Insuring your classic car is important just like any other type of vehicle. Classic car insurance is a distinctive type of auto insurance designed for cars that are more than 25 years old. Antique car insurance is typically offered under a different insurance policy than your standard auto policy since it is thought to be a valuable asset that needs special coverage.
1. Types of Classic Car Insurance
There are 3 types of classic cars that you can insure under a separate classic car insurance policy. These include:
The vintage car is a car that is only a few decades old, like the Ferrari from 1981. The classic car is a bit older than this such as the Mustang from 1966. The antique car is much older like the 1925 Rolls Royce or the Ford Model T.
2. Limit of Car Use
Since your antique car has different risks, needs and value than a regular vehicle, it falls into a different category in regards to insuring it. Many insurance companies will limit your usage of your car before they insure it to reduce wear and tear and protect them from frequent high-priced insurance claims.
3. Specialty Insurance Programs
These types of programs have premiums that are may be less than your standard insurance premiums. Standard policies are designed to insure the ‘daily driver’ and usually don’t offer any extra benefits that come with those collector car programs
4. Collector and Classic Car Facts
There are other essential facts to take into consideration with vintage, classic or antique cars which include:
- Cars that were built between the years 1925 through 1948 are considered classic cars by the Classic Car Club of America
- Cars that are older than 45 years old are considered antique cars by the Antique Automobile Club of America
- Antique and classic cars, by today’s standards, are not considered safe for driving every day and normally don’t have things like crumple zones, seat belts or rollover protection.
5. Not All Classic Car Owners are Insured Properly
Around 50 percent of the 14 million collector cars before 1976 in the US are insured under a standard auto policy because the owners are not aware of the special insurance needs of their classic cars.
If you own a classic, antique or vintage car, you definitely want to ensure you are properly covered. You should contact your insurance agent to ensure you have your ‘dream car’ fully protected, just as you would your home.
If you own a classic car, call us here at BOLT Insurance Agency to get a classic car insurance quote. 1-800-216-4171