Why You Need Classic Car Insurance

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What Cars Count As Classic

Classic car insurance is a highly specialized type of car insurance, and because of this, some criteria need to be met for a car to be covered with classic car insurance policies.

For a car to be insured with classic car insurance, it needs to meet one of three criteria related to the type of vehicle it is. Cars created in December 1904 and earlier are called Veterans in the industry and qualify. Other vehicles that are covered fit into the Edwardian category. Edwardian vehicles have manufacture dates between January 1905 and December 1918. The last group that can be considered a classic car is called Limited. This includes rare cars, as well as a special interest and limited-edition vehicles.

Not all vehicles that were built before 1974 are considered classic cars, but foreign sports cars, convertibles, two-door sports cars, cars with block V-8 engines or unique shapes to their body and select four-door sedans can fit the classic car criteria.

In most areas, vehicles should be 15 years of age or older before receiving classic car consideration. In other areas, cars under 15 years of age that are considered extremely rare or exotic can be considered.

To be eligible for classic car insurance, you may have restrictions that are related to your age as a driver, and drivers will need to have good driving history. Additionally, many providers for classic car insurance have strict storage requirements for vintage or classic vehicles. 

Lastly, for your vehicle to qualify for classic car coverage, it likely cannot be used as your primary vehicle. If you use it every day, your vehicle may not be eligible. Classic car insurance policies often have mileage restrictions of around 5000 miles each year. Further, each car insurance provider determines which cars it classifies as classic cars, so research may be needed there as well.

Classic Car Insurance

Best 7 classic cars

1966
Shelby 427 Cobra

800 horsepower sports car that sold in 2007 for $5.5 million. It has a V8 engine with four speed manual transmission. It’s light and has amazing speed.

Classic car insurance for Shelby 427 Cobra

1969
Ferrari Dino 246 GT

This is a V6 mid-engine sports car with a top speed of 146mph. It accelerates from 0-50 in 5.5 seconds. It is made of steel and just 43 inches high.

Classic car insurance for Ferrari Dino 246 GT

1964
Aston Martin DB5

Of English and Italian design, it is most famous for being James Bond’s car, featuring first in Goldfinger. The aluminium engine reaches 145 mph, getting from 0-60 in 8 seconds.

Classic car insurance for Aston Martin DB5

1969
Dodge Charger

Medium sized car which was the first American car to have a spoiler. It introduced many new interior features including wood grain steering wheel and bucket seats.

Classic car insurance for Dodge Charger

1969
Chevrolet Camaro

A sporty looking car with a wide, heavy appearance. It has a V8 engine and 4 speed manual transmission and a spoiler on the back.

Classic car insurance for Chevrolet Camaro

1961
Jaguar E-type

Beautiful British sports car with a top speed of 150 mph. does 0-60 in less than 7 seconds. It has independent front and rear suspension.

Classic car insurance for Jaguar E-type

1969
Boss 429 Mustang

A rare and highly valued car using a Ford 385 engine. Had a new, revised front apron giving a cleaner front to the car. It can reach speeds of 175 mph.

Classic car insurance for Boss 429 Mustang

Main differences of classic car insurance

Classic car owners love their cars. They may spend the majority of their time working on their antique vehicles, researching new purchases or simply driving around to different car shows enjoying the spectators gawking at their cars. If you are a classic car owner, then you need to know about insurance that is specific to classic cars. There are many reasons why, but the main reason is that you want to cover it with the type of insurance that equals how much you appreciate it. Here is why you should get it.

Coverage For Your Car’s Actual Value

While an old car might not have a large value in some peoples’ eyes, you know the true financial value of your classic car. You need insurance to cover that, not just the value listed to that year and make. Guaranteed Value is a specific type of insurance designed to cover the total value of your car in the case that it is completely totaled. 

Perfect for Occasional Use

Most companies that offer collector car insurance will allow you a flexible care insurance plan that is perfect for those who only take their vehicle out for a weekend adventure. You may want to go with a plan that doesn’t have any fixed mileage restrictions so you can drive whenever you want. However, keep in mind these types of plans don’t allow for the kind of daily driving that happens when you use your car to commute every day.

Special Roadside Assistance

A classic car can’t just get towed on any old tow truck. You want to treat your investment with care. In the case that you get stuck on the side of the road somewhere, you will want to have the option for a flatbed truck with soft straps specially designed for use with precious cargo - like your vintage vehicle. This is the type of truck you want to come to get you when you’re in a bind. Plus, operators of such vehicles are often familiar with specialty cars, and they know how to handle them with care.

Classic Car Insurance Agents Know Collector Cars

You want someone who knows and cares about collector cars just as much as you do to sell you your insurance. That’s why going with a company that deals explicitly with classic cars is a great idea. Your agent will be as excited about your classic car as you are! When you call with questions, they will know what you are talking about, or be able to find you answers about your car, and they understand how much you value your car too.

Helps You Find Authentic Replacements

Classic car insurance providers help collectible vehicle owners to find authentic replacement parts when needed. Some of them may even keep many common ones in stock. They also have specialists who are willing to go the extra mile to track down rare parts so that each piece of your vehicle is completely authentic, just the way it was when it was brand new.

Specialty Car Discounts

The way you use your classic car is different from your everyday car. You’re much less likely to drive it in the winter, for example, and collectors often have more than one collectible vehicle. Classic auto insurance usually has options that will save you dough when you garage your car for the season, and opportunities to bundle multiple vehicles for even more savings.

So, treat your beauty the way it deserves. Get classic car insurance to cover yourself and your luxury purchases just in case. When something goes wrong, you’ll be glad you did. Classic car insurance agents go the extra mile to provide help when needed. Collectible car owners would be remiss to skip this specific type of insurance for their unique needs and special vehicles.

Top Ten Classic Car Insurance Companies In USA

There are a variety of different classic car insurance companies in the United States, and each of them has different offerings and different pricing. If you are looking to purchase an automobile, and that automobile qualifies as a classic car, one of your first steps will be to research companies and rates.

Grundy Insurance. Grundy is pretty much the oldest classic car insurance company out there. James Grundy invented some of the ways that classic cars are covered and his revolutionary ideas have been adopted by many companies. A pioneer that developed actual value insurance, the company still insure over a million vehicles today, and is ranked well in financial strength, customer service and claims.

Hagerty Classic Car Insurance has been in business since 1991. The company has decided to invest 10% of its profits into the classic car community. The money is used to provide educational programs, historic vehicle programs, and youth programs. They insure over 700,000 cars. Hagerty insurance is a specialty company and provides insurance coverage to classic and antique cars only. They also have ranked well in financial strength, customer service and claims.

Classic Collectors Insurance by Infinity has over 20 years insuring collectible vehicles. Headquartered in Georgia, they have strong financial strength ratings. They have also proven their excellent customer service and have strong ratings with the Better Business Bureau. Classic Collectors Insurance offers a number of mileage plans and a number of discounts.

American Collectors Insurance provides insurance for collectible items like sports memorabilia, vintage wines, and of course, cars. American Collectors Insurance is part of a larger company, Assurant, Inc., a Fortune 500 company. It has strong financial ratings. With customizable coverage plans, and additional benefits and services featured in their policies, American Collectors Insurance can be an excellent choice for a policy.

Cost Of Classic Car Insurance

Cost Of Classic Car Insurance

Classic and collector car insurance policies are generally less costly than what you might pay for your standard automobile insurance coverage. This is because of the criteria related to driving much fewer miles each year, as well as other criteria. Additionally, drivers and collectors of classic cars are more likely to keep their vehicle in fantastic condition. Other requirements, like those about sheltering the vehicle, are also put in place to reduce risk. In the end, this decreases your rates. 

Premiums for classic and collectible vehicles are calculated in ways that are very similar to how conventional policies are derived. Your driving record, the year, make, and model of your car, whether it has an antitheft device, your age, and other variables as well, are all used to determine the cost of your auto insurance premium.

Classic car owners tend to take exceptional care of their vehicles and with the way that they drive them as well. Automobile insurance providers reward their customers with smaller premiums because of this. It means fewer miles of driving the car, but the premiums can be as much as 50% lower than insurance on a conventional vehicle.

It is good to know that classic car insurance tends not to have the same price fluctuations that are experienced by people driving and insuring conventional vehicles. It is still important to review your new policy, however, and look into researching if you can get better rates by changing companies on occasion. Lastly, the cost of your automobile insurance policy is affected by the discounts that you qualify for. If there are ways that you can be eligible for more discounts, it may make sense to pursue them. Finding the best prices on car insurance for your classic car starts here.

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