What You Need To Know About Classic Car Insurance

March 30, 2018


No matter what kind of classic car you own; A 1951 Silver Wraith Rolls Royce limo or a Bentley Silver Cloud, there’s no doubt you would like to have it insured in order to protect your investment not to mention enjoy giving it a spin on special occasions.

So, what exactly is classic car insurance?

Though the conventional auto insurance pertains to vehicles it is not well suited for covering classic cars. Ordinary car insurance only covers the cash value of the car which equals the replacement cost minus depreciation. So, if you purchased a vehicle at a cost of $22,000 and have an accident about 7 years later, you will get way less than the $22,000 that was the price of the car.

On the other hand, with classic car insurance the vehicle is covered for an agreed value, that is accepted both by the owner as well as the insurance company. Respected collectible car guides such as Old Cars Report Price guide are used to determine the value of the car. Other means of valuing the car include:

  • An appraisal by a professional
  • Some form of documentation
  • Research conducted by insurance company

Unlike ordinary vehicles, collectibles gain value over time, especially if they are restored and well taken care of.

Different Types of Collector Auto Insurance

We’ve already established that collector auto insurance is different from conventional car insurance. Below are different types of collector auto insurance offered by various insurance companies:

Antique Car Insurance

To qualify for this kind of insurance, your classic car must be at least 25 years old. The vehicle must be in good working condition or must be in its original restored condition. This definition however, varies from State to State. In some States an antique car might be defined as one that is 20 years old or more. On the other hand, the Antique Automobile Club of America defines a vehicle that is not less than 45 years old as an antique car.

Classic Car Insurance

This kind of classic insurance covers vehicles that are not less than 19 years old and not more than 24 years old either. The vehicle should have been restored and in good working condition. It should have a value greater than the average value of other cars of the same make manufactured in the same year. On the other hand, the Classic Car Club of America defines a classic car as one that was made between 1925 and 1948.

Modified Car Insurance

To qualify for this kind of insurance, a vehicle must have undergone significant alteration in its chassis, body, or engine. Very few insurance companies provide this type of insurance.

Kit Cars and Replicas

This refers to representation automobiles that are not less than 24 years old which feature components that are manufactured separately.


There are other subcategories within the aforementioned categories. They include:

  • Veteran vehicles made before 1919
  • Street rods manufactured before 1949
  • Rare sport vehicles, classic motorcycles, military vehicles, recent limited production models, and antique tractors
  • Vintage automobiles made between 1919 and 30s


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