A Guide to Classic Car Insurance | TGS Insurance Agency

A Guide to Classic Car Insurance

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a guide to classic car insurance

Requirements for Classic Car Insurance

Classic car insurance is designed to protect your unique, vintage cars in storage and on the road. These policies are tailor-made to fit each vehicle, so when seeking coverage for a classic car, it’s important to pay attention to the following requirements:

  • Age: The definition of “classic car” will vary from carrier to carrier. However, you can expect an age requirement of about 25 years minimum.
  • Condition: Most carriers will require your classic car to be in excellent condition, unless you are actively restoring the vehicle.
  • Driver eligibility: There is often a requirement that the driver may not have a history of reckless driving or other serious infractions in order to be eligible for classic car insurance.
  • Storage: Some carriers require covered or indoor storage to qualify for a classic car policy.
  • Usage: A classic car is meant to be used for leisure, including infrequent trips and shows. Some carriers establish strict mileage limits for classic car coverage. Others verify that you have a separate car (with standard auto insurance) that you use for your day to day activities, such as your commute.

>> TGSI TIP: Ask your insurance agent about Under Construction coverage for an ongoing restoration project.

Classic Car Coverage vs Standard Auto Coverage

One of the major differences between standard auto insurance and classic car insurance is the amount that you would receive to replace your vehicle if it’s totaled. Standard insurance covers the replacement cost, which is the cost of buying a replacement vehicle in today’s market. A classic car policy, however, would cover the actual cash value of the vehicle. That includes the change in value over time. For a standard, depreciated car, this would be too little coverage, but it’s perfect for an appreciated vintage car! The exact amount that a classic car is appraised for will depend on the carrier. It’s a great idea to shop your carrier to find the best deal.

>> RELATED READING: Actual Cash Value vs Replacement Cost

When it comes to classic car insurance, the integrity of the parts of the vehicle also matter. Unlike standard auto coverage, a classic car policy will usually allow for the use of original parts to repair your vehicle. This protects the quality of your classic car from lesser aftermarket parts.

What’s Included in Classic Car Insurance?

These policies are customized to fit the needs of your vehicle, so no two policies will be the same. Classic car insurance starts with the minimum liability requirements established by your state (for both property damage and bodily injury). It will also typically include comprehensive and collision coverage up to the appreciated actual cash value of your vehicle.

Other elements of standard auto policies can be part of a classic car policy. Some great examples are uninsured/ underinsured motorist coverage and medical payments/ personal injury protection coverage. However, depending on the carrier, those coverages may be optional. Many classic car owners also choose to add extras such as roadside assistance coverage or under construction coverage.

Let TGS be Your Guide to Classic Car Insurance

With so many options, it’s vital that you talk things through with an expert! At TGS Insurance, our team of licensed agents is here for you. We will walk through your unique insurance needs step-by-step, then shop for a policy that’s right for you! With our roster of over 55 A-rated carriers, our expert agents will find you the best deal for your classic car insurance! It all starts with a free quote, no strings attached.