Insuring the car you drive every day is a relatively straightforward process. You contact an insurance agent, tell them about the car and yourself, and they will get you a quote. If you contact one of our independent insurance agents, we will even shop for several quotes for you so you can get the best coverage at a competitive price. You choose the coverage best for you, make payment arrangements and you are insured. But what if you have a classic car? What type of insurance should you get and how would it differ from everyday automobile insurance?
Insurance companies can have slightly varying qualifications for what is determined to be a classic car and what is an antique car. A classic car is usually one that is at least 10 to 15 years old that either was limited in production or has some historical value. An antique automobile is one that is at least 25 years old. That can be eye-opening considering that cars produced in the first half of the 1990s are now “antiques”.
You may think that a classic car that may be driven rarely, or even just displayed at car shows may be less expensive to insure than a daily driver. In some cases that can be true. When it comes to antique cars, however, their value is much higher than normal “book value” and are frequently more expensive to cover. Even a small fender bender involving an antique car can be extremely costly to repair. For this reason, some insurers will come to an “agreed value” of an antique car before insuring it so the company and the policyholder both know in advance what the car is worth. How many miles a car will be driven, how and where it will be stored and how it will be transported for display will be contributing factors in determining insurance rates. Of course, like traditional car insurance, the owner’s driving record, credit rating and policy deductible will play a role. It will also depend on where you purchase your policy.
Classic and antique car insurance is just one of the ways our independent insurance agents can assist those with special or unique needs. If you are considering restoring an older vehicle or perhaps are interested in purchasing an already restored classic, contact us for a no-obligation quote. We look forward to serving you.