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Classic car insurance is a type of specialty insurance for vehicles that are at least 10 years old and have some sort of historical significance. Classic car insurance can be used to cover antique, exotic, and super-performance vehicles that are generally used for exhibition purposes, rather than commuting.
Almost all of the largest insurance companies offer classic car insurance, either directly themselves or through a partnership with a specialty insurer such as American Collectors or Hagerty. Exactly what qualifies as a classic car varies by insurance company.
Classic Car Insurance Qualifications by Company
Must be at least 10 years old and have historic interest
Must be at least 20 years old and a rarity because of unique design (replicas of classic vehicles can also qualify)
Must be at least 25 model years old (newer exotic, collector, and replica vehicles can also qualify)
Must be registered as a classic car
Vehicle must have collectible value
Vehicle must be a 1979 model or older
How Classic Car Insurance Is Different From Normal Car Insurance
- Classic car insurance is cheaper than normal insurance since classic cars are driven less than normal vehicles.
- Some classic car insurers require customers to store their classic vehicles in enclosed and locked structures when not in use.
- Classic car insurance premiums are partially based on an agreed-upon value for the vehicle rather than the actual cash value.
- Classic car insurance policies usually include restrictions on how and when the vehicle can be driven – mainly for car shows or pleasure driving, rather than commuting or running errands.
- Only antique, exotic, and super-performance cars are eligible for classic car insurance policies.
- Policyholders may be required to prove they have a regular-use vehicle for daily driving in order to qualify for classic car insurance.
- Classic car insurance companies usually offer spare-parts-and-tools coverage and assistance with sourcing replacement parts.
To learn more, check out WalletHub’s guide to classic car insurance.
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