Finding the Right Auto Insurance Policy for a Classic Car

As the owner of a classic car, you have a unique asset. However, finding insurance can be complicated because classic cars generally need a different coverage type than traditional vehicles.

Classic auto insurance is designed to protect unique vehicles. Before applying for coverage, you must ensure that your vehicle is classified as a classic vehicle. Many classic vehicles are at least 25 years old. There are several types of classic vehicles, including exotic cars, military cars, muscle cars, and hot rods. This article discusses the benefits of classic auto insurance policies.

  • Standard Auto Insurance

    Standard auto insurance may provide basic coverage to your classic vehicle. Standard policies generally assess a vehicle’s age, mileage, and depreciation to figure out the value. There is a good chance that a standard policy will not cover the full value of a classic vehicle. Classic auto insurance is the easiest way to fully protect your vehicle, especially if it has been customized or restored.

  • Classic Auto Insurance

    Classic auto insurance provides similar coverage to a standard policy, such as comprehensive, collision, property damage, and injury liability. However, there are some differences between the two policies. Traditionally vehicles are insured based on their actual cash value. However, classic vehicles are insured based on the amount that the insurer and owner agree to. If the value of your classic vehicle increases over time, you can amend your policy.

    Classic auto insurance covers special repairs if your vehicle is damaged. Generally, the repair costs for a classic vehicle are more expensive than the costs of repairing a regular vehicle. Classic auto insurance also covers wheel and engine replacements, which may become complicated if the parts are hard to locate. Classic auto insurance prevents you from covering the parts out of pocket.

  • Things to Consider

    You will have to adhere to several requirements to maintain your classic auto insurance. You cannot use your classic vehicle regularly. Most policies include mileage limits per year.

    You may also have to show your insurer that you drive another vehicle regularly and that your classic vehicle is stored in a secure area. Insurers recommend storing a classic vehicle in a private garage or a locked facility.  If you plan to drive your classic car to different shows and exhibits, you may need to purchase a special policy. Ensure that you have a clean driving record when it’s time to renew your policy.

Classic vehicles are unique assets that require special protection. The easiest way to protect your asset is by purchasing a classic auto insurance policy. Our experts at J. Archer Insurance Group will help you find the coverage you need to protect your vehicle.

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