Classic and antique cars may have to be covered by a specialty market. A classic auto is commonly considered to be an auto around 15 to 25 years old; while antiques are older than 25 years. Specialty coverage is necessary because standard auto coverage rates are based upon a car losing value each year due to aging and normal vehicle use. The owner of a classic or antique car needs coverage for a vehicle that retains or increases its value.
Specialty car insurers typically base their rates on elements such as:
- the car's current value (often established by appraisal)
- any special design or features
- use (exhibition, touring, parade)
- availability of storage in a locked garage
- owner's age (no youthful drivers)
- whether spare part coverage is included
- availability of another car for normal vehicle use
- whether the car's coverage includes automatic increases to account for inflation
If you have a special auto, talk to your insurance professional for advice. He or she shares your concern for having the right type of coverage.