Standard auto insurance can’t keep up with your classic/collector vehicle. Maybe your vehicle’s value is going up, staying flat, or going down—but it’s definitely not following the well-traveled road of depreciation.
Classic/collector vehicle insurance’s most unique characteristic is that it is an “agreed value” policy. You determine how much your vehicle is worth and if the insurance company agrees, then that is the amount you will be reimbursed in the case of a total loss. Most providers also have unique coverages like flat-bed towing, trip interruption and spare parts.
Antique & Classic Cars
1920–1980 model years distinguished based on design, engineering and workmanship
High-performance, rear-wheel drive The 1960s or 1970 American coupes
Late Model Performance Cars
Above-average acceleration, top speed, cornering and braking
Modified or Custom Cars & Trucks — Modified from factory standard for improved aesthetics or performance
Hot Rods, Street Rods, & Rat Rods — Modified
cars with a pre-1949 American style body
Replicas & Kit Cars — Resemble the body
of earlier model years or are made from pieces
assembled by the buyer
Restomods — Restored classics with modern
parts to improve performance, comfort or
Asian & European Collector Cars — Early models of well-known overseas manufacturers popular in America
Early and Late Model Exotics — Blend luxury and performance and can be from any region
Classic Luxury Cars — Fine quality and low production models from earlier years
Late Model & High End Luxury Vehicles — Get classic/ collector insurance because only the best will do
Antique & Classic Trucks — Trucks and SUVs distinguished by their design, engineering and workmanship are generally considered antique at 45 years old and classic at 20 years old.
Late Model Performance Trucks — Excellent
engineering isn’t just for cars. Limited edition,
late model trucks and SUVs are often more
expensive than cars due to their size.
Classic/collector insurance has superior coverages to standard auto insurance. It has the liability and uninsured motorist cov- erages, the flagship Agreed Value when it comes to your Collision and Comprehensive coverages, and some extras that you will appreciate.
Protect against the worst happening and someone getting hurt with high liability limits to match your daily driver.
Some people are driving without insurance! Uninsured motorist coverage protects your passengers and you.
What’s with all the bad drivers out there? Get peace of mind by knowing your classic/collector insurance has you covered with agreed value, regardless of who is at fault in an accident.
When a sunny drive turns into stormy weather, your vehicle is covered with agreed value. Comprehensive coverage is protection against weather, theft, vandalism, fire, falling branches and more.
The wrong time to argue about insurance is when someone is hurt in a car accident. Medical payments (or PIP in some states) is a no-fault coverage that should be enough to cover an ER visit.
Unique coverages like flat-bed towing, trip interruption and spare parts are there to care for your car as much as you do.
Eligibility definitions are broad, and emphasis tends to be on use and condition rather than make and model. The following could impact your eligibility:
If your vehicle is registered and plated, you’re probably ok.
But you will be disqualified if your vehicle has:
Classic/collector vehicle insurance providers tend to be strict about driving history. One or two incidents will probably slide but drug/alcohol incidents or repeated traffic violations will be an issue until they are more than five years old. SR22 filings are a no-go.
Great!—You use your vehicle for classic/collector stuff like: shows, cruises, pleasure driving, etc., and have low(ish) mileage.
Might work—You use your car for racing, timed events or
We have a problem—Your car is a daily driver, backup driver, commuter, errand-runner, vacation-taker, off-roader, or worker.
Always ok—Private and locked garages, pole barns
Usually ok—Car condos and storage units
Sometimes ok—Carports with 2 or 3 sides, private parking
garages, and driveways
Never ok—Business or commercial locations, temporary
structures (tents or domes), public parking garages, parking
lots, or street parking
Insurance companies are interested in how much your car would sell for: its “market value.”
Maybe you keep current with this kind of thing and already have a pretty good idea. But if you don’t, then the game is to think like an appraiser. Some resources to get an idea of your car’s market value are:
The thing about Agreed Value is the insurance company has to agree to it.
When INSURANCE-MOD submits a vehicle to the classic/collector vehicle insurance companies on your behalf, they will run it through a vehicle database (most of them use NADA). If your valuation is within 20% of what they pull up, then you’re good to go with no questions asked. But this valuation doesn’t make sense for every vehicle. If the value of your car is significantly higher, you may be asked to provide additional information to back up your valuation. Motorists and insurance companies can usually agree, but not always.
Classic/collector insurance costs around 30%–40% less than standard auto insurance. Why? Because your classic/collector vehicle also sees far less mileage than your daily driver.
The national average for a one-year, full-coverage car insurance (liability, collision & comprehensive) is $1,134, so the average for Classic/Collector car insurance is around $737 (or $61 a month).
Your cost will vary quite a bit, based on most of the same factors as a standard auto insurance, such as your: driving record, age, credit score, location, vehicle type and mileage.
A 35% discount on classic/collector vehicle costs by state show the most and least expensive states:
Pop the hood and see how your classic/collector car (insurance) works!
Insurance companies aren’t as picky as you might think when it comes to which makes and models are covered by classic/collector car insurance. Learn the broad range of vehicles they want to insure.
Still not sure if you’re eligible? Find out more about what makes the difference in getting a classic/collector car policy.
Get info and resources to find out what your car should be insured for.
You have a daily driver, too. Learn more about the ins and outs of standard auto insurance, and how it is similar to classic/collector insurance.
If your driving record is good enough to get classic/collector insurance, then you should consider bundling your standard auto with your home, condo or rental. Bundling discounts are around 20%! Learn more about insurance for:
Ever wonder what you would do if you become liable for more than your auto or home/condo/renter insurance limits will cover? Umbrella insurance is an inexpen- sive product that drastically increases your liability protection, and gives you a few coverages you won’t get anywhere else.
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