The Right Way To Insure Your Antique Auto

Antique auto insurance is a unique type of insurance designed to protect antique and classic cars. Unlike regular auto insurance, antique auto insurance takes into account the specific needs of collectors and enthusiasts. These vehicles are often not used as daily drivers and are instead driven infrequently for pleasure, shows, exhibitions, or club activities. This limited usage results in lower annual mileage and a reduced risk of accidents, contributing to more affordable premiums. The eligibility criteria for antique auto insurance vary, but typically include the age and condition of the vehicle, as well as proper storage and limited vehicle usage. In the event of a total loss, antique auto insurance provides peace of mind by offering agreed value coverage, ensuring that the vehicle's true worth is protected. Overall, antique auto insurance is tailored to meet the specific needs of collectors and enthusiasts, offering specialized coverage and protection for their cherished vehicles.

Agreed value policies

When determining the agreed value, you will usually need to have the insured item appraised and submit that value to the insurance company. The insurance company may also conduct its own assessment. The agreed value will be listed on the policy declarations page before any potential total loss incident occurs.

It is important to note that agreed value policies typically come at a higher cost than standard policies, and the cost will vary depending on the insurance company. Additionally, there may be certain conditions or restrictions imposed by the insurance company, such as mileage caps or usage limitations, to qualify for an agreed value policy.

Overall, an agreed value policy provides peace of mind for owners of antique or classic cars, ensuring that their vehicle is insured for its true value and that they receive the full agreed- amount in the event of a covered total loss.

Storage requirements

Some insurers may also require proof of proper garaging if you plan to travel with your antique car. Additionally, insurers may mandate that you own a primary vehicle for everyday use, as antique cars are typically prohibited from being used for daily commuting or errands. This limited usage is a crucial aspect of antique auto insurance policies, and it helps maintain the vehicle's status as a collectible item.

It is important to note that storage requirements may vary slightly between insurance providers, so it is always advisable to carefully review the specific terms and conditions of your chosen policy. By adhering to the storage requirements, you can ensure that your antique vehicle meets the eligibility criteria for antique auto insurance and maintain its value over time.

Mileage restrictions

Antique or classic cars are typically defined as vehicles that are over 25 years old, but some providers will insure younger vehicles if they are considered collectible. Antique auto insurance policies are designed for vehicles that are not used for daily driving.

Most antique auto insurance policies will include a mileage restriction, limiting the use of the vehicle to occasional pleasure drives, car shows, exhibitions, club activities, and parades. The vehicle cannot be used as a primary means of transportation. Some insurers offer flexible mileage plans or unlimited mileage options, which are ideal for collectors who drive their classic cars more frequently.

When obtaining antique auto insurance, you will typically need to specify your expected annual mileage based on these activities. Some companies set a maximum annual mileage limit, which can vary depending on the insurer and the type of vehicle. For example, Safeco offers regular and limited-use plans, allowing up to 10,000 and 5,000 miles per year, respectively. On the other hand, American Collectors offers flexible mileage terms ranging from 2,500 to 7,500 miles.

It's important to note that some insurers may require the vehicle to be stored in a private, enclosed garage or a dedicated vehicle storage facility when not in use, to ensure it is adequately protected and maintained.

Age of the car

The age of a car is a critical factor in determining its eligibility for antique auto insurance. While the specific criteria can vary, a vehicle typically needs to be at least 20 to 25 years old to qualify for classic car insurance. Some companies may have more lenient requirements, considering cars as young as 10 years old as classics.

However, it's important to note that eligibility is not solely based on age. Other factors, such as the vehicle's uniqueness, collectability, condition, usage, and storage, also come into play.

For example, antique cars are generally defined as being at least 25 years old and in good working condition, whether original or restored. In contrast, classic cars often fall within a narrower age range of 19 to 24 years old and are typically required to be in good condition and have a higher value than other cars of the same make and model year.

Additionally, some insurance providers may offer coverage for modern classics, which are distinctive models from the 1980s, 1990s, and early 2000s, even if they are under 20 years old. These vehicles are considered collectible due to their unique characteristics, limited production, or other factors that contribute to their collectible status.

It's always a good idea to consult with insurance specialists or agents to determine the specific eligibility requirements for antique auto insurance, as they can vary depending on the company and state regulations.

Additional policy benefits

Classic car insurance policies often come with built-in or optional coverages tailored to the needs of antique car owners. Here are some additional benefits you can expect when insuring your antique vehicle:

• Towing Coverage: Most classic car insurance policies allow you to select flatbed towing services to ensure the safe transportation of your antique car in case of breakdowns.
• Repair Shop Flexibility: Some policies allow you to choose the repair shop for any necessary repairs to your vehicle, or even let you perform the work yourself.
• Emergency Lodging: Certain insurance providers offer coverage for lodging expenses if you're stranded during a road trip due to vehicle issues.
• Discounted Salvage Buyback: Some insurers offer the option to buy back your salvage vehicle at a reduced cost, allowing you to keep your special car and rebuild it after a total loss accident.
• Roadside Assistance: This benefit provides you with assistance in case of emergencies, such as lockouts, battery jumps, and tire changes.
• Original Replacement Parts Coverage: In the event of a claim, insurers like Hagerty offer stock original replacement parts when possible and have specialists who can help locate rare or hard-to-find components.
• Flexible Usage: While there are restrictions on using your antique car as a daily driver, classic car insurance policies typically allow for occasional pleasure driving, exhibitions, club activities, and participation in car shows.
• Spare Parts Coverage: Some insurers, like State Farm, offer coverage for spare parts for your antique vehicle, providing peace of mind if you're in the middle of a restoration project.

Frequently asked questions