If you own a classic car, you’ll want to get insurance to protect it. Similar to a typical auto insurance policy, classic car insurance can cover both property damage and bodily injury. It also considers the higher value of the car and any special circumstances surrounding it, such as how it’s stored or where it’s used at collectors’ functions or auto shows, in parades, etc. Finally, a classic car policy will take into account how often you use your car. Coverage can vary, for example, if you only drive your classic car in the summer and store it for the rest of the year.
When choosing an insurance policy for your classic car, it’s important to take a range of factors into account. Up ahead, we’ll discuss how to choose the best classic car policy for your situation.
What type of classic car insurance is best?
Most experts agree that Guaranteed Value is best when it comes to any type of collector car insurance and that is what you will get in the event of a covered total loss – guaranteed.
How to choose the best insurance for your collector car
Finding the best insurance for car collectors means first doing your research. You’ll want to shop around for the most comprehensive coverage at the best price. As you shop, be sure to ask yourself the following:
- Can I retain the salvage of my vehicle in the event of a total loss and still receive the vehicles Guaranteed Value?
- In the event of a loss will you require specialized repair services? Most of the time, vintage and classic vehicles require special parts and repairs, which may cost a considerable amount more than standard mechanical repairs. If this is the case, be sure your policy will cover these added costs.
- Will you require towing? If you are a classic car hobbyist who travels great distances to shows and parades, make sure your policy includes emergency towing coverage.
- Will you require spare parts coverage? Older cars may require replacement parts that are hard to find and quite expensive. Be sure you have spare parts coverage if you have hard-to-find replacement parts.
- Lastly, don’t forget to have a good handle on the value of your car. Because vintage and classic cars can’t be valued in the same way a typical car is, you’ll have to create an accurate estimate that both you and your insurer can agree on. As you investigate this matter and work on coming up with a value, don’t forget that, for the most part, the older your classic vehicle gets, the more valuable it will become (as opposed to typical everyday vehicles, which depreciate in value as time goes on).
Is classic car insurance only for cars?
No. Basically, any type of vehicle can be insured with “classic car” insurance. The vehicle simply needs to have a current value that exceeds its original value. This means vehicles that are either exotic and rare or vintage vehicles that are at least 25 to 30 years old.
There is some leeway here, however. Generally speaking, you can get the following vehicles insured with a classic car insurance policy:
- Classic or vintage cars, trucks, and motorcycles
- Luxury vehicles
- Muscle cars
- Modified vehicles
- Antique cars
- Certain retired military and commercial vehicles
Looking for insurance for collector cars?
If you have a classic vehicle that you’d like to insure, don’t wait to find a policy that works for you. In the interim, while you wait, something may happen that could cost you a great deal. Even if you haven’t yet found the perfect plan, at least sign up for basic coverage to protect your asset and avoid complications.