For passionate car collectors and vintage vehicle enthusiasts, owning an antique car is a dream come true. Whether it’s a sleek 1960s Mustang or a charming 1920s Ford Model T, these vehicles are more than just cars—they’re pieces of history. However, owning such a treasure comes with its own set of responsibilities, and one of the most important is ensuring your antique vehicle is properly insured.
In this article, we’ll explore everything you need to know about getting an antique car insurance quote, what makes this type of insurance unique, and how to ensure you’re getting the best deal possible.
What Is Antique Car Insurance?
Antique car insurance, also known as classic or vintage car insurance, is a specialized policy designed for vehicles that are older and typically no longer manufactured. Standard auto insurance is not ideal for these vehicles because antique cars have unique values that often increase over time, unlike regular vehicles, which depreciate.
Unlike traditional car insurance policies, which consider factors like daily mileage and wear and tear, antique car insurance caters to vehicles that are often used sparingly, maintained meticulously, and have significant historic or sentimental value.
To qualify as an “antique” car, most insurers require that the vehicle meet certain criteria, including:
- Age: Typically, a car must be at least 20-30 years old to qualify.
- Condition: The car must be in good condition and often either restored to or preserved in its original state.
- Usage: Antique cars are typically driven only for special occasions, like car shows, parades, or leisurely weekend drives, rather than for everyday commuting.
Factors That Affect Antique Car Insurance Quotes
When looking for an antique car insurance quote, there are several factors that determine the cost of coverage. These include:
- Agreed Value: Unlike regular auto insurance, which covers the depreciated value of a car, antique car insurance often uses an “agreed value” approach. This means you and the insurer agree on the car’s value based on its market worth and rarity. This agreed value is what you’ll be paid in the event of a total loss.
- Vehicle Condition: The better maintained your antique car, the more likely you are to secure a favorable insurance quote. Insurers will often request a detailed report on the vehicle’s condition, including photos or appraisals from professionals.
- Storage: Where you store your antique vehicle can greatly impact your insurance quote. Insurers prefer that antique cars be stored in secure, enclosed spaces like garages or storage units to protect them from environmental damage, theft, or vandalism.
- Mileage Limits: Because antique cars are usually not driven regularly, insurance policies typically include mileage restrictions. The fewer miles you drive, the lower your insurance premium may be.
- Driver’s History: Your personal driving record plays a significant role in determining your insurance rates. If you have a clean driving history with no major accidents or traffic violations, you’re likely to get a better quote.
- Deductibles: As with any insurance policy, higher deductibles usually translate to lower premiums. However, with an antique car, you might want to opt for a lower deductible since repairs can be costly, and you may want to avoid significant out-of-pocket expenses in the event of an accident.
The Importance of Specialized Coverage
A key reason antique car insurance differs from standard policies is that it accounts for the vehicle’s increasing value. Many antique cars are rare, and finding replacement parts or even skilled mechanics for these older models can be both difficult and expensive. Specialized coverage often includes:
- Restoration Coverage: If your antique car is undergoing restoration and is damaged during the process, this coverage ensures that you’ll be compensated for the work that’s been done.
- Spare Parts Coverage: Collecting and storing spare parts for antique cars is common. Some policies offer coverage for spare parts in case they’re damaged or stolen.
- Event Coverage: Since antique cars are often showcased in events or parades, policies may offer coverage specific to these occasions, including liability coverage during transportation or at the event itself.
How to Get an Antique Car Insurance Quote
Getting a quote for your antique car insurance isn’t as simple as entering your vehicle’s make and model into an online calculator. Because these vehicles are unique, it’s important to approach the process with care. Here’s how to go about it:
1. Assess Your Car’s Value
Before you seek out quotes, it’s essential to determine the true market value of your antique car. Consider getting a professional appraisal to ensure that you’re fully aware of what your car is worth. This is particularly important because antique car insurance is often based on agreed value rather than actual cash value.
2. Gather Documentation
Insurers will want detailed information about your car, including its age, condition, and any restoration work that’s been done. Have photos, maintenance records, and appraisal reports on hand before reaching out for a quote.
3. Compare Specialized Insurers
Not all insurance companies offer antique car insurance. Look for companies that specialize in this type of coverage, such as Hagerty, Grundy, or American Collectors Insurance. These insurers have specific knowledge and experience dealing with vintage vehicles, which ensures that your car gets the coverage it deserves.
4. Consider Bundling Policies
If you own more than one antique car or have other types of insurance (home, boat, etc.), consider bundling your policies with one insurer. Many companies offer discounts for policy bundling, which can help lower your overall premiums.
5. Ask About Discounts
Many antique car insurance companies offer various discounts. You may be eligible for a discount if you store your car in a garage, have an alarm system, or maintain a good driving record.
6. Review Policy Details Carefully
When you receive a quote, review the policy details carefully. Make sure it includes agreed value coverage, mileage restrictions that fit your driving habits, and any other features like restoration or spare parts coverage.
Why Antique Car Insurance Is Worth the Investment
While it might be tempting to save money by insuring your antique vehicle under a standard auto policy, this is often a mistake. Regular car insurance doesn’t take into account the unique needs and value of vintage cars. With antique car insurance, you’re not only getting protection for the current value of your vehicle but also ensuring that future value is preserved. You’ll have peace of mind knowing that in the event of an accident or damage, you won’t face a financial loss that far exceeds what a regular insurance payout would cover.
Conclusion: Get the Best Antique Car Insurance Quote
Antique cars are more than just vehicles—they’re an investment in history. To protect that investment, specialized antique car insurance is essential. By understanding the unique factors that affect antique car insurance quotes, taking the time to assess your vehicle’s value, and working with a specialized insurer, you can secure coverage that offers you peace of mind and protects your car for years to come.
In the end, getting an antique car insurance quote is about more than just finding the lowest price. It’s about ensuring that your prized possession is fully protected, so you can continue to enjoy it for generations to come.