Vintage and Collector Car Insurance

Vintage and collector cars are a delight to own and drive. Of course, these valuable classics also come with special requirements when it comes to aspects of maintenance, title, registration, and of course, auto insurance.

You might find securing an insurance policy for a vintage vehicle is a bit different from buying a policy for a newer model car. Understanding vintage and collector car insurance options will help protect your investments and ensure you meet all legal coverage obligations.

Why Do Vintage and Collector Cars Need Special Policies?

Classic and collector car owners choose specialty insurance policies because they offer better protection than standard policies.

With a normal auto insurance policy that includes collision and comprehensive coverages, you're paid the actual cash value of your vehicle after an accident. Actual cash value is the price being paid for your particular type of vehicle at the time of a total loss. It can be significantly less than the amount you paid when you first purchased your car.

With collector auto insurance, you're paid an agreed value for your vehicle if it's stolen or totaled. The agreed value is a sum you and your auto insurance company mutually decide upon, based on your vehicle's:

  • Make and model.
  • Condition.
  • Special features.
  • Pricing according to classic car guides.

These policies often cost less than standard insurance policies because collector cars are driven on a limited basis and are generally well cared for.

As you shop for an insurance policy for your specialty vehicle, you might encounter BOTH collector AND antique insurance policies. These policies have the same general features, but the age of your car determines which type of policy you qualify for.

In general:

  • Collector cars are between 19 and 24 years old.
  • Antique cars are 25 or more years old.

Features of Collector Car Insurance Policies

Like any other insurance policy, a collector vehicle policy will provide a monetary settlement if the car is totaled. However, some of these policies feature provisions that don't apply to regular cars.

If you show your collector car, you'll likely need to look for a policy that has no "attendance required" provisions. That means your car will be covered even if you're not with it at the time of a crash (e.g. you lend it to a car show and someone moving the car gets in an accident).

Other special provisions may also be available with such policies. These include:

  • Travel coverage.
  • Auto show medical reimbursements.
  • Roadside assistance.
  • Coverage for spare parts.

Requirements for Vintage and Collector Car Insurance

Collector and vintage car insurance policies are issued according to specific requirements. The requirements vary from company to company, but some common requirements include that the owner must:

  • Be at least 25 years old.
  • Have a good driving record and at least five years of experience.
  • Have few or no moving violations.
  • Have few or no at-fault accidents.
  • Agree to store the vehicle in a locked garage.
  • Maintain the vehicle in good condition.
  • Own another vehicle driven for school or work purposes.

Choosing a specialty policy is a great way to protect the value of your collector or vintage car. You'll find such policies are offered by big-name insurance agencies and specialty agencies alike. Remember, no matter the policy you choose, it must provide the minimum coverages required by your state.