Classic Car Insurance: A Closer Look

classic car insurance

Classic car insurance is a specialty form of coverage that provides you with a policy specialized for specific car models of a certain age.

Most of the top tier insurance providers offer this type of coverage, though you may have to find a unique provider depending on where you live.

Today, we’ll discuss the best things about classic insurance as well as why it’s necessary to protect your investment.

About Classic Vehicle Insurance

When you are the owner of a unique car, you will require particular policies equipped to protect your vehicle.

Unfortunately, standard car insurance policies will not have everything that you need for peace of mind but also to protect your investment.

If you have a collector vehicle, an antique, or a vintage car, you will undoubtedly want to consider this type of coverage.

Several different insurance providers have policies to consider, though Hagerty seems to be one of the most popular.

You’ll find that some of the most reputable providers have partnered with Hagerty to offer competitive rates and flexible policies to take care of your every need.

Quotes Online

As with any other type of insurance, shopping around for the best price is the only way to make sure you have affordable coverage.

Most providers will have an online quote portal where you fill out the information about your vehicle, such as its make and model, to determine the price that your potential policy may have.

You will also be able to take the time to create a customized package, as you might need certain types of coverage that other classic car owners don’t need.

To find information about antique car insurance quotes online, visit the prospective provider you might be interested in signing with.

A few of the most popular include:

At this time, Chubb does not offer an online quoting system; however, you can contact them at 1-866-227-9648 for more information.

The Pros

Depending on the insurance that you choose, there are bound to be several notable benefits ranging from having expertise valuations to guaranteed coverage.

When you opt for this type of coverage, the most significant highlights will include:

1. No Fixed Limits

You’re likely going to want to drive your classic car once good weather comes around, and some insurance providers will have a fixed number of miles you can travel within a single year.

Others, on the other hand, won’t have fixed limits, meaning you can take as many pleasure cruises as you desire.

You must confirm these details with a prospective provider before signing up for a policy, as it can significantly limit your usage.

2. Professional Appraisals

If you have recently purchased an antique and are interested in having it appraised, your selected insurance company will likely do all of the work for you.

Typically, they will send one of their expert appraisers to your property to inspect your vehicle and provide you with an accurate valuation.

At this point, you can then determine what type of coverage best suits your needs to protect your investment.

3. Guaranteed Value Programs

After your vehicle’s appraisal, that value is the total reimbursement you may receive after being in an accident.

In incidents where your classic car is irreparable, your guaranteed value should cover the valuation of your vehicle on the date of its appraisal.

Sometimes, you can even find providers that will account for the market appreciation of your vehicle, as well.

4. Impressive Customer Service

When it comes to this type of insurance, it’s not as common as everyday auto insurance, and as such, you are likely to be faced with an impressive team of insurance agents to help.

Since these individuals specialize in particular makes and models, you’ll have top tier service to assist you with filing claims or if you have any questions about your account.

Most customers find that these types of insurance retailers are far more friendly and efficient than generic car insurance providers.

Who Will Benefit the Most

Much like its name suggests, those who own classic, antique, or vintage cars will get the most benefits from this type of insurance.

However, not every owner will be able to qualify since there are particular standards your vehicle needs to meet.

Compared to traditional auto insurance, this specialty insurance is slightly more challenging to be approved for.

As long as you can meet the following expectations, you are likely to get a reasonable price for your insurance:

1. Driver Eligibility

If you have a spotty driving history with severe infractions within the last three years, you will not be eligible for most types of vintage car insurance.

These infractions may include excessive speeding, alcohol offenses, and reckless driving.

2. Storage

Most often, you will need to have a reliable place to store your vehicle that is highly secured to qualify.

The majority of providers will deem private garages more than sufficient, though you may also want to consider a unique storage unit, such as a pole barn.

3. Regular Vehicles

One of the most important things for these insurers is to make sure that you will not be using your classic car as your primary source of transportation.

With that said, household members who hold valid driver’s licenses must prove that they have an alternate vehicle to use for daily tasks.

Depending on the provider, motorcycles may not be considered as regular-use vehicles.

Things to Think About

The most considerable disadvantage to insurance for classic cars is the fact that you’ll have to jump through a lot of hoops to even be considered, as earlier discussed.

A couple of other essential things to think about include:

1. Vehicle Eligibility

Apart from meeting the basic requirements as a driver, your vehicle must meet some, as well.

Most of these insurers will only work with vehicles that fall within the categories of:

  • Muscle Cars
  • Convertibles
  • Sports Cars
  • Replicas
  • Street Rods
  • Exotics
  • Kit Cars
  • Horseless Carriages
  • Fire Engines
  • Steam Automobiles

2. Policy Costs

Considering the value of your classic vehicle is likely twice, if not more, the value of your regular vehicle, you can expect your insurance premiums to be substantially higher, as well.

With that said, shopping around with different providers can help you to find more competitive rates.

Regardless, you can expect to pay quite a hefty sum to protect an antique vehicle compared to ensuring the regular car that you and your family drive every day.

Classic Car Insurance: Final Thoughts

Obtaining classic car insurance is something that you certainly need as the owner of an antique or vintage vehicle.

With several top tier providers on the market, selecting the right one shouldn’t be too difficult, especially since they have competitive rates and comprehensive packages to cover your every need.


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