Classic Car Insurance – Classic auto insurance protects your collectible vehicle through liability, comprehensive, collision and other specialized coverage. Vintage cars often retain or increase in value, so car insurance usually covers yours up to an agreed value; Regular car insurance may not have as much coverage. A car is considered a classic when it is at least 10 years old and has historical interest, but classic car insurers have their own rules for accepting vehicles into their program. For example, you may have age, driving experience and registration, and access to another vehicle.
Classic car insurance works like a regular car policy, with the benefit of the agreed value of your vehicle and its specifications, such as usage, storage and more. As with auto policies, you’ll provide information about you and the classic vehicle you want to protect, and select coverage that matches your usage and budget.
Classic Car Insurance
Classic car insurance covers you for property damage and bodily injury when you take your classic car to car shows, tours and collector vehicle functions, and for occasional pleasure driving.* If your vehicle is damaged in a covered incident, your classic car insurance will pay. For repairs or losses up to policy limits. No deductible options are available on most policies.
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Classic car insurance is for more than just classic and collector cars. Vintage motorcycles, military vehicles, milk trucks, sport utility vehicles, kit cars, exotic cars, street rods and all antique vehicles, including tractors, are also usually insurable.
In order to have classic car insurance, you will need to meet the insurer’s requirements, which may or may not take into account the age of the car. Hagerty doesn’t have an age limit for a classic car, but it does require the following vehicles to warrant:
In short, yes. Auto insurance is mandated in every state except New Hampshire (New Hampshire still requires financial responsibility), so you’ll need minimal liability coverage if you plan to take your classic or collector car on the road. Driving without insurance can lead to a fine or license suspension; so make sure you’re covered, even if you’re taking your classic for a spin around the block every now and then. It also makes sense to protect everything you’ve invested in your precious vehicle.
A traditional car policy can provide some coverage for your classic car. A standard car policy usually takes a car’s age, depreciation and mileage into account when determining its value (and therefore how much is covered). However, a classic car that has been restored or customized can be worth more than its depreciated value. Find a classic car insurer who will insure your vehicle for a value you both agree on.
Getting Classic Car Insurance In Massachusetts
With Classic Car by Hagerty, your vehicle is protected with Hagerty’s Guaranteed Value® coverage, †† which pays you the full agreed-upon value of the vehicle in the event of a covered total loss, minus the deductible and/or salvage value.§ Standard auto policies using aftermarket parts it would cover the repairs. Car insurance allows for original parts if your car has it, without risking the integrity of your vehicle.
Most classic auto insurance companies, including Hagerty, will not offer a liability policy. And racing and street-legal vehicles are usually not eligible for liability coverage.
Classic car insurance is designed for second-hand vehicles; It is not intended to cover the car you drive for daily use. If your classic or collector car is your primary drive, you should cover it with standard car insurance.
The agreed value is the amount you and your insurer agree your car is worth before the policy is issued. Your vehicle will be appraised, and you will have the opportunity to indicate to the insurer any personalizations, restorations and modifications you have made so that they can be factored into the value. If it’s a total covered loss, you get the full value, minus the deductible.
Everything About Classic Car Insurance
Not sure how much your classic vehicle is worth? Classic Car by Hagerty offers the Hagerty Valuation Tools® to properly value your classic car, truck or motorcycle. Learn more about what your classic car is worth.
Your rate for classic car insurance will depend on a number of factors and will vary from insurer to insurer. With Classic Car by Hagerty, some of the most important variables that will affect your premium include:
There may also be discounts for classic car insurance. Depending on the insurer, you may be eligible for one if you have more than one policy with the same company, insure more than one classic car, have no accidents or claims on your record in the last three years, complete a defensive driving class, install an anti-theft device on your in the car or have full coverage. Classic cars are the best of both worlds. Bringing history to life and driving a car that catches the eye of countless onlookers is an exciting feeling for many. But how you insure your classic car can make or break the experience. Unlike most insurance companies, Hagerty® specializes in classic auto insurance to provide customers with worry-free coverage. Foreign Affairs Motorsport is here to help you get the best coverage with Hagerty® Collector Auto Insurance.
Classic car insurance is quite different from standard car insurance. With conventional insurance, your car is usually only covered for its current cash value. This is equal to its cost minus depreciation. Let’s say you were in an accident today (2019) with a 2015 Toyota Corolla (worth $24,000 at the point of sale), your insurance would only reimburse you about $11,760.
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Unlike regular car insurance, classic car insurance works based on an agreed or “guaranteed” cash value. This value is created by a strict car valuation guideline. These guidelines have been thoroughly reviewed by Hagerty®. In a step-by-step process, Hagerty® representatives review appraisal guides, such as the Old Cars Reports Price Guide, and complete a professional appraisal. If necessary, further investigation is conducted with additional forms of underwater documentation.
In value If you take care of your car and maintain it according to the guidelines, the value of your vehicle will not depreciate. If you own a collectible car with a guaranteed value of $65,000, Hagerty® will pay you the full $65,000 if your vehicle is totaled in an accident.
There are several similarities in the coverage of classic car insurance compared to standard car insurance. For example, terms typically last about 12 months and include coverage for medical expenses, liability, collision, and uninsured motorists. Liability coverage is mandated by law to be extended to classic cars along with regular vehicles.
Billable car insurance is very different from regular auto insurance in the optional coverage it offers. Examples of optional coverage include:
Antique And Classic Car Insurance
Car insurance requires you not to use your classic car as your primary driving vehicle. There are also strict mileage rules that you must follow to qualify for your insurance. The maximum annual mileage limit varies by state, but the number is usually limited to 7,500 miles per year. Policyholders are restricted to using their vehicles for “recreational purposes” only. This refers to participation in exhibitions, parades and shows. Some insurers may refuse to cover a claim if you drive your pickup to school, work or other typical destinations.
Insurance companies usually do not provide coverage if you fall into specific categories. Insurers want to make sure you have a good driving record and a certain age to qualify. Typical guidelines for classic car insurance are:
Peace of mind is the best way to get the most out of your classic car. Talk to one of our customer service agents at Foreign Affairs Motorsport today to learn more about Hagerty®’s options for collectible cars.
Whether you drive the latest classic or exotic, or your needs are aesthetic or mechanical, our extensive list of services has you covered. Classic cars are a sign of elegance and durability, making them a valuable addition to your vehicle collection. Because of their unique characteristics, they will often require special care to maintain them over the years, allowing them to eliminate wear and tear that can get out of control. Listed below are some tips and tricks to help protect your investment.
Complete Guide To Classic Car Insurance
While some classic cars may have similar characteristics, they will often differ in small details, with components such as engines and modifications adding their own uniqueness. With this in mind, checking the originality of your parts will give you a better understanding of your car.
Use resources such as parts catalogs to your advantage, vintage magazines and books. Also check that all parts are installed correctly as this will be vital to your car’s performance. If you also need help creating and promoting content related to the specifics of your car, display advertising can help with that. It will be useful in reaching potential customers, getting enough traction for your classic car visibility and other future interactions.
Different storage facilities will serve different purposes, taking advantage of the spaces that classic cars have designed with them in mind
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