Classic & Collectors Auto Insurance

Classic & Collectors Auto Coverage

What makes a car a "Classic"?

First, it may help to understand the distinction between a "classic" car and a "collectible" car. (Specialized insurance policies may be available to cover either.) Generally, good-condition cars from the 1970s or earlier may be considered “classic,” cars. “Even some '80s cars may be valued by insurance companies as ‘classics.’”

By contrast, a “collectible” car may be prized more for its unique appeal or features worth preserving. In other words, a collectible car isn’t necessarily classified by its model year.

How Does Classic Car Insurance Differ from Standard Auto Coverage?

Agreed Value

A big difference between a classic car and a regular vehicle is the insurance value of the vehicle. If a fully restored 1960s roadster is in an accident or stolen, an insurance appraiser can’t easily pull estimates of comparable cars from a website and give you a fair value of the vehicle or the necessary repairs. A classic car insurer works with the vehicle’s owner to assign the vehicle an "agreed value." That number may take into consideration condition, improvements, cost of replacement and special-order parts and more. It’s usually a much higher valuation than a traditional auto insurer would give the car based simply on age and mileage.

Usage restriction

The more your classic car is on the road, the more chance there is of it being in an expensive accident. Some classic car policies may include mileage limits or offer coverage only for certain types of driving like pleasure usage. So, you may not be able to use the vehicle for daily commuting. If you’re considering buying a classic car policy, check with your insurer on the specific restrictions outlined in the policy.

Safe Storage

Making sure your vehicle is protected in adequate storage conditions is recommended and even required by some classic car insurers.

Vehicle Condition

If you’re restoring a “project car,” you may be able to add an endorsement to your classic car policy to help protect it while it is in the process of being restored.