all your quotes and information, your last step is to compare the different policies and decide which provides the best coverage at the best price for you. After that, just sit back and enjoy the ride!


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