If you own an antique or classic car, it’s a valuable possession, in terms of both its financial value and your sentimental attachment to it. You need to make sure that you have the right insurance coverage in case you are involved in an accident and the car needs repair, the car gets damaged by weather, or it gets stolen. Antique and classic car insurance offers protections that a standard auto insurance policy doesn’t, but it also has some important restrictions that you should know about.
How Does Antique and Classic Car Insurance Differ from Standard Car Insurance?
A standard auto insurance policy determines a vehicle’s value based on comparable vehicles and the cost to repair it. A standard policy won’t cover the full value of an antique or classic car if it gets totaled in an accident, but antique and classic car insurance will because it is an agreed value policy.
That means that you and the insurance company will agree on the antique or classic car’s value, and it will be insured for that amount. The agreed value will remain consistent over time, unless your car increases in value, you get a new appraisal, and you and the insurer agree to change its value.
If you take out an antique and classic car insurance policy, you will have to meet conditions and follow rules that don’t apply to standard auto insurance policies. For example, you will only be able to use the vehicle for pleasure or as a hobby. You won’t be allowed to use it to commute to and from work. The insurance company may require you to provide proof that you have another vehicle that is your primary mode of transportation.
You will also have to prove that you are taking steps to protect your antique or classic car from harm. For example, you will be required to store the vehicle in a secure location, such as a garage, carport, or storage facility.
An antique and classic car insurance policy will place a limit on the number of miles you may drive the car in a year. Those may differ based on location and insurance company.
A carrier that offers antique and classic car insurance may also have guidelines that a driver who wants a policy must meet. A minimum age and amount of driving experience, as well as a good driving record, are typical requirements.
Get a Quote for Antique or Classic Car Insurance
Many large insurance companies and specialty carriers offer antique and classic car insurance. Those companies may differ in how they classify vehicles, which types of coverage they provide, the restrictions they place on mileage, and requirements a driver must meet.
Petruzelo Insurance has helped vehicle owners across Connecticut choose the policy that is right for their needs. We can work with you to find an antique and classic car insurance policy for 2021 that suits your vehicle and your budget. Contact us today to compare rates.