How do I qualify for classic insurance?
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UPDATED: Oct 19, 2021
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- Classic car insurance is a unique type of auto insurance designed for the needs of specialty or vintage cars
- Not every vehicle will meet every provider’s definition of a classic car
- Your car’s value usually must exceed the original selling price to be considered a classic
- Insurance providers typically have specific usage and storage requirements that the covered vehicle must meet
- Additionally, providers will take your age and driving record into consideration
Classic cars are not like your daily use vehicle. For instance, you may not use your classic car as regularly and also the value, unlike a new car, may still be increasing.
Due to these factors, your traditional auto insurance policy will not provide adequate coverage to your classic car. To protect yourself from the risks, ensuring you have the right coverage for your classic is critical.
Don’t risk not having the right coverage for your classic vehicle. Enter your zip code into our FREE tool above to start comparison shopping today!
Does your vehicle need classic car insurance?
While you may believe your vehicle meets the definition of a classic car, your insurance provider may have other thoughts. In the world of auto insurance, there is no consistent definition of what a classic car is.
Different insurance providers take into account different factors and have different rates based on the vehicle, so talk to an insurance agent or provider to find out more.
Although every insurance provider has different criteria for what makes a classic car classic, there are some commonly considered factors.
For instance, if the value of your car exceeds it’s original purchase price, then it could be considered classic.
Additionally, the age of your car and whether your car is exotic, luxury, modified or otherwise unique can all be factors.
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Does your vehicle meet the classic car criteria?
Due to every insurance provider’s different criteria, it’s important to figure out if your car meets some basic, commonly used criteria. Although similar in concept to a standard auto policy, insurance policies for classic cars also address some unique issues that daily use cars do not face.
First off, the classic car in question may not be used as your everyday vehicle, meaning you don’t use it for errands, commuting, or anything business related. Some insurance providers may also put mileage limitations on your classic car, or may require you to own a primary vehicle that you will use for everyday travel.
Although your provider may limit the use of the classic car, there are exceptions for travel to car shows, auto club meet-ups, or other classic car related meetings.
Every insurance provider may not extend this coverage, so be sure to check with your primary provider if you are traveling. There may be specialized coverage available from your current provider or other specialty providers.
Last, your provider may also require that you securely store your classic car according to policy specified criteria. For instance, this could be storing your vehicle in a locked storage unit or a residential garage.
Have you had your vehicle appraised?
Every insurance provider may not require it, but having your classic car appraised may help when it comes to determining the insurance needed, which can help in a couple of ways, especially when it comes to figuring out how much coverage you need or making a plan in the event of an auto accident.
Classic cars tend to appreciate in value, compared to the depreciation that most other vehicles face from the moment they come off the lot.
Having your vehicle appraised by a reputable, third-party company can provide you and your insurance provider with the value of your vehicle in its current state, which may be a step you want to consider having done annually so that you can provide updated value to your provider at each renewal.
Additionally, having an accurate and reputable appraisal can help in the case of an accident. Insurance providers often go off the actual cash value of the vehicle when it comes time to pay out a claim.
Having a documented report from a reputable third-party can show your provide you with a leg to stand on when it comes time to discuss any claim settlements.
Purchasing Classic Car Coverage
The risks faced by a classic car are often much different than a traditional vehicle. Qualifying for classic car insurance is often rigorous, but is well worth the effort for your vehicle’s protection and your financial security.
Make sure that you’re prepared to meet the policy requirements from your insurance provider, which could include mileage caps, travel restrictions, or storage and security requirements.