What Is Classic Car Insurance?

High-value vehicles need high-value protection. A classic car insurance policy may help protect it during unwanted events. Carriers set their own eligibility criteria, and the value is normally agreed between the owner and the carrier rather than calculated after a loss.

When is a car considered classic?

A classic car is also called a vintage car, antique car, and collectible car. There are factors to consider when labeling a car as a classic. One of them is the car’s age. It should be 25 to 30 years old. Newer cars can also be considered classic if they have significant modifications or are manufactured in small productions.

Classic cars are generally vehicles that have an appreciating value. It is not a primary car used for daily commuting. It is a car used for leisure or exhibitions.

How to qualify for classic car insurance?

The rule of thumb to qualify for classic car insurance is that the car should be considered classic. The vehicle should only be used for exhibitions and club leisure activities and not for primary transportation. The classic car owner should store the vehicle in an enclosed, well-secured structure.

Classic car insurance coverage

The claims of regular car insurance may not be enough to cover the expenses of classic cars. Regular and classic car insurance vary in terms of the coverage they provide in the collision and comprehensive services. 

Classic car insurance includes liability and medical coverage, including personal injury and medical payments. The insured may avail of roadside assistance and towing services expenses reimbursements. Coverage is written against the value agreed at the outset.

Whether a classic policy suits your car

Classic car insurance goes beyond what regular automobile insurance covers. Classic cars are classified according to age, modifications, and purpose. Classic cars should not be used as the primary transport vehicle and should be stored in a well-secured place to qualify for coverage. There is additional coverage that can be added to the existing contract to widen the scope of protection. 

The protection coverage varies depending on the car’s agreed value and the policies set by insurance carriers. For a vehicle whose value is holding or rising, the agreed figure is the part worth revisiting at renewal.

At Schneiderman Insurance Agency, we go through the options with clients so the decision is an informed one. To learn more about how we can help you, please contact our agency at (818) 322-4744 or request a quote online . Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover.

Disclaimer

This article is provided by Schneiderman Insurance Agency for general informational purposes only. It is not legal, tax, financial, claims, or coverage advice. We are licensed insurance professionals, not attorneys, accountants, or financial advisors, and nothing here should be relied on as a substitute for advice from a qualified professional in those fields. This content is general in nature and is not a review of, or a recommendation for, any individual reader’s specific insurance needs, policies, or circumstances. Insurance coverage depends entirely on the specific terms, conditions, endorsements, exclusions, limits, underwriting eligibility, carrier, and facts of each situation, and the actual policy language always controls. We do not guarantee any coverage, pricing, eligibility, underwriting approval, or claim outcome. Reading this article does not create an agent-client relationship. To understand how these issues apply to your situation, please review your own policy and speak with a licensed insurance professional, and consult legal, tax, or financial advisors where appropriate.