Classic car insurance is a specialized insurance instrument designated for certain cars. Classic car insurance is not a standard type of coverage and has special protections for your investment. Although, Insurance companies have certain requirements to classify your vehicle under their classic car insurance program.

In large part, classic car insurance companies define the age of a classic car as one that is at least 15 years old. However, a few states define a classic car as 25 years or more, checking with your local DMV may help to clarify the age in your state.

Since collector car insurance differs from regular car insurance, the providers of coverage will require a stricter set of rules on a classic car. In addition to the age of the vehicle, insurance companies will require several other conditions to be met. The age of the driver, his driving record (with a minimum of years driving), storage of the car, and limits on annual mileage are all additional stipulations. Furthermore, the insurer will want to set an ‘agreed upon’ value for the vehicle .

State laws, although they vary, allows a negotiation between an insurance provider and insured to agree on the value of the classic car when the policy is written. You and the insurance company will set a value on the classic car that will become part of the policy. In case of total loss, this is the amount the insurance company would pay as value of the classic car. This protects you from receiving a nominal amount as in the case of a regular policy which will use fair market value to pay for total loss.

As for the age of the driver, most providers require a driver to be at least 25 and have at least 9 years driving experience. Of course, an insurance company will also check your driving record prior to issuing a antique car insurance policy.

An annual mileage limit is usually required by the insurer, in most cases this limit is 5000 miles. Some providers will allow you to choose a lower annual mileage, which may lower your monthly premiums. Driving your classic car to shows, club events and classic car activities are generally not restricted, however daily commuting and commercial use is prohibited in most cases.

Using a reputable firm that specifically deals in classic car insurance is the best way to ensure you are getting the protection and value for your classic car. Usually these specialized companies can serve you better than a regular insurance provider.


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