The warm summer breezes are here, so it’s the perfect time
to pull the cover off your classic car that’s been in storage during the winter months. Just know that insurance coverage for classic cars is different than that of regular-use car insurance. Make sure your collector car is protected with the right type of classic car insurance coverage before you take it out for the parade or a car show.
Collector Car Classifications
The typical description for collector or classic cars is a vehicle that is limited use and mainly taken out on the road only on occasion. The types of collector cars that fall into this category are:
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Antique cars – Collector vehicles that are 25 years or older than the current model year.
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Classic cars – Collector vehicles that are 20 years or older than the current model year.
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Exotic cars – Car models that include Porche, Lamborghini, Ferrari, Corvette and others makes that depend on the insurance carrier.
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Custom cars/Street Rods – Car models manufactured from 1949 that have been mechanically or cosmetically altered but still retain the car’s original identity.
Classic Car Insurance Guidelines
If you are planning to buy or have recently purchased a classic car, or are looking to shop for new classic car insurance quotes, the following are the typical underwriting requirements from most classic car insurance carriers:
- Existing policy for regular-use car insurance. Most carriers expect that you’ll have a regular-use vehicle that is your main mode of transportation, and that you have it continually covered by a standard car insurance policy.
- Occasional usage. Classic insurance carriers anticipate that your classic car will not be used for frequent errands or your daily commute, but is meant for "special occasion" trips such as going to car shows, for use in parades, or the occasional Sunday drive.
- Storage and protection. You’ve spent some serious money owning and maintaining your classic car, so you’ll want to keep it stored in a way that protects it from the elements or opportunities for car burglars. So does the insurance carrier.
- Good driving record. A clean driving record of five years, with the maximum of one or two minor traffic violations or accidents per household is acceptable by most classic car insurance companies. Many carriers also require that the driver and policy owner will be at least 25 years of age.
- Coverage requirements. Many insurers require liability, comprehensive and collision, all be underwritten in a classic car insurance policy.
- Other requirements. Depending on the insurer, you may be required to pay a full year’s premium prior to the policy activation date; submit a recent appraisal of your classic car; and provide recent photos of all four sides of the vehicle.
Shopping for new classic car insurance quote? Get your free auto insurance quotes today!
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