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Auto Insurance for Classic Cars
Standard auto insurance policies provide inadequate protection for classic cars because they are designed to
protect a depreciating asset. For vehicles that maintain or appreciate in value, a classic car insurance policy is
preferable. The primary differences between the standard car insurance policy and a classic car or specialty
vehicle insurance policy are the type of vehicle, insurance limits, and qualifications for applicants.
The most common vehicles for this type of insurance are antiques and classics. Typically a car is classified as
antique when it’s 25 years old or more and a classic 15 to 25 years old. Categories expand to include Hot rods
and street rods, muscle cars, sports and exotics, modified vehicles, kit or replicas, low rider cars / trucks and
other less common vehicles. Owners find adequate protection for these types of vehicles with a classic car
insurance policy.
A standard insurance policy will value a car that’s been totaled by actual cash value (ACV). This valuation
method is determined by considering the price of the car new and then subtracting for deprecation. Normal cars
depreciate rapidly making ACV sensible. Agreed value is more appropriate and commonly used in a classic car
insurance policy. This is where the company and policyholder agree on the value of the vehicle and insurance
limits are set accordingly. Periodic adjustments of the agreed amount can take into account increasing values.
Other notable differences between standard and classic car insurance policies are the optional coverages.
Many companies offer benefits for spare parts, memorabilia, tools, coverage for transport, etc. Classic car
insurance companies generally allow for the higher cost of installing original equipment for repairs and utilizing a
garage facility of the policyholder’s choice. Also, enhanced emergency roadside service is typically provided.
The unique risk characteristics of the typical car collector are taken into account when determining rates. The
average collector is around age 50, college educated, a professional or technician or entrepreneur, has an
excellent driving record, owns multiple vehicles, and keeps the collectable in the garage. These factors help
keep rates low. A poor driving record or teenage driver often disqualify an applicant for this type of policy.
Vehicles that maintain or appreciate in value are adequately protected by a specialty or classic car insurance
policy. The contract will use an agreed value not actual cash value to determine physical damage limits.
Optional coverages catering to the car collector are available too. Policyholders enjoy low rates due to
favorable risk characteristics of the group.
Standard auto insurance policies provide inadequate protection for classic cars because they are designed to
protect a depreciating asset. For vehicles that maintain or appreciate in value, a classic car insurance policy is
preferable. The primary differences between the standard car insurance policy and a classic car or specialty
vehicle insurance policy are the type of vehicle, insurance limits, and qualifications for applicants.
The most common vehicles for this type of insurance are antiques and classics. Typically a car is classified as
antique when it’s 25 years old or more and a classic 15 to 25 years old. Categories expand to include Hot rods
and street rods, muscle cars, sports and exotics, modified vehicles, kit or replicas, low rider cars / trucks and
other less common vehicles. Owners find adequate protection for these types of vehicles with a classic car
insurance policy.
A standard insurance policy will value a car that’s been totaled by actual cash value (ACV). This valuation
method is determined by considering the price of the car new and then subtracting for deprecation. Normal cars
depreciate rapidly making ACV sensible. Agreed value is more appropriate and commonly used in a classic car
insurance policy. This is where the company and policyholder agree on the value of the vehicle and insurance
limits are set accordingly. Periodic adjustments of the agreed amount can take into account increasing values.
Other notable differences between standard and classic car insurance policies are the optional coverages.
Many companies offer benefits for spare parts, memorabilia, tools, coverage for transport, etc. Classic car
insurance companies generally allow for the higher cost of installing original equipment for repairs and utilizing a
garage facility of the policyholder’s choice. Also, enhanced emergency roadside service is typically provided.
The unique risk characteristics of the typical car collector are taken into account when determining rates. The
average collector is around age 50, college educated, a professional or technician or entrepreneur, has an
excellent driving record, owns multiple vehicles, and keeps the collectable in the garage. These factors help
keep rates low. A poor driving record or teenage driver often disqualify an applicant for this type of policy.
Vehicles that maintain or appreciate in value are adequately protected by a specialty or classic car insurance
policy. The contract will use an agreed value not actual cash value to determine physical damage limits.
Optional coverages catering to the car collector are available too. Policyholders enjoy low rates due to
favorable risk characteristics of the group.
Florida insurance glossary - terms your should know.
Florida Auto Plus Insurance, the first place to call for an affordable quote.
Local map and directions: 9742 Banyan Street Miami, Fl 33157
It's easy to remember
1-877-WIZ-AUTO (949-2886)
www.WizardInsurance.com
Florida Auto Plus Insurance, the first place to call for an affordable quote.
Local map and directions: 9742 Banyan Street Miami, Fl 33157
It's easy to remember
1-877-WIZ-AUTO (949-2886)
www.WizardInsurance.com