Classic Car Insurance

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Classic Cars vs. Daily Drivers. What’s The Difference When It Comes To Insurance?

If you own a vehicle that is an antique or collector’s item, you may want to consider protecting it with classic car insurance. Classic car insurance is a specialized type of auto insurance for qualifying vehicles. Depending on the insurer, the classic vehicle may not need to be a traditional car; motorcycles, kit cars and tractors may qualify if they meet specific criteria.

In most cases, classic car insurance would be unavailable if the car is your primary vehicle. If it’s a primary vehicle, it would need to be insured by a standard auto insurance policy.

How Does Classic Car Insurance Work?

Classic car insurance is a contract between the policyholder and an insurance company. As long as you pay your annual or monthly premium, the insurance provider agrees to help pay for covered losses outlined in your policy.

A classic car insurance policy is similar to a standard auto policy but has the added benefit of covering your vehicle for its agreed value instead of actual cash value, which can depreciate.

“Agreed value” means you and the insurance company discuss how much the car is worth and agree on a coverage amount. This may help ensure you’re appropriately compensated if something happens to your classic car. You may also adjust your agreed-value coverage level with the insurer if the car’s value changes, such as with additional modifications.

What Does Classic Car Insurance Cover?

A classic car insurance policy may include the following coverages:

Bodily injury liability coverage may help cover injuries the covered driver causes to someone else in an auto accident.
Property damage liability may help pay for damage caused to someone else’s property in an accident.
Collision coverage may help pay for damage to the covered driver’s car resulting from a collision with another car or object.
Comprehensive coverage may help reimburse losses due to a covered event that isn’t a collision. This might include fire, falling objects, windstorms, hail, vandalism and damage from wildlife.
Roadside assistance is usually an add-on coverage option for classic cars and may include flatbed towing with soft straps.

After How Many Years Is a Car Considered Classic?

Typically, a vehicle is considered classic if it is more than 10 years old and has a historical interest; however, an insurer may have its own criteria for recognizing a vehicle as a classic. More specifically, different insurers may have qualifying criteria they use beyond a car’s age, including how it’s used and stored.

How to Get Classic Car Insurance

Contact I & E Insurance Agency & Financial Services to discuss your classic car insurance needs. We can help you get the coverage necessary for your specific vehicle.