Some people restore classic and antique automobiles as a hobby; others collect them as an investment. In either case, you’ll want to be aware of how classic car insurance is different from the coverage you carry on your daily driver before you start shopping for a classic car insurance quote online – or anywhere else.
Many Restrictions
If a classic automobile is wrecked or destroyed, repair, restoration and/or replacement can be difficult and extremely expensive – if it is possible at all. Granted, for some of the more common antiques such as the Ford Model T or a classic Chevrolet from the 1930s, many reproduction parts are readily available. However, when you start getting into a 1928 Hupmobile or a 1917 Pierce-Arrow, parts must often be custom made at considerable expense.
As you can imagine, the insurer does not want to take too many chances and will place a great many requirements and restrictions on where and how the vehicle is stored, and where and how often it can be operated. It’s guaranteed that the vehicle will need to be stored in a garage, and probably under a specially-lined, custom-fitted and specially lined tarp.
As for operation, you’ll only be covered if driving in a parade or a tour, or when the vehicle is being shown at a concurs d’elegance (antique car show). Chances are good that if you are taking the vehicle to a show at a distant location, the insurer will require you to transport the vehicle in a trailer or cargo truck. (By the way, those “do not touch” signs and ropes around display vehicles are there for insurance reasons as well.)
Other Issues
Although you may be the only one who actually ever drives the vehicle, insurers assume that every licensed driver in your household will have access to it. Every one of these family members is required to have access to a “daily driver.” In addition, you and every other licensed driver in the household must have a driving record so clean that it squeaks. True, a citation for making an illegal lane change or improper turn will probably not disqualify you, but a major accident in which you were at fault or a DWI conviction means that no classic car insurer will go near you.
Where to Get Coverage
You may have a couple of choices here between your regular insurer and one of the “boutique” insurers that specialize in antique and classic car coverage. You may need to go with the latter if your primary insurer doesn’t offer this kind of coverage.
One other thing to keep in mind is that antiques and classics of any kind do tend to increase in value as long as they are maintained and cared for. Your insurance coverage should reflect this; regardless of where you get coverage, you should have your car professionally appraised periodically and review your policy with your agent.
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