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What Is Classic Car Insurance? What Owners Should Know

Classic car insurance is a specialized policy specifically covering classic and collector cars. In addition to vehicles declared as classics, these policies can often insure vintage motorcycles, street rods, old military vehicles, and exotic cars. Here are some things owners should know when purchasing classic auto insurance.

What Classic Car Insurance Policies Cover

Here are things usually covered by standard classic car policies.

  • Physical Damage To Your Auto: Policies cover theft, comprehensive, and collision coverage. However, rather than facing depreciation, you’ll receive what’s known as an agreed-upon insured value minus the deductible.
  • Injuries & Damage Caused to Others: Classic auto insurance provides at least the state’s required minimum liability coverage.
  • Roadside Assistance: While optional, classic car insurance programs and soft strap flatbed towing cover the standards.

What is the Agreed Value for Classic Car Insurance?

The agreed-upon value is an amount that you and your insurer decide your car is worth prior to the issuance of the policy. The vehicle will be evaluated, and if you’ve made modifications, restorations, or customizations, be sure to tell your agent. This allows them to factor those into the value. You can also bring in an estimated value from a pro to show your insurer.

Some Special Circumstances to Consider

If you drive the vehicle for everyday purposes, you’ll need a standard policy, as there are often mileage restrictions on classic car policies. There may also be specific storage requirements, so your insurer is likely to inquire whether you store the vehicle in a driveway, covered shelter, or an enclosed structure like a storage unit or lockable garage.

Contact Us To Learn More About Classic Car Insurance

Our Oak Ridge, NC, representatives can assist you with finding the right policy for your vintage or classic car. Contact Oak Ridge Insurance Services to get a no-obligation quote today.

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