Classic Car Insurance: All You Need to Know About Vintage Car Insurance
What does classic car insurance cover?
Have you recently purchased a historic car, such as a 1967 Ford Mustang? Are you interested in learning how much it costs to insure a classic car? The quick answer is that it is less expensive than standard auto insurance. Here’s how it works:
When compared to a vehicle utilized for commuting or errands, a classic car spends less time on the road. As a result, classic car insurance is less costly than standard car insurance. Classic automobile insurance often costs between $400 and $1,000 per year.
Classic car insurance prices, like any other insurance policy, will vary depending on a number of criteria. They include information about the driver’s location, driving history, and the value of the car. Both antique and high-performance automobiles are often covered by classic car insurance. The regulations and rates, on the other hand, range from one company to the next.
What does classic car insurance cover?
Classic car insurance provides the same level of protection as regular car insurance. These are some of them:
Liability insurance: Liability insurance reimburses you for any property damage or injuries you cause to others. It also covers your legal defense if you are sued after causing a car accident. If you want to drive your car on public roads, most states require this type of insurance.
Collision and comprehensive coverage: Collision and comprehensive insurance cover a wide range of risks, including car accidents, theft, vandalism, animal collisions, fire, water, hail, falling objects, and riots.
Uninsured motorist coverage: Uninsured motorist coverage pays for your medical expenses if you are hit by a driver who does not have insurance. Damage caused by an uninsured driver may also be covered. This form of insurance is required in several states.
Cherished salvage coverage: Classic automobile insurance often includes additional alternative coverage options that you can customize to match your individual needs in addition to the standard coverage options: Assume your historic car is totaled and you have valuable salvage coverage. You will be able to keep the salvaged vehicle while still obtaining money from the car insurance provider in this situation (minus your deductible).
Spare parts coverage: A package for spare parts and tools essential for maintaining or restoring your historic car is included under this coverage. Some car insurance providers will cover extra parts that aren’t made for the vehicle covered by the policy.
Roadside support: If you have this type of coverage, you will receive roadside assistance in the event of a breakdown. It includes the expense of towing as well as other necessities like gasoline or oil.
What types of cars are eligible?
Antique and classic cars, old military vehicles, classic tractors, custom cars, exotics, kit cars and reproductions, modified vehicles like hot rods and lowriders, and vintage motorbikes and scooters are all covered by classic car insurance.
Muscle automobiles like the Mustang and Camaro, historic race cars, and retired business vehicles like a vintage fire truck are all covered.
What types of cars are excluded?
Insurance companies frequently consider how you use your vehicle when deciding coverage.
Classic car insurance frequently includes a “restricted usage” condition. This usually means you’ll only utilize the automobile for a limited number of occasions, such as exhibitions, parades, and vintage car club activities.
A classic automobile insurance policy may allow you to use the vehicle for other purposes on occasion, such as leisure drives. However, if you use it frequently, such as for traveling to work, classic automobile insurance coverage is unlikely to cover it.
For example, regardless of age, leading providers of classic car insurance will not insure a historic car if it is utilized in one of the following ways:
• Vehicles for daily use
• Recreational or off-road vehicles
• Vehicles for commercial usage
Some insurance companies may need you to have a conventional car for everyday driving if you want your historic car to qualify for classic car insurance.
Some antique car insurance policies may include storage requirements. You may need to park the car in an enclosed, locked garage or storage facility, for example, to qualify for coverage. Other storage solutions, such as carports, driveways, parking garages, and car transport trailers, may be appropriate as well.
How to save on insurance costs?
By researching rates and taking advantage of discounts, you may save money on classic car insurance. Using the Way.com app, you can get free classic car insurance quotes in about 10 minutes.
Many discounts, such as those offered for having an anti-theft device or completing a defensive driving course, can help you save money on antique vehicle insurance. Some companies will also give you a discount if you join a specific automobile club or swap insurance company. So, when looking for classic automobile insurance, make sure to consider all of your possibilities.