classic car insurance

The Do’s and Don’ts for Insuring Your Classic Car

3 minute read

It’s probably safe to assume that you would not subject your classic car to rough off-road conditions, icy roadways or harsh weather conditions. In fact, you most likely treat your vintage vehicle better than your family sedan or work truck. So, why would you only carry a standard Auto Insurance policy for your one-of-a-kind classic car? This type of policy most likely would not provide enough coverage if something were to happen to your classic car. 

That’s why it is important to secure Classic Car Insurance for your prized possession. Here are the do’s and don’ts for getting the proper coverage.

1. DO know which type of “value” you are using to measure your vehicle’s worth.

yellow classic car insuranceMore specifically, you should know the difference between “actual cash value” and “agreed value.” When determining the “actual cash value” of your car, your insurance company will look at many factors that, together, represent the market value of your vehicle at the time of the loss. However, this does not always take into account any potential value, like increasing customization done to the car. “Agreed value” is an amount upon which the insurer and owner agree that the car is worth. Knowing the difference is key when deciding how much coverage you need for your classic car.

2. DO get your vehicle professionally appraised.

Do not attempt to estimate what your classic car is worth on your own. It’s difficult to calculate the value of a vintage vehicle, especially if it has been restored or customized. Your personal tie also influences what you may determine the car to be worth. Therefore, the opinion of a professional appraiser is essential to obtaining an accurate value. The figure he or she provides will help you to determine how much Auto Insurance coverage you need.

3. DO determine which category of “classic car” your vehicle is in.

Here is a list of some common terms used for non-traditional Auto Insurance:

  • purple classic carExotics. Vehicles that are younger than 15 years old, but are appreciating in value.
  • Collectibles. Vehicles that are 15-19 years old.
  • Classics. Vehicles that are 20-24 years old.
  • Antiques. Vehicles that are 25 years old or more.
  • Custom Vehicles. Vehicles that were produced since 1949 and have been altered mechanically or cosmetically.
  • Street Rods. Custom vehicles that were produced before 1949 and have been altered mechanically or cosmetically.

4. DON’T ignore policy qualifiers and/or restrictions.

In order to get Classic Car Insurance for the lowest rate, you will likely need to equip the vehicle or its place of storage with an anti-theft system. It doesn’t hurt to have a spotless driving record, either. Additionally, you may be prohibited from driving the car more than 2,500 miles a year. You might also be limited to only driving the car to and from a car show. Every policy is different, so check with your insurance company or agent about which rules apply to you.

5. DON’T settle for an outrageous insurance rate.

It’s a myth that you have to pay a boatload of money for Classic Car Insurance. You can find good coverage at an affordable rate even if your classic car is worth more than your regular one. Premiums are based on claim risk and other factors, which is reduced if you don’t drive the vehicle much and store it in a secure location. After all, you are less likely to get into an accident in your classic car since you won’t be taking it on the road as frequently. Are you interested in finding the right insurance coverage for your classic car and getting the best rates? Then, call an Insurance Specialist at (855) 919-4247 today. We can help you find the right coverage for your unique vehicle.


This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverage’s in a given policy may be different than those suggested here. Such policy will be governed by the language contained therein, and no warranty or appropriateness for a specific purpose is expressed or implied.