Unlike an everyday vehicle, which depreciates over time and with use, classic cars gain value over the years—so you’ll need to adjust insurance coverage to match your special vehicle’s appreciating value. Because beauty is in the eye of the beholder, it’s sometimes difficult to pin down an official definition of a classic vehicle. But insurers that sell specialized classic car insurance may accept any of the following: vehicles whose value exceeds the original selling price; antique and classic cars, usually at least 25 to 30 years old; hotrods and modified vehicles; exotics; muscle cars; and some vintage military vehicles, motorcycles, and antique tractors.
So, if you’re looking to insure a collectible or classic vehicle, the best bet is to talk to your Insurance Professional. And while you’re talking about how much insurance you’ll need, be prepared to discuss other options too, including:
*Specialized repair or restoration: Gives you the flexibility to bring your vintage Mercedes, Ferrari or Corvette to a specialist—even if the rates are higher than what a traditional auto body repair shop would charge.
*Towing: Due to their age, collector vehicles are prone to breakdowns, so towing coverage—especially for flat-bed hauling—is essential for collector vehicles.
*Parts: Hard-to-find parts cost more. Look for coverage that takes into account scarcity or need for one-off parts.
*And of course you’ll want to discuss provisions found in standard auto insurance policies, like property damage and bodily injury liability coverage.
There are lots of other things to consider, including how, where, and when you’ll be using your vehicle—and what effect that will have on your insurance. For a full rundown on these and other topics, cruise on over to Insuring Your Classic Car: Special Auto Insurance Protection.