Classic car insurance is a specialized policy designed to protect antique or classic cars. According to the Insurance Information Institute (III), a car is considered classic if it is at least 25 to 30 years old.
Standard automobile insurance might offer some coverage for a classic car, but it often doesn’t cover its full value. Traditional policies calculate a car's value based on age, mileage, and depreciation. However, for classic car owners, a classic car that has been customized or restored can be worth more than its depreciated value, necessitating more than basic auto insurance to cover repair costs after an accident.
Classic cars often cost more than everyday vehicles and may need specialized repairs if damaged. Due to their value and rarity, they are also more likely to be stolen or vandalized, making insurance essential.
To qualify for classic car insurance, more than just the vehicle's age and value is considered. The III states that classic car insurance usually excludes daily driving and may impose mileage restrictions. Insurers may require proof of proper storage and another vehicle for regular use.
Some insurers permit driving the vehicle to car shows and auto club events, but specific coverage might be needed for such trips. In most states, having this coverage is required if you intend to drive your automobile on public roads.
If you plan to drive your car on public roads, you must have this coverage in most states.
Contact our Insurance Agency at (541) 754-3010, to learn more about coverage options and protect your classic car.
In addition to standard coverage types, classic car insurance can be customized with:
