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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UPDATED: Oct 18, 2021

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Who is a classic car insurance policy for? You begin every day by opening the garage door and taking in the beautiful view of your cherry-red, ’65 Mustang. The classic lines, the sport wheels, the faithfully restored rag top. You are a classic car owner in every sense of the word. Classic car insurance is for you.

Enter your zip code to start searching for classic car insurance rates online (from many classic car insurance companies)!

To protect your investment you need good car insurance. Not just any insurance, but classic car insurance that meets the unique needs of the classic owner.

Agreed-Value Classic Car Insurance

Classic cars involve a significant financial investment by their owners, whether they are purchased cheaply and restored, or acquired in an already restored condition. As a classic car owner, you want to protect that investment against the cost of total loss. If such a tragedy should occur, you want to be able to replace the car with a new one.

Much like boat insurance, one of the options for a classic car policy is called agreed-value. Under such a policy, the insurer and owner agree on the value of the car based on several factors including current market value, total amount invested by the owner, and replacement cost of unique parts. The advantage of agreed-value is that the value of the policy doesn’t go down because of depreciation.

The alternative to agreed-value insurance is sometimes known as replacement value. At replacement value, the insurance policy pays out what it would cost to replace the vehicle, in its current condition, in the event of total loss. Depreciation and the current market value of the car determine what it is worth to the insurance company, regardless of the owner’s investment.

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Spare Parts Option for Classic Car Insurance

One of the options unique to classic car insurance is coverage that protects the value of your spare parts. Finding parts for many classics can be difficult, so it’s not uncommon for owners to buy multiples of an individual part that might need replacing more than once. If you’re an owner that continuously works on new projects, you’re likely to buy multiple spare parts.

With spare parts coverage, you are protected in the event of loss or damage. Some parts can be more expensive than others, but the industry average for this type of coverage will protect parts up to about $500. You could get higher coverage with some policies.

Towing Option for Classic Car Insurance

With classic car ownership comes the risk of breakdowns that might require towing. The towing option on the best policies allows car owners to choose the towing company of their choice; an important feature to someone who’s invested a lot into his classic GTO. The option may have limits on the amount paid, depending on the individual policy.

Some of the better towing options may also include the cost of accommodations should your breakdown occur when you’re away from home. Classic car owners can travel hundreds of miles for a show, so it’s nice to know you have four or five day’s worth of expenses covered should you find yourself stranded by a breakdown.

Theft Reward Option for Classic Car Insurance

Fire and theft occurs with classic cars just as it does with everyday models. Coverage for such events tends to be a standard part of an agreed-value policy, but may or may not be part of a replacement-value policy. In the event that it’s not, the cost is pretty much in line with what you would pay for the average family sedan.

When considering fire and theft, you might want to think about including personal items with it. In case your classic leather jacket was sitting in the seat when your car was stolen, you’ll certainly want to replace it as well. Another added option to consider is theft reward coverage.

Theft reward coverage is a policy rider which stipulates the insurance company will offer a reward to anyone who provides information leading to the recovery of a stolen vehicle. This is a great option for classic cars whose value goes well beyond the financial. The added incentive of monetary reward may help recovery of the car considerably.

Classic car auto insurance is usually offered by companies that specialize in classic car insurance, as well as some homeowners and standard auto policies. But classic car specialists have the knowledge and expertise to provide owners the best coverage for their specific needs. An online search for classic car specialists should provide you with enough companies to get you started.

You can begin your online search for classic car insurance quotes by simply entering your zip code in the box below! The more classic car insurance quotes you compare then the more opportunities that you have to find cheap classic car insurance!