A former insurance producer, Laura understands that education is key when it comes to buying insurance. She has happily dedicated many hours to helping her clients understand how the insurance marketplace works so they can find the best car, home, and life insurance products for their needs.

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products, including home, life, auto, and commercial, and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, mainly in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers Insurance CSR 4 Years

UPDATED: Oct 19, 2021

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Important facts to know...

  • Just as you need insurance coverage for your commuting or family vehicle, you also need auto insurance on your hot rod
  • There are several challenges to overcome when insuring a hot rod
  • You can follow a few helpful tips to save money on your hot rod car insurance

Buying car insurance is one of the best steps you can take to protect yourself from financial losses related to your vehicles. While you may have auto coverage on your family vehicle or a car that you commute back and forth to work in, you may not think that coverage is necessary or even available on a hot rod.

The reality is that hot rod insurance is necessary and readily available through some providers. By learning more about the needs and options available, you can take the proper steps to insure your hot rod.

Learn more about how to insurance your hot rod below and make sure to use our free insurance comparison tool above today! free insurance comparison tool above today! 

Why You Need to Insure Your Hot Rod

A hot rod is a special vehicle that has been beautifully restored or even upgraded in some cases, and it often has an incredible value that other vehicles of a similar age do not have. You may have considerable financial equity in your hot rod, and you stand to lose this asset if the vehicle is stolen or damaged.

More than that, if you cause an accident in your hot rod, you could be held financially liable for the damages you cause. Any time you drive a vehicle or even tow it in some states, you are required to have it properly insured. Most states require drivers obtain at least a minimum level of liability coverage.

This ensures that they have the financial means to pay others for damages they may cause while operating the vehicle. Many hot rod owners will benefit from purchasing additional coverage, such as collision or comprehensive insurance. This coverage pays for your own medical bills and vehicle repairs if you are in an accident.

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How Your Vehicle May Qualify for Special Car Insurance

Hot rod car insurance is a special type of coverage that is not available for most vehicles. Each provider that offers hot rod coverage has unique requirements that you must meet, but you may find some similarities between these requirements. For example, most vehicles must meet these requirements:

  • The vehicle should not be used for everyday transportation needs. You may need to prove to your insurer that you own another vehicle that is used for errands and commuting to work.
  • Travel in the vehicle may be limited to auto shows and club meetings.
  • The vehicle may need to be stored regularly in a private, secure, and enclosed location.
  • You may need to have a spotless driving history.

Challenges Associated With Buying Hot Rod Insurance

Because the requirements for hot rod car insurance vary by provider, it makes sense to shop around for a policy that you may qualify for that has the best rates. However, as you begin looking for a provider that offers this type of specialty coverage, you may run into a few challenges.

Determining the Value of Your Vehicle

One of the most common challenges that hot rod owners run into when trying to buy specialty car insurance is arriving at a fair replacement value for the car. Vintage or specialty cars typically are not priced at fair market value in an open market environment.

Instead, they may be sold at a high amount at an auction or to a collector. Getting an appraisal from an independent third party is generally a reasonable way to arrive at a value that your vehicle should be insured at.

Getting the Special Provisions You Need

Hot rod owners are often very particular about who works on their vehicle. In the event your vehicle is damaged, you understandably want some say over which mechanic or service center repairs it, and you need to find a policy that includes this special provision if this is important to you. This is just one of several types of special provisions you may want to focus your attention on when buying a hot rod insurance policy.

Buying Hot Rod Insurance

Buying hot rod insurance is like buying a standard auto insurance policy in many ways. For example, you will need to give your provider many details about the insured driver and the vehicle before you can get a quote.

Because this is specialty insurance, you likely will need to prove that you comply with any special requirements the insurer has as well. You often can request specialty car insurance quotes over the phone or online.

Choosing Your Provider Carefully

Just as you would carefully select a provider for a standard insurance policy, you need to follow the same steps to analyze the financial strength and reputation of a provider for your specialty car insurance policy. Review consumer ratings and A.M. Best details online. It is also helpful to learn more about any requirements that providers have for specialty or hot rod insurance before you spend time requesting quotes from several insurance companies.

Getting an Affordable Policy

While you understandably need to purchase insurance for your hot rod, you also need to buy coverage that is affordable for your budget. There are exceptional ways to save money on your auto insurance policy, but some of these methods may be different than with a traditional auto policy.

As with your traditional auto insurance policy, you may qualify for savings by opting for a higher deductible. For example, rather than choosing a standard $500 deductible, increase your deductible to $750 or even $1,00 to enjoy a more affordable premium. However, ensure that your deductible is low enough that you can afford to pay it if you need to file a claim.

In addition, some discounts that are common with a traditional policy may still apply for hot rod insurance. You may benefit from a discount for a multi-car policy or for bundled insurance.

Remember that where you live, your driving record, and your credit scores may also affect your rates, and these are all factors that you can control.

You may have invested a considerable amount of time, energy, and money into your hot rod. The last thing you want is for your treasured vehicle to be damaged or stolen. Buying hot rod insurance makes sense, and it may even be required if you plan to drive or transport your vehicle on local roads. Now is a great time to begin exploring your options for hot rod insurance and getting the coverage you need.

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