Classic car insurance is a great way to help keep your classic vehicles protected against unexpected events that could damage your prized car and cause a financial strain on you and your investment. Classic car insurance is provides coverage for the unique needs of owning, exhibiting, showing, and restoring a classic vehicle.
As always, an insurance agent is the best person to walk you through the coverages available to you and your vehicle. They can help you determine what insurance is right for you. Make sure to give your agent a call to discuss your coverage needs or give one of our expert advisors a call at (844) 819-2221. In the meantime, let’s take a look at the basics of classic car insurance coverage.
If you’re not sure if your car qualifies for classic car insurance, check out our Ultimate Guide To Classic Car Insurance.
What classic car insurance covers
Classic car insurance offers many of the same coverages as standard auto insurance, as well as additional coverages suited to a collectible vehicle. The standard auto coverages in a classic car policy can include:
- Bodily injury liability: Coverage if you are found at-fault for an accident and responsible to pay for the sustained injuries of the other party/parties.
- Property damage liability: Coverage if you are found responsible for an accident and there are damages to another party’s vehicle or property (mailbox, fence, bike, etc.).
- Collision: Coverage to repair or replace your vehicle if it is damaged in an accident (regardless of fault)
- Comprehensive: Coverage if your vehicle is stolen or damaged due to non-collision (like weather, storms, falling objects, etc.).
- Medical payments (or PIP): Coverage to help pay for your own medical bills due to an injury sustained in an accident (works in conjunction with your health insurance).
- Uninsured/underinsured motorist: Coverage if you get into an accident where the other party is at-fault but they don’t have sufficient insurance to cover damages to you, your passengers, and/or your car.
In addition to the standard coverages, a key distinction to look for in classic car insurance whether it is an “Agreed Value” policy. This is important because your classic car is unique and this coverage will help ensure your classic car has adequate coverage in the instance there is a total loss. Agreed Value does not factor in depreciation and allows you to determine the value of your vehicle at the time you insure it. Depending on the state, the value can include sales taxes and fees.
A licensed insurance agent can help you determine which coverage suit your needs as a classic or collector car owner, based on your vehicle, how often you use it and where you store it. Give one of ours a call at (844) 819-2221.
The benefits of classic car insurance coverage over auto insurance
Unlike standard auto insurance, classic car insurance also offers supplemental coverage options that are specific to owning a collector’s car and can provide valuable protection for your vehicle.
In many cases, roadside assistance can be added to your classic car insurance policy. While this is a coverage you may find on standard policies, you’ll want to look for a roadside assistance plan specially designed for classic cars, that can provide benefits like covering the cost for a flatbed tow truck (more expensive than other types of towing).
Generally, classic car insurance companies understand and appreciate that your valuable car needs special treatment when things go wrong and have relationships in place to offer classic car-specific roadside assistance to minimize wear and tear and help ensure your car doesn’t get damaged if it needs to be towed for some reason. Ask your agent if your insurer offers this specialized roadside assistance and whether your policy includes it!
Some classic car insurance policies offer coverage for spare parts. Spare parts to restore or fix your classic car can be very expensive, and this coverage can help, especially during the restoration process or when your car is in storage in case of theft or damage.
Some classic car insurance also includes or offers coverage for memorabilia related to your car including hood ornaments, automobile literature, displays, old license plates, gas pumps, etc. Make sure to inquire with your insurance agent to see if your policy covers memorabilia, how that coverage applies, and how to determine how much coverage you need.
Event-specific classic car coverage
One of the benefits of choosing classic car insurance is that your insurer and your agent better understand the ins and outs of being a “collector car parent.”
Unlike standard auto insurance, a classic car insurance policy can offer optional coverage that is specific to using your car in shows, exhibits, parades, and events. If you ever want to “show off” your classic car, standard auto insurance may not cover the particular incidents that can occur.
Examples of event-specific coverage a classic car insurance may offer:
- Traveling coverage can help reimburse travel costs, rental cars, and other necessities if your car breaks down while traveling to/from a show or event.
- Auto show medical reimbursement can step in if you or someone attending the event with you sustains an injury at an event featuring your car. (The liability portion of your classic car insurance covers costs of another party’s injuries, if you or your car is responsible. This coverage is specific to your own medical payments.)
Some classic car insurers offer restoration coverage. This is a lower-cost coverage if you are just restoring, not driving, your classic car. For example, Hagerty offers a “Vehicle Under Construction” plan that adjusts your agreed value as you finish restorations, while helping keep your premiums lower (since they know you’re not driving the vehicle yet).
The best part…
You can get all of this coverage, and it’s usually at a lower cost than standard auto insurance. Because classic cars are typically considered less risky than primary ones, your premium will often be lower than a standard policy, —even with all of the specialized coverage these policies offer!
Should I consider classic car insurance to cover me?
If you have a classic car, you will want to consider getting coverage with a classic car insurer who knows how to help protect your kind of vehicle. Whether you’re restoring, showing, or just appreciating your classic car, you want coverage that fits your unique needs. With expansive coverage options that go beyond a standard auto insurance policy, classic car insurance is one way to help protect one of your most prized possessions.
Is classic car insurance right for you? Talk with a licensed insurance agent about your car and your needs for expert advice on what type of policy and coverage to consider.
Compare quotes for classic car insurance today with one of our expert insurance advisors at (844) 824-2888.
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