Your classic car isn’t the average Corolla. It’s not meant to just take you from point A to B.
It's a piece of history that represents a part of your personal identity and life-long story. Whether you have a 1967 Pontiac GTO or a 1964 Aston Martin, you want to make sure your prized possession is well protected. Here's how insurance for your classic car works.
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While there are many unique attributes to classic cars and their insurance, the core structure of insurance remains fairly consistent.
Classic car insurance still offers liability for bodily injury and property damage, collision, comprehensive, medical payments, and uninsured/underinsured protections. However, a big difference between car insurance and classic car insurance is reflected by the distinctions in the use of the vehicle.
Insurance companies don't typically view a "classic" vehicle as a client's primary form of transportation. To accurately reflect this minimal use of the vehicle when designing policies, some insurance companies use stipulations for your classic car, like mileage limitations and mandatory garage storage practices.
Moreover, car insurance and classic car insurance can differ in the event of a total loss. For example, if you drove a 2010 Toyota Corolla and it was totaled in 2016, with average insurance, the amount you would receive in your claims payout would factor in the 6 years of depreciation. However, with classic car insurance and your vehicle was totaled, you would receive the amount that was originally agreed upon at the onset of your policy without any depreciation. This concept is referred to as "agreed value" or "guaranteed value" coverage and it's pretty common with most insurers. The reason for this caveat is infused into the very nature of the classic car: if they're well cared for, the value will only increase over time.
Another unique aspect to classic car insurance is the idea of worldwide coverage. While the insurance for your standard vehicle is restricted to the US (and sometimes Canada), most insurance companies offer a broader form of coverage for classic cars. So, if you plan on touring your car to show it off, speak with your insurance provider about available protection options.
Because classic cars are unique monuments of the past, most policies offer room for special coverage that in-production cars, like your friend's Miata, don't need.
Auto Show Medical Reimbursement
Highly specific to classic car insurance, this insurance covers you in the event someone injuries themselves at an exhibit or event where your car is featured.
No Attendance Required
Like medical reimbursement, no attendance required coverage is specific to being at an auto show or exhibit. Here, your coverage is extended even if you’re not in the vicinity of your vehicle and damage occurs. For instance, if your vehicle is being used in a demonstration at an event and is damaged, you would still have coverage.
Coverage for spare parts
This provides coverage for any backup parts you may have if they are damaged or stolen for an agreed-upon value.
Discounts can be very company specific. However, there are a few discounts that most companies utilize which are worth some consideration:
Otherwise known as a multi-policy discount, a multi-line discount refers to having two kinds of insurance with one company. If you currently have a renters or homeowners policy, consider insuring your classic car with the same company. If bundled together, on average, you can save between $72-$110 on your car insurance.
This discount is pretty self-explanatory. Usually, your classic car isn’t your main form of transportation. So, try having your A-to-B car insured by the same insurance company as your classic car so you can be eligible for a multi-car discount.
Here are some popular providers of classic car insurance:
- Hagerty Insurance
- Grundy Insurance
- American Collectors
- State Farm
- American Modern
The process for getting your classic car insured can be a little different than trying to insure an average vehicle. A typical car has a 17 character Vehicle Identification Number (VIN) that you or your insurance company uses to rate your vehicle - but a classic car is not always guaranteed to have. Because of this, you’ll usually have to shop around for a quote for a classic car directly with an insurance agent.
Got a specific question about your shiny baby? Feel free to Ask an Agent where we can put all your car insurance worries at ease!