Is your classic car protected? Even if your antique ride spends a good part of the time in storage, waiting for those sunny days to be shown off outdoors, you still need to have the right kind of insurance on it. Unlike modern cars, your classic Mustang or Ford Fairlane needs to have special insurance, the kind designed for its specific usage and needs.
Wondering if you have adequate coverage for your classic? Let’s find out together.
Some Slightly Standard Options
In general, a classic car insurance policy looks an awful lot like standard a car insurance policy. You’ll have coverage for things like collision and liability, as well as uninsured motorist. This insurance is designed to help pay for repairs, should your car end up in an accident or damaged while it’s sitting your driveway.
There’s also antique car insurance, which works in the same way. The only difference is the amount of coverage that you have, since older cars (antique cars are classified as such once they’re 45 years old, whereas classic ones are at least 20 years old) tend to be worth more. They’re also more costly to repair, due to the inability to get parts.
What About Kit or Modified Cars?
Other types of collectible cars, like those built from kits or modified or custom cars, like hot rods, aren’t always covered by insurance companies. You’ll need to check with your agent on those.
Is Your Car Considered a Classic or Antique?
Before an insurance company will cover a classic or antique vehicle, they first need to determine that it is indeed a classic and not a standard daily driver. Here are some of the things that insurers look for:
- Collectability – Age isn’t the only consideration here. Insurers also need to know whether or not the car is considered collectible. In order to meet this requirement, the vehicle needs to be of historical interest (it was owned by Al Capone), rare (only a certain number of them were made), or meet similar criteria.
- Storage and Usage – How often is the car driven? Where is it stored? Classic cars are often kept in standard garages, although some owners have special, separate garages for their collections. In addition, classic cars aren’t driven often, and many insurance companies have driving limits placed on their policies.
- Overall Condition – In most cases, an insurer won’t cover a vehicle that needs to have a lot of work done to it. Once it’s restored, however, they’ll be able to provide with an insurance policy, as long as you meet their other criteria, which may involve having the car restored to its exact factory specs.
Additional Coverage Options
In addition to the usual comprehensive coverage and liability insurance, there are some extra options that you can choose for your classic car. For example, No Attendance Required Coverage makes sure that you can bring your car to auto shows without worry. If you step away from the vehicle and someone scratches it, this policy will kick in. Plus, there’s an Auto Show Medical Coverage option that also takes care of possible injuries that occur while you’re showing your car off.
Need a classic car insurance policy or simply want to review your current coverage? Call our team at Charlotte Insurance today, and we’ll be happy to help ensure your car is fully protected and all your auto insurance policy needs are met.