Classic Car Insurance – What you need to know


You just purchased your long awaited classic car. She’s your baby, and you’re so proud of how she looks. Now it’s time to consider your insurance options:

1. Typically classic cars are insured for an agreed value. This value is agreed upon by you and the insurance company based on collector car values and guides (normal autos are paid on an actual cash value basis which includes depreciation). Classic cars differ in the fact their value can increase over time. For example, let’s say you own a 1957 Chevrolet Bel Air with an estimated value of $61,000. If you have a classic car policy and your vehicle was in a total loss, your insurance company would compensate you with the agreed value of $61,000.

2. The overall cost of classic car insurance is far less than regular car insurance prices. People love and care deeply for their cars, and they look at them as an investment. These vehicles aren’t usually driven many miles per year, and many classic car owners tow their cars to events vs. driving them.

3. The total amount of claims made in a group of classic car policies is usually minimal. Because of the above reasons, classic cars are not exposed to accidents the way normal use autos are. You can reap the benefit of this by enjoying lower premiums.

4. There are many different types of coverage you can choose from to protect your car including:

Coverage for add on equipment

Liability coverage for classic car shows

OEM part coverage

Suspense of coverage when not in use

When you’re ready, let us look at our multiple insurance companies to see which one gives you the best options and coverage you need.

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