Classic Cars & Antique Automobile Insurance

Classic Cars and Antique Automobiles deserve special coverage because they're special vehicles. Unlike standard cars, after a certain point, classic autos increase in value as they age, rather than depreciate. Having the right insurance can make or break a customer's ability to restore their auto in the event something tragic happens, because ordinary auto insurance is not sufficient. Using a company who specializes in Classic Auto insurance gives your client the best protection. In addition, the definition of "Classic Car" is not standard across the board. Most Classic Cars are either automobiles that are 25 years or older, muscle and "hotrod" vehicles that have been modified, and extreme luxury vehicles.

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classic car

Qualifications for Coverage

Not every car is eligible for Classic Car insurance, just because of their age. Most companies require insureds to meet the following criteria:

  • Age: First and foremost the car usually must be over 25 years old to be considered an antique, and 20 years old to be a classic. Exceptions for modified vehicles and hotrods.
  • Condition: The car must be in good to excellent condition or at least show that the owner prides themselves in their ownership of the vehicle. Some insurers will insure the automobile during the restoration process as well.
  • Use: Many insurers require that the vehicle not be for primary use - or require that the owner have another primary vehicle. Limited use is important in lowering the risk of damage to classic autos.
  • Driver Experience: Some companies require the driver to be age 25 or older, or have at least 10 years driving experience.
  • Storage: The vehicle is often required to be kept in a locked garage or stored in a secure area.
hot rod

Agreed Value...

With standard auto insurance, clients typically receive the actual cash value of their car, which means the value, minus depreciation. This can be a problem for Class Autos, since their value usually increases over time. It's important when issuing insurance on a Classic Auto, that the insurance company and the insured come to an agreement about the "Agreed Value" of the automobile. This means the client receives the agreed upon value if the car happens to be totaled. It's important to continue re-evaluating a Classic Auto policy as the car ages, to make sure the policy is up-to-date and adjust the agreed value accordingly.