As opposed to regular auto policies, classic car policies are based on agreed value rather than depreciation, providing full protection without depreciation or depreciation coverage for your car. Your insurer may even offer restoration and betterment coverage.
Collector vehicles aren’t typically used as everyday transportation; therefore many policies contain limited use provisions which include mileage limitations and proof that your vehicle is secure when not being driven – these provisions could cover you when going to shows or club meet-ups.
Comprehensive Coverage
Classic car policies differ from typical auto policies by using an agreed-upon value that takes depreciation into account rather than actual cash value for coverage purposes. This ensures that should your classic car become totaled, you’ll get its appreciated price rather than its depreciated market value.
Classic car insurance provides more than just physical protection – some policies also cover spare parts and roadside assistance services for your vintage ride, which probably took you hours (and possibly thousands of dollars) to restore. Therefore, protecting it for future generations should be prioritized.
As collector vehicles are generally not intended to be used for daily transportation, you may require another car in order to do your shopping and run errands. As insurers typically impose mileage limitations and garage them at all times when not in use, some companies even require you to have another regularly-used car within your household in order to qualify for classic auto policies.
However, most insurance providers will permit you to drive your collector car on limited driving trips such as to car shows and club meetings and may include this coverage in your policy. Furthermore, many providers offer special options for public displays of classic cars as well as limited mileage policies that could potentially lower premium costs.
An excellent driving history is key when seeking classic car insurance, as your insurer’s goal will be to limit any claims which might prove costly for them. Most collector-vehicle policies will require any named insureds or any licensed drivers living within their household with at least three to five years’ clean driving records prior to enrolling their policy.
Insurers may also exclude certain drivers from classic car policies, including those with serious moving violations or DUI histories, classic military vehicles (e.g. Vietnam War Jeeps), race cars or non-street legal vehicles from coverage and more. Therefore, it is wise to speak with your agent regarding what types of coverage they require as well as potential exclusions before purchasing such a policy.
Collision Coverage
Collision coverage is another key element of classic car policies, and allows for repairs incurred from accidents caused by you or someone in your family that are your responsibility. Similar to regular auto policies, collision policies also provide liability coverage up to certain limits and often give drivers more peace of mind knowing their car is being serviced with the care it requires. Often times these policies allow customers to select their own repair shop as part of this service – another feature which gives your classic vehicle additional peace of mind!
Some classic car policies set limits on how often and for how far you can drive your collectible, and may require that it is stored safely when not being driven. This helps preserve its condition while safeguarding its value; to find out how many miles your classic can travel each year, speak to your insurance carrier as this number will vary based on each company.
Many insurance carriers provide tiered mileage plans where the premium for every additional mile driven is discounted, making this an attractive option for occasional drivers of classic cars. It should be noted, however, that if driving your classic car on more than just pleasure trips is part of your plans then regular auto coverage will likely be required.
A good classic car insurance policy typically provides agreed value coverage, meaning the maximum amount you could potentially recover should your car be declared totaled is predetermined and cannot be reduced depending on its current selling price. This differs from standard auto policies where maximum payout estimates are based upon estimated selling prices of your car at the time of total loss.
To qualify for a classic car policy, your vehicle must be at least 25 years old and possess some historical value. Some insurers may set higher minimum requirements; other may accept vehicles even younger than 20 years old (though this will increase premiums). You’ll also need an excellent driving record with no accidents or moving violations within three to five years – otherwise your premium may go up accordingly.
Uninsured/Underinsured Motorist Coverage
As a collector car owner, you have likely invested both time and money in your classic or antique vehicle. That is why it is vitally important that proper protections be put in place so you can enjoy driving it worry-free – classic car insurance offers special coverage not available elsewhere in traditional auto policies.
Classic car insurers typically provide liability, personal injury protection and uninsured/underinsured motorist coverage. Many classic car insurers also provide roadside assistance programs which include flatbed towing with soft straps, fuel delivery, battery jump-start service and lockout service if necessary. Some even provide flat tire repair or replacement of damaged original parts rather than cheaper aftermarket ones as well as roadside assistance during repair services.
Classic car coverage differs from standard auto insurance in that it covers vehicles at an agreed-upon amount based on an appraisal of their value, which may change as they age, are restored or improved upon. Policy holders may also need to prove they use another vehicle daily in order to qualify for such policies.
Due to classic car’s limited use for regular commuting purposes, classic car insurance providers tend to limit where and how often your vehicle can be driven. According to Hagerty’s estimates, your classic may only be allowed at club functions, exhibitions and organized meets, tours and occasional pleasure drives; when not being driven you should likely store it securely within an enclosed storage facility.
Insurify reports that insurers typically require vehicles be at least 25 years old in order to be eligible for classic car insurance policies, and in good condition. You also must maintain a clean driving history without major traffic violations or at-fault accidents within three to five years, and agree not to participate in auto racing events with your car.
Medical Payments
Medical payments coverage provides payment for damages or injuries sustained in an at-fault car accident, regardless of who was at fault. Classic car policies may include this coverage or it can be purchased separately; vintage, antique and collector car owners should consider adding this type of policy as it can protect their investments if their vehicle becomes declared total loss in an accident or other covered event. Usually the insurer will reimburse you the value of your car less any applicable deductible if deemed total loss in an incident or other covered event.
Classic car insurers go beyond standard auto policies by providing additional add-ons that can protect your classic in unique ways. Roadside assistance programs from these insurers may offer towing or other assistance should your car become disabled; others cover repair or replacement of hard-to-find spare parts costs.
Most classic car insurers require that you store your vehicle in a secure place when not being driven, to prevent it from being exposed to the elements and possible theft. Furthermore, most policies restrict where and how often you can drive your car; most will only permit attending car shows and gatherings, or may require proof that another vehicle exists for daily driving purposes.
Classic auto insurance differs from regular car policies by offering an agreed-upon value policy, in which both you and the insurer agree on an initial value for your vehicle at policy inception. This can be especially helpful for car enthusiasts who spend considerable time and money restoring their cars – as its agreed-upon value typically surpasses depreciation over time in regular policies.
Most classic car insurers specialize in rare, collectible and antique vehicles and can provide more tailored advice about your specific needs than general car insurers can. Furthermore, classic car insurers can often help find discounts for garaged storage of the vehicle, reduced driving distance and regular maintenance checks.
