Antique, Collector and Classic Car Insurance

The classic car enthusiast can fully enjoy his hobby knowing that his treasure is protected by classic car insurance. Classic car insurance has been around for over fifty years and covers classic, antique, vintage and collector cars. Most companies that provide classic car insurance offer it at a premium much lower than standard car insurance and with fewer exclusions and limitations.

Classic vs. Standard Insurance

As most car collectors know, standard car insurance does not allow for the exact replacement of unique or original parts. Insurance companies are more concerned with getting the car back on the road than restoring it to its original state. Classic car insurance allows for parts to be replaced to the original state and even allows the customer to determine the place of repair.

Classic Car Insurance Requirements

To qualify for a classic car insurance policy the car must be older than fifteen years. It cannot be the primary driving vehicle or used for commercial purposes. A separate vehicle must be used for daily transportation. Some companies may have other requirements like limiting the amount the car is driven per year and defining how the car is stored.

Classic Car Insurance Types

There are three types of classic car insurance. The first type is similar to a standard car insurance policy and is actual cash value insurance. When filing a claim with an actual cash value the claim will pay an amount equal to the depreciated amount of the automobile.
 
Another type of classic car insurance used for classic cars and antique cars is the stated amount policy. A stated amount equals the most that will be paid on the car. This amount isn't always current with the actual value of the car and many policyholders get misrepresented with this policy because of its vague meaning.
 
The best type of coverage is known as an agreed value. The agreed value is an amount guaranteed in writing that the policyholder would receive if the car is damaged or stolen. This amount should reflect the true market value of the antique or classic car. The true market value can be determined by an appraiser or by consulting classic car price guides.

Finding the Best

When purchasing classic car insurance make sure your agent is with a reputable grade "A" insurance company and is licensed by the state. Some of the best information available comes from car clubs where other antique, classic, collector or vintage car enthusiasts belong.