Classic Car Insurance

What Are Classic Car Insurance Policies?

Drivers who own classic cars and trucks often invest a significant amount of time and money into their beloved vehicles, and their investment ought to be protected. Classic car insurance gives owners of classic vehicles a way to protect their vehicles and themselves.

Classic car insurance policies are auto insurance policies that have been specifically designed for classic cars and trucks. They take into account that these vehicles are often worth a lot and are not often driven.

How Do Insurers Determine the Value of Classic Cars and Trucks?

If they’re available, insurers will often use comparable sales to determine how much a classic car or truck is worth. Because classic vehicles are relatively rare, however, there frequently aren’t enough comparable sales available. Therefore, insurers frequently supplement comparable sales with auction sale prices, third-party appraisals, and receipts from any work done on a vehicle.

Owners who would like to have a third-party appraisal done in case anything happens to their car or truck may find a qualified appraiser at a nearby classic auto show.

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Classic Car Insurance

How Are Stated Value and Agreed Value Classic Auto Insurance Policies Different?

Most insurance companies offer two different types of classic auto policies: stated value policies and agreed value policies.

Stated value policies usually insure a classic car or truck for it’s stated value. This is typically the vehicle’s fair-market value, as determined from the sources mentioned above.

Agreed value policies insure a classic car or truck for a value that the driver and insurer agree upon. This value can be different from the vehicle’s fair-market value. These policies, thus, give drivers who would like more protection than a stated value policy would provide a way to purchase the additional coverage they want.

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What People Need Classic Auto Insurance?

Most people who own a classic car or truck should have a classic auto policy. Normally, this type of policy provides the most appropriate coverages for classic vehicles at the best prices.

How Old Does a Car or Truck Need to Be to Qualify for Classic Auto Insurance?

Despite its name, classic auto insurance isn’t only used to insure truly classic cars and trucks. This type of auto insurance is frequently suitable for any collectible, exotic, or rare vehicle. Therefore, it’s frequently used to insure old, classic cars -- but it also might be a good choice for insuring a new collectible or exotic car.

Drivers who would like to know whether their particular vehicle qualifies for a classic auto policy should contact their insurance agent. Their agent will be able to look up the year, make, and model of the vehicle to see whether a classic auto policy is available for it.

Classic Car Insurance

Does a Classic Auto Policy Cover a Vehicle While It’s Being Restored?

Many insurers cover classic cars and trucks while they’re being stored or worked on at a restoration shop. Some companies, however, require drivers to notify them of the shop’s location prior to moving the insured vehicle to the shop. Additionally, a few insurers might not cover shops in certain areas, or they may adjust a policy’s rates. Drivers should contact their insurance agent before bringing their vehicle to a repair shop to find out whether they need to make any adjustments to the vehicle's insurance policy. 

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How Can Drivers Who Need Coverage Get Classic Car Insurance?

Drivers who need classic car insurance can contact an independent insurance agent for help finding a policy. You want to find an agency that specializes in covering classic cars to ensure that you are taken care of properly. 

Meet Your Industry Specialist

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Cathy Saporito

Mrs. Saporito joins World Insurance Associates as Principal, Senior Vice President, Head of Personal Lines. She joins the team from AIG, where she was a Senior Business Development Manager for AIG Premier with responsibilities for New Jersey and Eastern Pennsylvania. Cathy has worked on the agency side and the insurance company side and has been successful throughout her career.

In her spare time, Cathy enjoys spending time with her family and walking trails with her hound dog Sadie. She is passionate about serving others, especially the homeless, through organizations like Feeding 5000 and the Sunday Breakfast Mission.

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