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Your classic car is special to you and that’s why classic car insurance is a special category with some key differences to ordinary auto or car insurance policies.
First, let’s deal with the name. Different policies may be called classic car insurance, collector car insurance or antique car insurance. Exactly what qualifies will depend on the insurance company, but usually such policies cover cars that are not only of a certain age, but have distinctive characteristics such as being particularly rare.
How can classic car insurance protect you?
Use the yellow hot spots and explore how classic car insurance can help protect against common risks.
Liability Coverage
Risk Factor
The open road has its share of risks, even if you don’t drive often. At-fault accidents can leave you on the hook for resulting damage or injury.
Solution
Liability protection helps cover costs from at-fault accidents and legal risks that may follow.
Uninsured/Underinsured Motorist Coverage
Risk Factor
Some people drive even when they don’t have enough insurance - or any at all.
Solution
Protecting yourself with uninsured/underinsured coverage helps cover the gap when the other driver’s policy won’t cut it.
Comprehensive Coverage
Risk Factor
Not all damage comes from accidents. Some come from theft, vandalism, animals, or even a bouncing rock that cracks your windshield.
Solution
Comprehensive coverage is there to reimburse you for a host of risks that can happen.
Collision Coverage
Risk Factor
If you cause an accident, your liability coverage won’t cover any damage to your vehicle. It also won’t cover damage from other impacts.
Solution
Collision coverage is made to help when you collide with another vehicle or object.
Agreed Value Coverage
Risk Factor
If your classic car is totaled, the repair value of the car may not reflect the actual value to both you and the market.
Solution
Agreed Value helps to give you the agreed-upon amount in case of a total loss.
Original Parts Coverage
Risk Factor
If your pride and joy gets damaged, the parts you need for repairs may be rare, expensive, or both.
Solution
Original Parts covers you to get the right parts to keep your classic car intact and complete.
Shop of Choice Coverage
Risk Factor
Most normal auto insurance policies cover repairs only in auto shops approved by the insurance company.
Solution
Shop of Choice lets you select your trusted mechanic to work on your vehicle and still be covered by your policy.
The biggest difference with classic car insurance is that the insurance company will usually agree to a specific value of the car at the start of the policy. If the car is destroyed or damaged beyond economic repair, your payout is for this agreed upon value, rather than the usual system of looking at the market cash value of your classic car at the time of the claim. This gives you the peace of mind of knowing you’ll get the right amount with no surprises.
If the insurance company pays for repairs after a collision, classic car insurance will often guarantee to pay for necessary and authentic parts that might be excluded or exceed coverage limits with an ordinary car insurance policy.
One note of caution, however: many classic car insurance policies only apply to limited usage, whether that’s a specified (low) annual mileage, or only covering trips to exhibitions and parades rather than everyday driving.
Be sure to connect with us to discuss the details of classic car insurance, collector car insurance or antique car insurance. We can help to find the right policy for you!