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5 Facts to Know About Classic Car Insurance

Do you have a classic or antique car parked in your garage? Even if you rarely drive it, you should still purchase insurance coverage to protect your investment. Read on to learn five facts every classic car collector should know about auto insurance:

1. Coverage for Classic Cars Is Usually Cheaper

Although more expensive cars tend to have higher insurance costs, this isn’t necessarily the case for classic car collectors. Most collectors do not drive their vehicles very often, which means they have a low annual mileage. Classic car collectors also tend to take care of their vehicles, which further reduces the likelihood of filing a claim. These factors translate into lower insurance premiums.


5 Facts to Know About Classic Car Insurance

If your classic car is in good condition and your annual mileage is low, your insurance may be surprisingly cheap.

2. Classic Cars Used for Racing Tend to Have Higher Insurance Rates

Although classic cars usually have lower insurance rates, vehicles used for racing are an exception. Insurance companies view racing as a high-risk behavior, which translates into more expensive premiums.

3. Most Insurance Claims on Classic Cars Aren’t for Collisions

In fact, most insurance claims on classic cars relate to incidents that occur on the owner’s property. If you store your vehicle in a garage with other heavy items, it could become damaged if something falls on it. This is especially worth considering if you live in an earthquake-prone state such as California, Washington, or Alaska.

4. There Are Strict Qualifications to Be Eligible for Classic Car Insurance Coverage

To be eligible for this type of insurance, your car must be considered a classic or antique. Your vehicle may qualify if it is:

  • Between 10 and 25 years old (for classic cars) or older than 25 years old (for antiques);
  • In good condition; and
  • Rare.

Your insurance company may also require that you have very low annual mileage and that you store the vehicle in a safe facility. You may be denied classic car insurance if you have a poor driving record.

5. It’s Important to Shop Around for the Best Rates for Your Classic Car Insurance

Many of the top insurance providers offer classic car insurance, as do many smaller companies. Smaller insurers typically advertise at car shows and through word of mouth. Larger insurers usually offer online rate comparison reports. Before you commit to an insurance company for your classic car, be sure to compare several carriers to find the best deal.

You shouldn’t have to break the bank to afford insurance for a vehicle you rarely drive. If you have a decent driving record, low annual mileage, and an insurance provider that offers specialty rates for classic and antique cars, you can expect to pay less for classic car insurance than for insuring a standard vehicle.

Were there any important points that we missed? Feel free to add them in the Comment section below.