Although insuring a motor vehicle may be expected, owners must understand that the process of acquiring coverage is not the same for all automobiles. People who own, restore and operate antique, classic or rare cars need to understand the intricacies of acquiring adequate insurance.

The agents at Elliott Hartman Insurance Services have over 60 years of experience helping car enthusiasts in the Waterloo area understand their coverage needs.

What Is Classic Car Insurance?

Classic car insurance is a necessity for you to be able to protect particular types of vehicles. Classic and antique automobiles represent significant financial investments and may also carry substantial sentimental value. A suitable insurance policy for your classic car will be able to provide crucial financial assistance following an incident. Without adequate coverage, it may be up to you to pay costs for repairs, restoration or replacement parts out of your own pocket.

What Vehicles Need Classic Car Insurance?

The definition of a classic car may vary depending on your insurance provider and other details. In general, classic car auto insurance may be available for the following classifications of vehicles:

·        Antique and classic cars (i.e., at least 25 years old)

·        Hotrods

·        Custom/modified vehicles

·        Exotic and luxury automobiles

·        Muscle cars

·        Classic trucks

How Does Classic Car Insurance Work?

Classic car insurance policies work similarly to standard auto policies in several ways, such as in response to incidents involving liability for bodily injuries and property damage. However, this coverage may also include several additional features intended to help maintain and protect your classic vehicles, such as the following:

·        Consistent value—Classic cars may not have a traditional cash value due to the variance in condition and features. When acquiring this type of insurance, providers and policyholders can work together to determine an agreed-on value that will not depreciate throughout the coverage’s term.

·        Optimal maintenance—Your policy may enable you to take your vehicle to garages and shops that specialize in servicing your classic car, regardless of how much more expensive it may be than a standard option. Similarly, a classic car policy may cover the cost of specific parts intended for your vehicle, regardless of potential cost difference compared with generic alternatives.

·        Towing assistance—Many owners of classic vehicles may choose not to drive their automobiles on the open road or to car shows. Classic car insurance can help with transportation by providing special towing.

What Vehicles Qualify for Classic Car Insurance?

Although you may consider an automobile a classic, that may not qualify you for classic car insurance. Insurance providers must consider several factors when determining your eligibility for this type of policy, including the following:

·        Use habits—If you use your vehicle for commuting, running errands or other regular uses, you may not qualify for classic car insurance. Providers may also set mileage limitations.

·        Storage—Providers may require that you store your automobile in a secure area that is enclosed, lockable and not open to the public, such as a storage unit or private garage.

·        Driving record—Regardless of the vehicle you are trying to insure, a driving record that includes high-risk offenses may dissuade providers from offering you coverage.

·        Display plans—Insurance providers may require additional or customized coverage if you plan to drive or transport your classic vehicle to car shows or auto club gatherings.

Get the Right Coverage

Owning, restoring and collecting classic vehicles can be a rewarding and enjoyable hobby, but these motor vehicles also generally represent significant financial investments. Like any substantial expenditure, classic cars must be protected. Without suitable classic car insurance, a single slip of a tire or lapse in attention could lead to significant losses.

Elliott Hartman Insurance Services is here to help. Our agents have the knowledge, experience and dedication to assess your classic car’s insurance needs and compile optimal coverage. Contact us today to get started.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.