Unlike most vehicles, collectibles appreciate in value. This means special insurance requirements for these vehicles. If you become a classic car owner, you need to know the following before you buy insurance car insurance.
Collection Car Insurance Permit
Classic or Antique Vehicle
To qualify for car insurance, your vehicle must meet one of the following two conditions:
- Antique Vehicle: For insurance purposes, a car that is 25 years old or more is considered antique.
- Historical interest: A ten to 24 year old vehicle may be eligible for public car insurance if it is a classic car, such as a muscle car or hot rod.
Most owners know that classic cars are not for everyday use. To be eligible for collector car insurance, your antique car must not be used as your primary vehicle. Most insurance companies will set maximum annual mileage for a classic car ̵
Generally speaking, the vehicle must undergo to be eligible for public car insurance restoration (or already restored), well maintained and preserved. Some insurance companies may refuse to cover an antique vehicle that is in poor condition.
A classic car left out in the open can cause damage from the elements. Most insurance companies will require that you store your vintage vehicle in a fully enclosed garage or other approved storage facility.
Other terms for Collector Car Insurance Coverage
- Many insurance companies do not cover claims unless you were engaged in entertainment or engaged in a hobby activity (show, exhibition or parade) when the accident occurred. If you drive to work, shop or any other destination, you may not be covered.
- Most carriers will ask you to agree not to race your classic car or drive it on a race track.
- Many insurance companies will only issue a car insurance policy if you are at least 25 years old and have at least ten years of driving experience with a good record (no more than one business violation or accident in the past three years).  How do collectors insurance policies work?
An insurance car insurance includes typical options for passenger car insurance. These include collision, extensive, responsible, medical and uninsured / underinsured motorist. The difference is, if a total loss is covered, the insurance company pays an agreed value instead of the car's actual cash value. You are entitled to this payment:
- No parts have been removed from the car
- No deterioration of vehicle condition has occurred through neglect or abuse
- No previous damage has been done to the vehicle
If you have a classic car you treat with loving care, it will appreciate in value, unlike other vehicles. Our friendly agent can help you find the right car insurance policy to protect your investment at the best available prices.