- Vehicles are typically required to be at least 25 years old.
- Must be in overall good condition and well-maintained.
- Limited mileage restrictions may apply, typically in the range of 5,000 to 10,000 miles per year.
Value Determination:
- Agreed Value: The insurer and the insured agree on the value of the car upfront, which is then locked in for the duration of the policy.
- Stated Value: The insured declares the car's value, and the insurer bases the coverage on that amount.
Coverage Options:
Comprehensive coverage: Protects against theft, vandalism, natural disasters, and other non-collision damages.
Collision coverage: Covers damage to your classic car in the event of an accident in which you are at fault.
Liability coverage: Protects against property damage or bodily injury caused to others in an accident for which you are liable.
Usage Restrictions:
- Pleasure Use Only: Classic car insurance typically only permits the vehicle to be used for personal enjoyment, not for commuting, commercial purposes, or racing.
- Storage Requirements: Secure and climate-controlled storage may be required for some policies.
Insurance Cost Factors:
- Car's Age, Make, and Model
- Value
- Driving Record
- Driver's Age and Experience
- Location and Storage
- Annual Mileage
- Agreed Value or Stated Value
Finding a Classic Car Insurance Provider:
- Many regular auto insurance companies offer classic car insurance.
- There are also specialty classic car insurance providers catering specifically to this market.
- It is advisable to compare multiple quotes from different insurers to find the most suitable and affordable coverage.
