classic car Insurance

Classic Car Insurance

Are you buying a classic car or antique car?

Classic car insurance and antique car insurance policies are specialty insurance policies that offer superior coverage for your classic car coupled with extremely low insurance premiums when compared to your standard auto insurance policy. In fact, standard auto insurance premiums can cost 200%-300% more than classic car insurance premiums.

Why are premiums for classic car insurance so low? Insurance companies consider the fact that classic car, antique car, and collector car owners are safe drivers, treat their cars gently, keep them securely garaged, and accrue very little annual mileage.

Why are classic car insurance policies superior? The answer is simple, better coverage for your vehicle versus standard auto policies. Standard auto policies insure your car for actual cash value (replacement cost less depreciation), while classic car insurance policies offer agreed value (a pre-determined amount agreed to by both you and the insurer prior to the binding of coverage) that means your car is fully insured up to this agreed value in the event of a total loss.

There are many fine companies offering classic auto insurance. Educate yourself regarding the alternatives available to you prior to soliciting insurance quotes covering your classic, collector, antique, muscle, or kit car. Policies vary widely and you want to ensure that you are quoted the appropriate insurance coverage so there are no surprises in the event of an insurance claim.

While you gather classic car insurance quotes consider the following:

  • Does the company offer agreed value coverage?
  • Does it offer single liability coverage if the policy covers multiple cars?
  • What are usage and mileage restrictions?
  • How are claims handled? In-house or third party?
  • Can I choose my own repair shop?
  • What company underwrites the policy and what is the company's insurance rating?
  • What discount programs are available?

Keep in mind however, if your car is a daily driver, is not garaged, is used in racing, rallies, etc., and/or accrues many annual miles; you are most likely not a candidate for low cost classic car insurance.