Classic Cars vs. Daily Drivers. What’s The Difference When It Comes To Insurance?
If you own a vehicle that is an antique or collector’s item, you may want to consider protecting it with classic car insurance. Classic car insurance is a specialized type of auto insurance for qualifying vehicles. Depending on the insurer, the classic vehicle may not need to be a traditional car; motorcycles, kit cars and tractors may qualify if they meet specific criteria.
In most cases, classic car insurance would be unavailable if the car is your primary vehicle. If it’s a primary vehicle, it would need to be insured by a standard auto insurance policy.
How Does Classic Car Insurance Work?
A classic car insurance policy is similar to a standard auto policy but has the added benefit of covering your vehicle for its agreed value instead of actual cash value, which can depreciate.
What Does Classic Car Insurance Cover?
A classic car insurance policy may include the following coverages:
- Bodily injury liability coverage may help cover injuries the covered driver causes to someone else in an auto accident.
- Property damage liability may help pay for damage caused to someone else’s property in an accident.
- Collision coverage may help pay for damage to the covered driver’s car resulting from a collision with another car or object.
- Comprehensive coverage may help reimburse losses due to a covered event that isn’t a collision. This might include fire, falling objects, windstorms, hail, vandalism and damage from wildlife.
- Roadside assistance is usually an add-on coverage option for classic cars and may include flatbed towing with soft straps.
After How Many Years Is a Car Considered Classic?
Typically, a vehicle is considered classic if it is more than 10 years old and has a historical interest; however, an insurer may have its own criteria for recognizing a vehicle as a classic. More specifically, different insurers may have qualifying criteria they use beyond a car’s age, including how it’s used and stored.
How to Get Classic Car Insurance
Contact I & E Insurance Agency & Financial Services to discuss your classic car insurance needs. We can help you get the coverage necessary for your specific vehicle.