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3 Key Elements for Your Classic Car Insurance



Classic car owners will tell you that owning a vintage or an antique car is a lifetime passion. All classic car owners want the best for their cars. Apart from taking care of the interior and the exterior of the car, it’s also important to have the right insurance for your classic.

Did you know that insurance for classic cars is significantly cheaper than insurance for normal cars? It’s cheaper because classic cars spend less time on the road, and by definition, they are less prone to accidents. That said, classic car insurances come with certain limits such as mileage restrictions, as well as where you should park your classic.

If you’re in the market for vintage car insurance, there are three very important elements to look into. You need to make sure that your policy covers these details:

  • The Restoration Coverage

If you’ve upgraded or updated your classic, you’ll want an insurance that will cover the restoration. Not all companies offer this, so you need to check with them. You may also need to increase the agreed-upon value because upgrades to a classic car actually improve its value. Some companies offer a ‘Vehicle Under Construction’ plan that covers upgrades and updates for your vehicle, and in the process, boosting the guaranteed value by 10% per quarter during restoration.

  • Agreed Value

Speaking about agreed-upon value, this is something very important, too. A normal car totaled in an accident will usually get a payout of the ‘actual cash value.’ This amount is less than what you originally paid for your car. This type of payout doesn’t benefit classic cars because, as mentioned above, classic cars actually increase in value over time. What you want is to agree in advance with your insurance company on the price your car is worth. This is the called ‘agreed value’ which means you’re guaranteed to receive the agreed-upon amount, after deductibles if your car is totaled. There’s also the ‘stated value’ that some companies offer, which means you’ll get the stated value or the actual cash value, whichever is less.

  • Spare Parts Coverage

If you’re a car enthusiast who loves upgrading cars, you’ll know how much it can burn your pocket. One of the aspects you want in your insurance is the spare parts coverage that can provide anywhere between $2,000 to $5,200 worth of coverage for lost or stolen spare parts.

Companies that specialize in classic car insurance also provide a wide variety of discounts. Getting these discounts will help because it will also help get the best coverage for your car at the best rates. Classic cars are unique, so their insurance would be, too. Every saving opportunity you get can be channeled into improving your car.

  • Fewer miles- Discounts specifically geared toward cars that aren’t on the road too much. This may be for you if you don’t drive your classic around much, as mileage limits mean cheaper rates.
  • Discounts for more than one car- Some companies offer discounts if you came with more than one classic car, or your classic, plus your regular ride. Some also offer special rates for car collectors with a huge collection.
  • Safe driving course- If you take an accident prevention course, you can save up to 5% on some policies. Other companies also offer price breaks for safety education.
  • Anti-theft devices- There are also price breaks from 5% to 20% for anti-theft measures.
  • Club membership- If you’re part of an approved car club, you may get a discount on this, too.
  • Changing insurance- Some companies offer a discount for shifting competitors, up to 15%.
  • Winter storage- Some companies offer credit for winter months, or they allow for a reduction in the coverage when your car is in storage for the winter.

Now that you know the important details needed in your coverage, the next thing to find out is if your car qualifies for classic car insurance.

Does my car qualify for classic car insurance?

For a car to be a classic, it needs to have qualities other than just age. Although insurance companies don’t always request for appraisals, you and your car must meet certain qualifications provided by insurance companies.

Qualifications for the Car

These requirements vary among companies. However, there are some basic expectations, such as:

  • The condition- The expectation here is that classic cars need to be well-maintained. These cars need to mirror the pride of ownership and the excellence of quality.
  • The age- A classic car has to be at least 10 to 20 years old to be considered a classic, and at least 25 years to be considered antique. Different companies have different age brackets, but one thing is clear – new cars don’t qualify unless it’s a Lamborghini, Ferrari, or even a Shelby Cobra roadster.
  • The use- Generally, classic cars are a collector’s item, and they aren’t for daily driving and riding, except maybe in the spring and summer when weather conditions are pleasant. Classic car insurance policies usually state the driving limits or regulations, and if your intended use isn’t in this category, then it’s out.
  • The storage- Along with driving restrictions, there’s a regulation that requires your car to be kept in a locked and secure garage.

Qualifications for the Driver

Apart from your car, the owner of the car also needs to meet certain requirements. These are:

  • Age and experience- You need to be at least 25 years old for the insurance, or have at least 5 to 10 years of driving experience.
  • Additional car- This is tied to the storage and use regulation. Most companies require that you own a separate car for daily use since classics aren’t meant for running errands or daily use.
  • Driving record- You need to have a clean driving record for a classic car. There should be no major violations or accidents in the past 3 to 5 years.

Now that you know a little bit about classic car insurance, it’s time to sufficiently insure your car. Don’t have a classic car yet? Why not head over to to purchase one for yourself?

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