22 Jun What Other Vehicles Does Classic Car Insurance Cover?
Classic car insurance is typically purchased to cover the damage or loss of collectible cars. However, other types of vehicles can also qualify for this policy. Continue reading to learn more.
What Is Classic Car Insurance?
Classic car insurance is not designed for cars you use daily. It covers collectible cars that are at least 25-30 years old and worth more than their original price. Unlike regular auto insurance, a classic car insurance policy offers agreed value coverage. That is, you and your insurer agree on the value of the car you own (this could be anywhere from $10,000 to $100,000 or more), and your car will be covered for that agreed amount. For example, if your car is stolen or totaled, you will receive the insured (agreed) value minus deductible without considering depreciation.
However, the agreed value is determined based on your car’s:
- Age, condition, and model
- Storage (where and how it is stored)
- Usage (how often you drive)
Eligibility for Classic Car Insurance
Your car must meet the following criteria to be eligible for classic car insurance:
- At least 25 years old
- Driven within 7500 miles per year (it varies by insurer)
- In good condition
- Parked in a secure and enclosed garage, carport, or other approved storage facility
- Not used for racing or daily commuting
What Vehicles (Other Than Collectible Cars) Qualify for Classic Car Insurance?
- Vintage military vehicles
- Classic trucks
- Modified vehicles
- Exotic and luxury vehicles
- Classic motorcycles
- Muscle cars
- Antique tractors
What Coverages Do a Classic Car Insurance Policy Provide?
It usually offers:
- Comprehensive Coverage – Covers damages to your car caused by theft, fire, vandalism, and natural disasters.
- Liability Coverage – Covers property damage or bodily injuries you may cause others.
- Collision Coverage – It covers the cost of repairing an automobile that has been damaged in a collision with an object or another vehicle.
- Other coverages you can add to your classic car policy include:
- Increased Replacement Cost – If the value of your car increases beyond the agreed value, it will pay the difference.
- Cash Settlement – If your car is totalled or stolen, you can opt to receive cash for your loss rather than repairing or replacing your vehicle.
- Roadside Assistance – It pays for roadside assistance, including towing to the nearest repair shop, battery-jump start, fuel delivery, flat tire changes, and lockouts.
- Spare Parts – Covers damage or theft of spare parts, including automotive tools, gas pumps, tires, and valves, while your vehicle is under construction or as a part of the covered incident.
- Auto Show Medical Reimbursement – Covers a third party’s medical expenses if they are injured at an exhibition or event featuring your car.
- No Attendance Required – Protects your car in your absence, such as when it is being displayed at a car show.
Insure Your Car with Us
Different cars come with different insurance needs. Contact Kevin or Marci at Kevin S. Dougherty Insurance today to discuss whether you need classic car insurance or regular auto insurance to protect your car. We will help you find the right car insurance policy customized to your needs and budget.