The Classic Car Owner's Guide to Insurance

Aug 30, 2017 2 min read

Whether you rebuilt your classic car or purchased a perfectly restored showpiece, as a classic or antique car owner, you have special auto insurance needs. Your classic isn’t just a car; it’s your passion and we’re here to help you protect it. Use this guide to help you understand what classic car insurance coverage might be best.

Does my auto insurance cover my classic car?

As a classic car owner, you have special insurance needs. Typically, classic cars are not on the road every day and are generally used for limited pleasure driving, car shows and club events. And, unlike your everyday car, your classic car will generally increase in value, especially if it is well cared for and restored. So, whether you own a 1932 Alfa Romeo or a 1962 Ferrari, you might want to consider purchasing additional insurance for your collectible.

What is classic car insurance?

Typically, your conventional auto insurance will cover your car up to its actual cash value, equivalent to its replacement cost minus depreciation. Classic car insurance differs in that your insurance policy will cover your collectible vehicle for an agreed or guaranteed value that is mutually agreed upon by you and your insurance company. To find an agreeable guaranteed value, your insurance company might take the following steps:

  • Find its valuation based on a respected collectible car valuation guide, like the Old Cars Report Price Guide
  • An appraisal by a professional
  • Research conducted by an underwriter

What defines a classic car and how old does a car have to be to qualify for classic car insurance?

Not every old car is defined as a classic. An older car can be just that: old. For a car to truly be considered a classic or antique by your insurance company, it has to meet certain requirements, like:

  • Classic: Between 10 and 24 years old that has been maintained and restored in a way that stays true to its original manufacturing.
  • Antique: A vehicle more than 25 years old and has been maintained and restored to its original specifications.

Your classic car might also need to meet additional requirements, such as:

  • Limited Use: Your classic car should only be used on a limited basis.
  • Condition: Likely your car must be restored, maintained or preserved.
  • Storage: It may be required that you store your vehicle in a secured garage.

Is it cheaper to insure an antique car?

You might be surprised to find that coverage for your collectible car is likely less expensive than conventional automobile insurance. This is because you drive much fewer miles on your collectible and you’re likely to take very good care of your collectible. However, the premiums for your collectible are still based on similar factors as conventional automobile insurance.

Ready for a quote? Bring these things:

If you’ve read this guide and you’re ready to get a quote, make sure to have the following handy:

  • Make, model, year and type of vehicle
  • Miles driven per year
  • Modifications
  • Storage type
  • Driver history

No matter what type of car you drive, being insured is more than just a convenience — it’s a necessity. Whether you’re cruising the streets in your newly restored classic car or your family minivan, we’ve got you covered. Connect with an agent today to learn more. 


Want to learn more?

Contact a local FBFS agent or advisor for answers personalized to you.