What types of vehicles need special insurance?
A classic, collectible or antique car is no ordinary car—and regular auto insurance is not sufficient to protect such a vehicle against damage or loss.
That said, there is no uniform definition of a classic car. If a car’s value exceeds its original selling price, then it might be considered collectible and a candidate for specialized classic car insurance. In general, vehicles that might warrant classic car auto insurance include:
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:
Not every vehicle, however special, will meet the qualifications of every insurer. For instance, some insurers may not cover vintage off-road vehicles. Insurers may also decline to insure vehicles that are in poor condition or have been previously damaged.
What you should know about classic car policies
Your car's value – Because each car's condition is unique, there is no set "book value" for specific makes and models. The first step in insuring your classic car is for you and your insurer to reach an agreement on the value of the vehicle. This value will be specified in your policy and your car will be covered up to that value without depreciation.
Note that, unlike everyday vehicles that depreciate over time as you add miles to them, classic cars may gain value. Make sure you adjust your coverage as the value of your auto appreciates.
Specialized repair or restoration – Your policy should you the flexibility to bring your vintage Mercedes, Ferrari or Corvette to a specialist—even if the rates may be twice, or three times, the cost of a typical car repair at a traditional auto body shop.
Special towing and spare parts – Coverage for towing is commensurate with the special demands of transporting a classic car. Spare parts coverage, too, needs to be aligned with the cost of replacing valuable and perhaps hard-to-find vehicle components, such as wheels, transmissions, and engine parts.
Opting for a motorcycle, instead? Read about motorcycle insurance