How Much does Classic Car Insurance Cost?

When a classic car glides past, time itself seems to slow down, encapsulating that one perfect moment. The long, sleek hood, graceful curves, handcrafted leather and solid metal parts dripping in mirror-polished chrome signal a genuine work of art to even the most casual observer. You have always been interested in buying a classic car one day. But classic car insurance costs were always something that put you off.

The Oxford English Dictionary defines a classic as a perfect example of its type. Classic cars were made between 1915 and 1948. They are usually at the high end of the market. In most cases, they are made in limited numbers and are “fine” or “distinctive” examples of their type. All of those are requisites according to the Classic Car Club of America or CCCA.

This isn’t the only definition for such a vehicle and other clubs as well as insurers and car enthusiasts often have their own definitions. However, the CCCA should be considered an authority as one of the oldest and most popular clubs for classics.

Most of the cars on the CCCA list of approved classics are familiar models to fans of historic automobiles. Some examples include undisputed masterpieces like the 1930 Cadillac V16, every single Duesenberg that rolled out of Auburn, and naturally, every Rolls-Royce and Bentley built between 1915 and 1948.

Classic Car Insurance Is For Everyone, Bentley or Buick

However, there are more than a few beauties approved that might seem surprisingly ordinary to the same enthusiasts and collectors. The list includes many Buicks, Chryslers and Studebakers. Ultimately, that proves that not everyone needs to be an oil tycoon to own a genuine classic car.

These are not average models of these brands of course. However, some can be quite affordable. That is mainly because they aren’t nearly as limited in numbers as some of the more exclusive makes already mentioned. The beauty of cars like these is that it doesn’t take a career’s worth of income to repair minor damage. Another plus is that they can be driven by people of average means from time to time.

Even with those very special cars that do take a career’s worth of income to purchase, it doesn’t need to cost a fortune to protect that treasure for mechanical repairs, maintenance and paint restoration. Classic car insurers offer policies with coverage for all of these types of routine mishaps. Some even offer claims for the complete cost of classic vehicle replacement and are available for a low monthly premium.

What Are the Requirements for Classic Car Insurance?

Classic car insurance companies don’t all have the same requirements to qualify your car for coverage. Most don’t use the same strict criteria as the CCCA. Some car insurance companies have different types of policies for old cars subject to designations such as antique, vintage, collector or historic policies that depend on age and use.

Some of the more common restrictions include:

• The car must be an older model of a certain age. (See how old a car need to be to be considered a classic)
• There are often limits on the number of annual claims.
• Storage requirements to protect the car in a locked, covered, weather tight garage.
• Sometimes liability coverage is required in separate premiums.
• The vehicle must be operable and in good condition.
• There are usually restrictions on the mileage driven annually, unlike your daily driver.

Does Classic Car Insurance Cost More Than Regular Insurance?

The cost of auto insurance policies varies, but, classic car insurance is usually cheaper than regular car insurance. Average quotes for collector car insurance policies run at a 40 percent savings discount over a regular car insurance policy. Insurers sometimes offer further discounts if :

• The owner has a clean driving record
• The car is primarily a pleasure use vehicle and limited use with mileage limits
• The auto is kept in storage with humidity and climate controls or has extraordinary security like GPS tracking and cameras.
• The vehicle is in good working condition
• The insurance agent bundles the auto insurance with homeowners insurance.

For restoration projects, plans are also available to provide a guaranteed value that increases as the restoration is progressing. Specialized car insurance coverage can also be purchased when attending car shows, parades or meets.

Insuring vehicles that don’t fit the norm makes it in your best interest to compare quotes from various carriers. This will allow you to get the best pricing on car insurance rates. In some cases too, it pays to bundle with your existing insurer if they offer coverage for collectible vehicles. In exchange for lower rates, some insurers will have mileage restrictions for a classic car.

Shop Around For Classic Car Insurance

Shopping different car insurance companies is a must with very valuable or extremely rare restored automobiles. In some cases, auto insurance coverage has an upper limit on the actual cash value or stated value of claims in the fine print. Additionally, many policies include original replacement parts coverage, which we recommend making sure is in any policy. Always ask about such upper limits. As mentioned earlier, some quotes won’t include liability as part of the policy. Always check this with your car insurance agent before driving the automobile. Be prepared to document the condition and cash value of the car with invoices, appraisals, and photos or videos.

Insuring an antique car, muscle car or collector cars doesn’t have to be an expensive proposition. With a little bit of care, some knowledge and some shopping around to get a good quote, it’s easily possible to insure a valuable collector car for around half the cost of a new car. The next time the world goes into slow motion, it could be you rolling past.

What Makes A Car A Classic

The Oxford English Dictionary defines a classic as a perfect example of its type. Classic cars were made between 1915 and 1948, usually at the high end of the market, made in limited numbers and are “fine” or “distinctive” examples of their type, according to the Classic Car Club of America or CCCA.

This isn’t the only definition for such a vehicle and other clubs as well as insurers and car enthusiasts often have their own definitions. However, the CCCA should be considered an authority as one of the oldest and most popular clubs for classics.

Most of the cars on the CCCA list of approved classics are familiar models to fans of historic automobiles, including undisputed masterpieces like the 1930 Cadillac V16, every single Duesenberg that rolled out of Auburn and naturally, every Rolls-Royce and Bentley built between 1915 and 1948. The definition varies, but generally for a car to be classified as a classic or antique car are vehicles over 25 years old.

Classic Car Insurance Doesn’t Have to Cost a Fortune

However, there are more than a few beauties approved that might seem surprisingly ordinary to the very same enthusiasts. The list includes many Buicks, Chryslers and Studebakers, proving that not everyone needs to be an oil tycoon to own a genuine classic car and join the club.

These are not average models of these brands of course, but some can be quite affordable and aren’t nearly as limited in numbers as some of the more exclusive makes already mentioned. The beauty of cars like these is that it doesn’t take a career’s worth of income to repair minor damage and they can be driven by people of average means from time to time.

Even with those very special cars that do take a career’s worth of income to purchase, it doesn’t need to cost a fortune to protect that treasure for mechanical repairs, maintenance, paint restoration and total loss. There are a multiple car insurance companies with a classic car policy to cover all these types of routine mishaps and even claims for the complete cost of vehicle replacement are available for the low price of monthly premiums.

Insuring a collector car doesn’t have to be an expensive proposition. With a little bit of care, some knowledge and some shopping around, it’s easily possible to insure a valuable collector car for around half the cost of a new car. The next time the world goes into slow motion, it could be you rolling past, providing that perfect moment for some other lucky bystander.