Getting Insurance for a Classic or Antique Vehicle

Collector cars fall into two different categories. The collector car is either a classic, or an antique. This can mean a significant saving when the owner is attempting to insure the vehicle. Some people, including insurance agents, do not understand the difference, so you could get a higher quote than necessary.

Difference Between Classic and Antique Collector Cars

Some insurance companies have their own standards for determining if the car is classic or antique. Check with the Department of Motor Vehicles in your state to see how they classify the two categories. Knowing which category, or categories, your collector car falls into can help when talking to an agent about insuring the car.

Many states and insurance agencies differ on what they consider a classic or an antique collector car. The Classic Car Club of America defines an antique car as anything over 25 years old. They also state that it must be fully restored to its original condition. If your collector car is modified, it may not be insurable as an antique.

A collector car that is considered a classic could also be classed as an antique car. There are insurance companies that specialize in classic, antique and muscle car insurance. These companies may also have their own guidelines. If you insure your car as an antique, it may save you money.

Be aware that when companies insure a car as an antique, they usually stipulate that the car can only be driven to car shows and in parades. You will save money on insurance, but you cannot take the car out for a leisurely Sunday drive.

Some classic car insurers also stipulate that the car can only be driven so many miles in a year. This may not be a good deal for you, if you intend to drive the car around town to show it off. Getting a good deal on insurance means knowing all of your options.

Can I Get a Deal From My Regular Insurance Company?

I once owned a 1979 Ford Thunderbird Heritage. This is a limited edition model of the previous Diamond Jubilee. I purchased it used, but wanted full coverage insurance on it. It was not an antique, or a classic, but it was worth much more than an ordinary 1979 Ford.

I was able to get a good deal from my own insurance agent by taking the car to him. He photographed the car and put the pictures in the file. The 1979 Heritage was fully covered for replacement. This meant the insurance company would pay what it cost for me to find a comparable 1979 Thunderbird Heritage if something happened to mine.

I also got a deal on multi-car insurance, since my other cars were insured there. You may be able to get your insurance company to insure your collector car under these terms. The best way to afford the insurance you want on your collector car is to know all of the options. No matter how you insure the car, make sure you are aware of the terms, or it may not be that great of a deal.

Sources:

Insurelane.com

Classic Car Club of America

1979 Ford Thunderbird Heritage