Antique car insurance
Antique car insurance FAQ
What cars can be covered with an antique car insurance policy?
A car must be at least twenty-five years old to be categorized as an antique car. It must also be in good condition to be insured.
How is an antique car’s insurance policy coverage determined?
An antique car’s insurance coverage is determined by the value agreed upon between the insurer and the car’s owner. The proof of purchase, pictures of the car, and knowledge of the supply and demand of the antique car are essential to the decision of the antique car’s value.
Can my antique car’s value be reassessed when the policy is renewed?
Yes, the insured should review the policy each year and make adjustments to the coverage as needed. Antique cars usually appreciate with age, and any change in value needs to be reflected in the policy coverage.
Does antique car insurance restrict the number of miles I drive my car?
Yes, many antique car insurance policies limit the number of miles the car can be driven in a year. The range of limits is usually between 1,000 and 6,000 miles, although some specialty insurance companies do not restrict an antique car’s annual mileage.
Can I use my antique car for everyday transportation?
No. Even if the antique car insurance policy does not restrict the yearly mileage of the car, an antique car should not be used for basic transportation. The expectation is that antique cars will be treated as display cars and will be driven only in parades and to special events, such as car exhibitions and tours.
Can anyone purchase antique car insurance?
Antique car insurance is usually limited to drivers with at least five years of driving experience. Sometimes the policy requires the insured and all insured drivers to be at least twenty-five years old. A superior driving record is also necessary to obtain a policy.
Can I buy an antique car insurance policy through a traditional car insurance company?
An insurance policy can be purchased for an antique car through a traditional car insurance company, but this is not usually recommended. Standard car insurance company policies cannot provide sufficient coverage for antique cars, and the premium rates will be much higher.
Do antique car insurance policies require certain storage conditions?
Antique car insurance policies require that the car be stored in an enclosed, secure structure. This can be a locked garage or other parking structure approved by the antique car insurance company. More info see Classic Car Insurance Classic Car Insurance Blog
Antique car insurance jargon
Antique car insurance is a specialty insurance that uses unique terms to describe its coverage and restrictions. An antique car owner needs to become familiar with this jargon before searching for the appropriate insurance policy.
The term antique car is used to describe a car that is twenty-five years old or older. An antique car is usually an investment or hobby car kept in excellent condition. Antique cars are not used for transporting people to or from everyday activities, but are normally entries in parades, antique car club activities, and car exhibitions.The method of determining coverage for an antique car is agreed value. Standard car insurance policies use the cash value method to determine coverage. The Kelley Blue Book information is often used for this method of valuation. The cash value method works on the assumption that a car’s value will depreciate as it ages. Antique car insurance coverage is decided by an agreement between the insurer and the car owner. The coverage is normally the current market value of the antique car, and the purchase price and current market supply and demand of the car are considered. The insurance coverage can be adjusted each year as long as the insurer and antique car owner agree on the car’s value.
Some antique car insurance policies contain an attendance clause. This clause requires the insured owner to stay close to the vehicle whenever it is in use. This applies to any situation when the car is taken from its storage location. For example, if the car is taken to a car exhibition, the owner must agree to remain near the car at all times. Many antique car insurance companies do not require strict adherence to this clause.
The garaging location is specified in an antique car insurance policy. These insurance policies have certain requirements for the storage of antique cars. To be eligible for coverage, the owner must keep the antique car in an enclosed, secure storage facility. A locked garage or other enclosed storage unit is the expected storage location. Occasionally parking the car in an open parking area for short periods of time is acceptable. Mileage limitations are common on antique car insurance policies. These limitations vary by insurance company, but are usually within 1,000 to 6,000 miles per year. Some antique car insurance companies are lenient with the mileage limitation set in their policies, but others expect the owner to adhere to the restriction and will cancel the policy if the limitation is exceeded.