Owning an antique car is a passion for many collectors, but protecting these valuable assets requires specialized insurance. Unlike regular auto insurance, antique car insurance provides coverage tailored to the unique needs of classic vehicles. In this article, we will explore how to secure the right insurance policy for your antique car and ensure its protection.
What is Antique Car Insurance?
Antique car insurance is a specialized policy designed for vehicles that are considered classics or collectibles. Typically, an antique car is at least 25 to 30 years old, well-maintained, and used for special occasions rather than daily driving. This type of insurance provides coverage for agreed-upon value, restoration costs, and more.
Steps to Secure the Right Insurance for Your Antique Car
1. Determine Your Car’s Eligibility
Before applying for insurance, ensure your vehicle meets the insurer’s definition of an antique car. Most companies require that:
The car is over 25 years old.
It is in good condition or undergoing restoration.
It is not used for daily commuting.
It is stored in a secure location, such as a garage.
2. Choose the Right Insurance Provider
Not all insurance companies offer specialized coverage for antique cars. Look for an insurer that specializes in classic or collector cars. Some well-known providers include:
Hagerty
Grundy Insurance
American Collectors Insurance
J.C. Taylor
3. Understand Coverage Options
When selecting an insurance policy, consider the following coverage options:
Agreed Value Coverage: Unlike standard policies that consider depreciation, antique car insurance covers an agreed-upon value that is determined between you and the insurer.
Spare Parts Coverage: Covers the cost of replacing rare parts.
Restoration Coverage: Helps with expenses related to restoring the vehicle.
Limited-Use Policy: Provides coverage based on mileage restrictions since most antique cars are not used daily.
4. Provide Proper Documentation
To secure coverage, insurers may require documents such as:
Vehicle registration and title.
Photos of the car (interior and exterior).
Appraisal reports or valuation documents.
Proof of proper storage conditions.
5. Compare Quotes and Policies
Different insurers offer varying premiums and coverage options. Get multiple quotes and compare them based on:
Coverage limits.
Deductibles.
Additional benefits such as roadside assistance for classic cars.
6. Maintain the Car and Comply with Policy Terms
To keep your insurance valid:
Store the vehicle in a safe and secure place.
Follow mileage restrictions.
Keep up with maintenance and restoration requirements.
Notify the insurer of any modifications or value changes.
