Have you acquired a classic car like a ’67 Ford Mustang recently? Wondering how much it costs to insure a classic car? The short answer is it costs less than regular car insurance. Here’s how
A classic car spends less time on the road than a vehicle used for commuting or errands. This makes classic car insurance is less expensive than regular car insurance. The typical annual premium for classic car insurance is between $400 and $1,000.
Like any other car insurance policy, classic car insurance rates will vary based on several factors. They include the driver’s location, driving history, and the vehicle’s worth. Classic car insurance typically covers both vintage and high-performance vehicles. However, requirements and rates differ from one company to the next.
What does classic car insurance cover?
Classic car insurance offers the same level of coverage as a standard car insurance policy. These include:
Liability insurance: This coverage compensates you for any damage or injuries you cause to others. It also covers your legal defense if you get sued due to a car accident you caused. Most states require this form of coverage if you intend to operate your vehicle on public roads.
Read: Liability car insurance: What does it cover?
Collision and comprehensive coverage: Collision and comprehensive insurance cover a wide range of risks, including car accident damage, car theft, vandalism, collisions with animals, fire, flood, hail, falling items, and riots.
Uninsured motorist coverage:Â This coverage covers your medical bills if you are hit by someone who does not have insurance. It may also cover damage caused by an uninsured driver. Some states require you to get this type of insurance.
In addition to the standard coverage options, classic car insurance typically includes some optional coverage that you can customize to meet your specific needs:
Cherished salvage coverage: Let’s assume your classic car gets totaled. In that case, you will be able to keep the salvaged vehicle while still receiving compensation from the car insurance company (minus your deductible).
Spare parts coverage: This coverage includes spare parts and tools required for maintaining or restoring your classic car. Some car insurance companies cover spare components even if they are not designed for the vehicle covered by the policy.
Roadside assistance:Â This sort of coverage will provide you with roadside assistance in case of a breakdown. It covers the cost of towing and essentials such as petrol or oil.
What types of cars are eligible?
Classic car insurance covers antique and classic cars, classic military vehicles, classic tractors, custom cars, exotics, kit cars and replicas, modified vehicles such as hot rods and lowriders, and vintage motorcycles and scooters.Â
It also covers muscle cars such as the Mustang or Camaro, classic race cars, and retired commercial vehicles such as a vintage fire truck.
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What types of cars are excluded?
How you use your car is often a crucial element in determining coverage by car insurance companies.
More often than not, classic car insurance requires a “limited usage” clause. This often indicates that you will only use the car for specific events such as exhibitions, parades, and vintage car club activities.
A classic car insurance policy may allow you to use the car for other purposes, such as pleasure drives, on occasion. However, if you use it regularly, such as commuting to work, it is unlikely to be covered by a classic car insurance policy.
For example, regardless of age, leading providers of classic car insurance will not insure a historic car if it is utilized in one of the following ways:
- Vehicles for daily use
- Recreational or off-road vehicles
- Vehicles for commercial usage
If you want your vintage car to qualify for classic car insurance, some insurance providers may require you to have a regular car for daily driving.
Storage requirements may apply to some antique car insurance policies. To be qualified for coverage, you may have to store the car in an enclosed, locked garage or storage facility, for example. Other storage options, including carports, driveways, parking garages, and car carrying trailers, may also be acceptable.
How to save on classic car insurance cost
You could save on classic car insurance cost by comparing rates and taking advantage of discounts. To start comparing classic car insurance cost in your state, tap the banner below. Obtain free classic car insurance quotes in under 10 minutes using the Way.com app.Â
Many discounts, such as those for having an anti-theft device or taking a defensive driving course, will also help you save some money on vintage car insurance. Some firms also provide discounts for participation in specific vehicle clubs or switching insurance companies. So make sure you take advantage of all these options when shopping for classic car insurance.
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