The Classic Car Owner's Guide to Insurance

We know your classic car isn’t just a car — it’s a passion and a collector’s item that you’re proud of. That’s why you may want insurance for collector cars. 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. 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 or antique 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 checking with your insurance agent to determine if your classic car is protected.

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 or antique. An older car can be just that: old. For a car to truly be considered a classic or antique by your insurance company, it must meet certain requirements.

• Classic: A car that is 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 that has been maintained and restored to its original specifications.

Your classic car might also need to meet additional requirements, which may include the following:

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

What Is Classic Car Insurance?

Typically, your conventional auto insurance will protect your car up to its actual cash value, equivalent to its replacement cost minus depreciation. Classic car insurance (or antique vehicle insurance) differs from this. Unlike your everyday car, classic cars increase in value over time. The main difference between classic car insurance and your average auto insurance is that car insurance for classic cars come with additional considerations, including market value. 

Is It Cheaper to Insure an Antique Car?

Perhaps you assume that your classic car, given its value, would cost more to insure than the car you drive around most of the time. This might seem counterintuitive, but the opposite is actually true: coverage for your collectible car is likely less expensive than conventional automobile insurance. Why? You drive much fewer miles on your classic or antique car, and you’re likely to take very good care of your collectible. That said, the premiums for your collectible are still based on similar factors as conventional automobile insurance.

Ready for a Quote? Here’s What to Bring.

If you’ve read this guide and you’re ready to get an insurance quote for your classic or antique car, make sure to have the following handy:

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

Protect Your Passion

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 can protect you. Connect with an agent today to learn more.