In general, vehicles that might warrant classic car auto insurance include: Antique and classic cars, usually at least 25 to 30 years old Hotrods and modified vehicles Exotic and luxury autos—think James Bond Muscle cars Classic trucks You might also seek specialized insurance for vintage military vehicles, classic motorcycles and antique tractors. Qualifying for classic car coverage A car's age is not enough to qualify for specialized classic car insurance.
While requirements differ from company to company, most cars need to meet the following criteria in order to qualify: Limited use — Your classic car cannot be used for everyday commuting or errands, and your policy may include mileage limitations and proof the car is being properly garaged if you do travel with it.
In some cases, insurers may require that you also own a primary car for everyday use. Car shows and meetings — The limited use provision of a classic car policy allows for travel to car shows and auto club meet-ups; however, this coverage may be restricted by some insurers. If this is the case, there are insurers that can provide specialized coverage for car shows and meetings.
Secure storage — When not in use, your special vehicle must be stored in a locked, enclosed, private structure, such as a residential garage or storage unit. A clean driving record — You may be disqualified from classic auto insurance if you have serious offenses on your driving record, such as reckless driving, repeat speeding violations or driving while intoxicated.
What you should know about classic car policies Your classic car policy will include provisions found in standard auto insurance policies , notably property damage and bodily injury liability coverage. But there are some differences, as well: Your car's value — Because each car's condition is unique, there is no set "book value" for specific makes and models.
And when you want to get back on the road, there are no wait periods. When you drive with quality coverage, you drive with peace of mind. Classic car insurance can help you stay protected for wherever the road takes you. By clicking "Get a Quote" you will leave Allstate. Standard car insurance may provide some coverage for a classic car, but it may not cover the full value of the vehicle. That's because standard policies take age, mileage and depreciation into account when determining how much a car is worth.
But if a classic car has been customized or restored, for example, it may be worth more than its depreciated value. Therefore, a regular car insurance policy may not be enough to help cover the cost of repairs after an accident.
Classic car insurance typically includes coverages similar to a standard car insurance policy, such as collision , comprehensive , property damage and bodily injury liability. However, unlike traditional cars, which are insured based on their actual cash value factoring in depreciation , classic car insurance covers the vehicle for an amount that's agreed upon by the owner and the insurer. And, if the value of your classic car increases over time, you can adjust your coverage limit to reflect its value.
Classic car insurance also helps pay for specialized repairs or restoration if your classic car is damaged. These costs are often significantly higher than the cost of repairing a regular car. It can also help pay to replace classic parts like wheels and engine components, which can be difficult to find and expensive to buy out of pocket.
More than the age and value of a vehicle are considered when it comes to qualifying for classic car insurance. The III says you'll likely need to meet other requirements. For example, a vehicle that's protected by classic car insurance typically cannot be used for everyday driving. A classic car insurance policy may include mileage limitations, and some insurers require proof that the car is stored properly and that you have another vehicle for routine driving. Some insurers allow you to drive the vehicle to car shows and auto club events.
If not, you may need to purchase special coverage for those kinds of trips, the III says. Additionally, the insured vehicle typically must be securely stored in a private garage or other locked facility when not in use.
Insurers may also require you to have a clean driving record in order to purchase or renew a classic car insurance policy. A local agent can answer questions and review coverage options with you so you can choose the insurance that best fits your needs.
What Is Collision Coverage? Classic car insurance policies are underwritten by Hagerty and offered under an Expanded Market Program. Hagerty is not affiliated with Allstate. The Expanded Market Program provides access to products underwritten by non-Allstate companies.
A regular auto policy may provide some coverage for your classic car. Standard auto policies usually account for a car's age, depreciation, and mileage when determining its worth and thus how much it's covered for. However, a classic car that has been restored or customized is likely worth more than its depreciated value. Look for a classic car insurer that will insure your vehicle for a value you both agree on. Classic car insurance allows for original parts if that's what your car had, so as not to compromise the integrity of your vehicle.
Classic car insurance provides comprehensive and collision coverage, and it specializes in covering your vehicle's agreed value. Instead of sweating depreciation like you might with regular car insurance, you'll receive your car's insured value if your vehicle is stolen or totaled, minus any deductible.
Plus, repairs using any original parts your car had before an accident not cheaper aftermarket parts can be covered. Classic car insurers provide at least the minimum liability required by your state. Progressive Classic Car by Hagerty generally matches the amount of liability coverage on your everyday auto policy. Roadside assistance: Classic car insurers usually offer the option to purchase full-service roadside programs featuring flatbed towing with soft straps.
Hagerty's optional roadside assistance includes towing to the nearest repair facility, winching, battery jump-start, fuel delivery, lockouts, and flat tire changes. Most classic car insurers, including Hagerty, won't offer liability-only policies. And race and non-street-legal vehicles aren't typically eligible for liability coverage.
Classic car insurance is designed for secondary vehicles; it's not meant to cover a car you drive for everyday use. If your classic or collector car is your primary ride, you'll need to cover it with a standard auto insurance policy. Agreed value is the amount you and your insurer agree your car is worth before the policy is issued.
Your vehicle will be evaluated, and you'll have the opportunity to tell the insurer about any customizations, restoration, and modifications you've made so they can be factored into the value. If there's a covered total loss, you'll receive that full value, minus any deductible.
Not sure what your classic vehicle is worth? Learn more about what your classic car is worth. Classic car insurance specializes in covering your vehicle's agreed value, which means you won't sweat depreciation. Your rate for classic car insurance will depend on a set of factors and vary by insurer. With Progressive Classic Car by Hagerty, a few of the most significant variables that will affect your premium include:. Discounts may also be available for classic car insurance.
Depending on the insurer, you might qualify for one if you have multiple policies with the same company, insure more than one classic car, don't have any accidents or claims on your record from the past three years, complete a defensive driver class, install an anti-theft device in your car, or have comprehensive coverage. Get a classic car insurance quote and choose the coverages you want for your classic car. Call and speak with a representative from Progressive Classic Car by Hagerty.
Please note: The above is meant as general information to help you understand the different aspects of insurance. This information is not an insurance policy, does not refer to any specific insurance policy, and does not modify any provisions, limitations, or exclusions expressly stated in any insurance policy. Coverages and other features vary between insurers, vary by state, and are not available in all states. Whether an accident or other loss is covered is subject to the terms and conditions of the actual insurance policy or policies involved in the claim.
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