What is Classic Car Insurance?
Insurance for Classic Cars or Trucks | Classic Car Insurance by Alternative Insurance Agency
Did you know that a classic, custom, collectible or antique car requires insurance that reflects your vehicle’s uniqueness and value? It is true. If you own—or are thinking of owning—a special set of wheels such as a classic car, well then you are going to be glad to be reading this article. This blog article on classic car insurance will help you to find out about the kind of policy you need.
Many times customers come by our office and ask this question – What types of cars(or trucks) need special insurance?
Here is the answer we often given to our valued classic car owners. A classic, collectible or antique car is no ordinary car—and regular auto insurance is not sufficient to protect such a vehicle against damage or loss.
With that being said, there is no uniform definition of a classic car. If a car’s value exceeds its original selling price, then some car experts might consider it collectible. Auto experts from the car industry also share that a candidate for specialized classic car insurance may be older than a set date created by the federal or state government. Stop by our West Volusia insurance agency office to learn about Florida’s Classic Car guidelines – one of our courteous professionals will answer these questions and more about classic car insurance today. Schedule a appointment now – call us at 386-575-2300.
But generally, vehicles that might warrant classic car auto insurance include:
- Antique and classic cars, usually at least 25 to 30 years old
- Hotrods and modified vehicles
- Exotic and luxury autos – sometimes seen on movies
- Muscle cars
- Classic trucks
It is noteworthy to mention that if you have a vintage military vehicle, classic motorcycle(s), and antique tractors – these also may need or want specialized insurance policies setup for these vehicles. Are interested in knowing what the top types of classic vehicles insured by auto insurance agencies within the past year.
The most popular insured classic vehicles under the classic car insurance category are:
- Antique – cars built between 1896 to 1948
- Classics – built between 1924 and 1948 featuring custom coachwork
- Post-War – popular cars manufactured in the years following World War II
- Military – retired, de-militarized vehicles from 1985 and older
- Tractors – restored vintage models 30 years of age and older
- Muscle Cars – American made, V-8 engine cars made between 1968 and 1972
Do I qualify for Classic Car Insurance by Alternative Insurance Agency
Now let us talk about qualifying for classic car coverage. A car’s age is not enough to qualify for specialized classic car insurance even though we mentioned that government agencies like to classify said vehicles as such. While requirements differ from company to company, most cars (or trucks) need to meet the following criteria in order to qualify:
- Limited use – Your classic car cannot be used for everyday commuting or errands, and your policy may include mileage limitations and proof the car is being properly garaged if you do travel with it. In some cases, insurers may require that you also own a primary car for everyday use.
- Car shows and meetings – The limited use provision of a classic car policy allows for travel to car shows and auto club meetups; however, this coverage may be restricted by some insurers. If this is the case, there are insurers that can provide specialized coverage for car shows and meetings. Before choosing a classic car insurer, it is worth checking whether they have travel restrictions if you plan to take your car on regular, multi-day, high mileage drives.
- Secure storage – When not in use, your special vehicle must be stored in a locked, enclosed, private structure, such as a residential garage or storage unit.
- A clean driving record – You may be disqualified from classic auto insurance if you have serious offenses on your driving record, such as reckless driving, repeat speeding violations or driving while intoxicated. So be honest and upfront with our agents so we can help you navigate these issues to find a suitable outcome for you.
- Not every vehicle, however special, will meet the qualifications of every insurer. For instance, some insurers may not cover vintage off-road vehicles. Insurers may also decline to provide an insurance policy for these vehicles that are in poor condition or have been previously damaged. But there is good news, our agents at the Alternative Insurance Agency have numerous insurance carriers to call and get a competitive quote for you. If one carrier maybe another one will say yes.
What you need to know about classic car policies
Your classic car policy will include provisions found in standard auto insurance policies, notably property damage and bodily injury liability coverage. But there are some differences, as well:
- Your car’s value – Because each car’s condition is unique, there is no set “book value” for specific makes and models. The first step in insuring your classic car is for you and your insurer to reach an agreement on the value of the vehicle. This value will be specified in your policy and your car will be covered up to that value without depreciation.
- Did you know that, unlike everyday vehicles that depreciate over time as you add miles to them, classic cars may gain value. Make sure you adjust your coverage as the value of your auto appreciates.
- Specialized repair or restoration – Your policy should you the flexibility to bring your vintage Mercedes, Ferrari, Triumph, Morgan, Jaguar, or Corvette to a specialist—even if the rates may be twice, or three times, the cost of a typical car repair at a traditional auto body shop.
- Special towing and spare parts – Coverage for towing is commensurate with the special demands of transporting a classic car. Spare parts coverage, too, needs to be aligned with the cost of replacing valuable and perhaps hard-to-find vehicle components, such as wheels, transmissions, and engine parts.
Are there differences between classic and standard auto insurance and are they cheaper to insure?
The quick and simple answer is yes; classic car insurance does differ from standard car insurance in several important ways. Obviously, there are more to this than simply two different types of car insurance. There are several factors you need to consider when you are in the market to purchase insurance for your antique or classic automobile.
There are several factors that insurance companies will look into when you apply for a policy. Here is some of the information that may be required.
- A driving record free of any major incidents
- Ten years of driving experience or more
- No teenage drivers or those with poor driving records on the policy
- A secure storage facility or garage, out of the weather, where the vehicle is kept
- Proof that you also own another car for daily transportation
- Proof that the car will have limited mileage placed on it
If reading any of this concerned you and you want to schedule an appointment with us… Feel free to 386-575-2300. Or just stop by:
Alternative Insurance Agency Inc.
1235 Providence Blvd. Suite. N Deltona, Florida 32725