Classic Car Insurance FAQs

A classic car is more than a vehicle — it’s a collection of memories and heritage. Since it’s a considerable investment, you wouldn’t want anything to happen to your antique, vintage, or whichever classic vehicle you have. One sure way of protecting it from the unthinkable is by investing in classic car insurance.

Is standard car insurance the same as classic car insurance? Well, this is one of the many frequently asked questions about classic car insurance we receive at Leo Insurance Group. To that end, we’ve prepared some frequently asked questions about classic car insurance that can help you get the right insurance for your toy.

1.      What is classic car insurance?

Classic car insurance is dedicated insurance for vehicles that are generally over 25 years. However, modern classics can also fall under this category. The other requirements for your car to qualify for classic car insurance include:

·       Store the car in a secure place

·       Annual restriction mileage — your classic shouldn’t be an everyday car

·       Do not drive the car on a racetrack

·       Driver must be over twenty-five years 

2.      How much does classic car insurance cost?

Classic car insurance cost is going to depend on several factors, including the age, model and condition of the car. Other pricing factors might include how you store your vehicle (such as a garage or storage facility) and how you use the vehicle. The only way to know what you’ll pay is to get quotes.

3.      Can I get discounts for classic car insurance?

Some classic car insurance providers offer discounts to their customers. For example, American Modern offers discounts for car club membership, anti-theft devices, accident prevention and the value of your collection.

You may qualify for other discounts, like a multi-vehicle discount if you insure a classic car with the same company you use for your regular car. You could get a bundling discount if you insure your car and home with the same company.

Classic cars may be excluded from car insurance discounts you might find on a personal auto policy, like good driver and good student discounts.

4.      Does AAA have classic car insurance?

Yes, AAA sells classic car insurance from Hagerty Insurance.

5.      How old does a car have to be for classic car insurance?

There is no specific age for a car to be eligible for classic car insurance. “Classic car” is a catch-all phrase for antique, collector, vintage and even “modern classics” or “future classics,”  which are newer vehicles.

Even if you have an older vehicle, it might not be eligible for classic car insurance, depending on how you use it. For example, daily use vehicles, off-road vehicles and commercial vehicles typically won’t qualify for classic car insurance. If your car doesn’t qualify,, you can get a traditional car insurance policy.

6.     Do insurance companies put mileage limits on classic cars?

Whether a classic car coverage has a mileage limit depends on the insurance company. Some insurers allow for unlimited mileage, while others may say you can only drive it 10,000 miles annually or less.

Your classic car insurer might also limit how often you drive your car. For example, Hagerty typically won’t insure a car if it’s used for daily commuting.

It’s a good idea to ask your insurance agent about any mileage or usage limits on your classic car insurance policy.

7.     What’s the deductible for classic car insurance?

Similar to a traditional car insurance policy, you will typically get to choose your deductible amount. Common deductible amounts generally range from $250 to $1,000. But some insurers offer policies with no deductibles or you might find deductibles as high as $10,000.

Generally, the higher the car insurance deductible, the less you will pay in car insurance premiums. No matter what deductible amount you choose for your classic car insurance policy, make sure you set aside enough money so that you can afford the deductible in case you need to file an insurance claim.

8.     Is classic car insurance the same as standard car insurance?

No, classic car insurance differs from standard car insurance in many features. The most important one is that it allows for an agreed value coverage. The agreed value policy allows you and your insurer to decide on the value of your classic car, which will be the payout value should your car be totaled.

9.     What does classic car insurance cover?

Most of the classic car coverages are similar to those of standard car insurance. They include:

·       Liability coverage

·       Comprehensive coverage

·       Collision coverage

·       Underinsured/uninsured motorist coverage

·       Medical payments

·       Special parts coverage

·       No attendance coverage

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