I own a 30 year old mustang and I want classic car insurance, but the company I’m wanting to use won’t issue a policy since I don’t have a garage at my home. I have a clear record and the mustang is not my daily driver.
Classic car insurance and a standard auto policy can differ significantly. Since most, if not all, classic auto policies cover your car based on a stated amount value rather than a depreciated value, there are more requirements to qualify for a policy. Keeping the vehicle in a garage significantly reduces the chances of theft and damage from weather events. You could still insure your vehicle on a personal auto policy that wouldn’t have the same stipulations as classic car coverage, but the payout from your insurance company at the time of loss would be much lower than a classic car policy because of how the value is determined. I hope this helps!