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Insuring a Classic Car

Author: John Smith  //  Category: auto insurance tips

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Insuring a Classic Car

There are few man-made objects as beautiful and awe-inspiring as a classic car. Whether it is a car from the early 20th century, a classic muscle car from the 60’s or a mint Italian sports car from the 80’s, all of them hold a special place in a car owner or car collector’s heart. These classic cars cost a pretty penny- especially for upkeep- and are usually meant to be rarely driven, if not just kept in a garage permanently. In the end, owning a classic car is a costly hobby, the least of which is insurance costs

For the first time buyer, classic car insurance could seem confusing because there are many different aspects to consider, depending on what type of insurance you want. There are generally seven things a new classic car owner will want to consider when getting insured:

1. Whether or not you want your own personal mechanic to service the classic car.

2. Do you want the insurance to cover what the car is actually worth?

3. Will you be taking the car to shows and car club events?

4. Do you want the insurance to cover possible damage that would occur at these events?

5. Do you want insurance coverage for restorative purposes?

6. Will you drive the car on a semi-regular basis?

7. Will you need coverage for shipping the vehicle to events, and possibly international events?

All of these factors will determine what kind of car insurance is needed for a classic car. A strange thing is more than half of classic cars are actually insured through normal means, and do not use specialty car insurance. The confusing thing is normal car insurance for classic cars tends to carry much higher premiums and are much more strict than specialty car insurance would be.

But, there are certain qualifications a car owner must meet in order to be able to use specialty car insurance on the classic car. These are the qualifications a car owner must meet:

  • Car owner must own at least one regular vehicle.
  • The car may need to be a certain age
  • The car owner may need to be a certain age
  • Some policies have a maximum yearly mileage of 2,500
  • Some cars may only be available for certain activities
  • The car may not be allowed to be driven for commercial purposes

It is possible that if any of these rules are broken the specialty car insurance can be revoked. It is important to note that usually only some of the qualifications above need to be met, it all depends on the exact type of insurance a classic car owner is looking for. When determining what type of insurance is needed, don’t be afraid to ask questions about certain, specific circumstances.

It is also very important to determine what kind of value you want for the classic car: Actual Cash Value, Stated Value or Agreed Value. Actual Cash Value is determined by looking through the price books, which usually offer a depreciated value compared to what the car is actually worth. Stated Value is what the car owner thinks is the worth of the classic car, which is usually closer to the actual value when compared to the Actual Cash Value worth. Many insurance companies offer a Stated Value clause to collectible and classic car insurance policies.

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