Are you eligible for classic car insurance coverage?
To be eligible for classic car insurance, the insured vehicle must meet minimum qualifications, which include:
- Typically, the vehicle must be at least 25 years old.
- Mileage driven per year must be low. Classic car insurance companies set their own limits, but it is typically 7,500 miles or less.
- Driver must have access to another vehicle to drive on an everyday basis.
- Vehicle must be safely stored, protected from theft and weather conditions.
- Driver must agree not to drive — or race — on a racetrack.
- Vehicle must be in good condition. Further, the driver must be able to provide proof of regular maintenance.
How old does a car have to be for classic car insurance?
It depends on the type of classic vehicle. While a classic car is at least 25 years old (depending on the insurer), antique cars are those that are at least 45 years old, and vintage cars were built between 1919 and 1930.
Qualifications for the driver
Driver criteria varies by insurer. Here are two requirements seen most often among classic car insurance companies:
- The primary policyholder must be at least 25 years of age
- Policyholders must have a clean driving record for five to 10 years.
How much does it cost to insure a classic car?
Another way classic car insurance is different from standard car insurance is that the price depends on so many factors that it can be difficult to pin down an average rate. Generally, a driver will pay from $200 to $600 annually for classic car insurance coverage, unless their vehicle has an extremely high value. Here’s a partial list of factors that go into determining cost:
- Type of vehicle
- Value of vehicle
- Age of vehicle
- Amount of restoration completed and whether there are unusual elements added
- The level of coverage the driver needs and is comfortable carrying
In short, the answer to the question, “How much is classic car insurance?” depends on a number of factors. The cost of classic car insurance varies, depending on how much coverage a person requires and how valuable the vehicle in question is to repair.
How to save on classic car insurance
The fact that the cost of classic car insurance varies so wildly can work in favor of the driver looking to save money. Here are some of the ways they can make that happen:
- Only buy the coverage needed. If a driver plans to take the vehicle out a few times a year, there’s no reason to pay for a policy that covers putting thousands of miles on the odometer.
- If possible, bundle policies. If a driver can insure their classic car with the same company that insures their everyday vehicle, home, and life, it could save money.
- Store the car in the safest possible spot.
- Conduct an annual classic car insurance checkup to make sure the current policy provides the best rate.
- Compare car insurance rates each year.
Important note: Drivers should not make the mistake of choosing a company solely because they offer the cheapest classic car insurance. Instead, they should work with an insurer with a strong reputation that will be there when needed. Classic car insurance cost should be just one of the factors considered when choosing the right insurer.
Coverage options for classic or collector vehicle insurance
Chances are, you’re already familiar with the terms associated with classic car insurance. That’s because classic car insurance offers the same types of basic coverage as traditional car insurance. They include:
Liability
If you are at fault for an accident that causes damage or injury, liability will help cover the injured party’s losses.
Collision
If you’re in an accident with another party and there is damage to your vehicle, collision coverage will help make repairs.
Comprehensive
If something happens, like a tree falls on your car or the vehicle is burned in a fire, comprehensive insurance provides coverage.
Medical
Medical coverage works in conjunction with your current health insurance to pay medical bills if you are injured in an accident.
Uninsured and underinsured motorist
Say you’re in an accident and the other party is found at fault. If they don’t have insurance coverage (or have too little to cover your damages) uninsured and underinsured motorist coverage kicks in.
Emergency roadside assistance
As much as a driver pampers their classic car, it can break down like any vehicle. If it does, most insurers offer some kind of roadside assistance to get the driver (and their treasured vehicle) back on the road.
As much as you already enjoy your classic car, the experience can only be enhanced by knowing that you’ve done everything within your power to protect both the classic vehicle and yourself.
RELATED: See The Ascent’s guides to the best cheap car insurance and best car insurance companies.
