Pinnacle Auto Appraisers' Blog

Classic car insurance is a nonstandard type of auto coverage that is designed to meet the insurance needs of specialty or vintage car collectors. Since this type of insurance is highly specialized, there are certain considerations and criteria that you need to be aware of before you can get one to cover your car. Here are some of the essential facts you need to know about this kind of car insurance coverage.

1. Types of Vehicles
In order for your vehicle to be qualified for classic car insurance, it needs to fall under any of three categories, namely: Veterans (cars created on or before December 1904), Edwardian (vehicles manufactured between January 1905 and December 1918), and Limited (rare, special interest or limited editions). Since there was a significant rise in the number of vehicles produced in the 1970s, not all cars built before 1974 can be considered classic cars. Only convertibles, foreign sports cars, 2-door sports cars, vehicles with big block V8 engines or unique body shapes, and certain 4-door sedans can be considered collectibles.

2. Age Limitations

In most states, a car should be at least 15 years of age before it can be considered a classic car and, hence, eligible to get classic auto insurance coverage. In other states, which include Massachusetts, the minimum age required for a vehicle to qualify as classic or vintage is 25 years. However, there are some car insurance providers that are willing to offer classic auto coverage to cars that are under 15 years of age, provided that such cars are considered as cherished vehicles or are extremely rare or exotic.

3. Driver Background

If you want your car to be eligible for classic car collector insurance, you should know that, aside from the age of the car, there is also an age restriction when it comes to the driver. Only people who have reached the age of majority can get this type of auto coverage. Furthermore, insurance companies are very strict when it comes to the driving history and experience of the declared drivers who use the classic vehicle.

4. Storage Requirements

Classic car insurance providers also have strict storage requirements for vintage or classic vehicles. If you want your car to be covered by classic auto insurance, you have to make sure that your car is not parked outside your home and that it has a designated and highly secure garage. In fact, insurance companies even encourage vintage car owners to park their classic cars in car storage facilities specifically designed for storing and securing car collections.

5. Usage

In order for your classic vehicle to qualify for classic collector coverage, it should not be used as your primary vehicle. Even if your car can be considered a rare vehicle, it will not be eligible for classic auto insurance coverage if you use it every day. Only classic cars that are used on a limited basis can be eligible to get nonstandard classic auto coverage. Moreover, classic car insurance policies usually have mileage restrictions of just around 5,000 miles annually.

Source: http://www.autoinsuranceblog.org/misc/5-classic-car-insurance-facts-you-need-to-know/

We receieved several calls today regarding classic car inspections and all brought up a good questions.  Should you trust the person selling the vehicle?  Several times in the past month we have found problems with the vehicle that the seller did not inform the potential buyer about.  In Houston, TX we had a guy tell our customer there was no rust not even surface rust on the frame rails.  When we arrived at the location of the vehicle, everything looked fine from the engine to the interior.  Than we had the owner lift the car up and sure enough there was surface rust.  So than the certified appraiser started looking more into the rust; so he started pulling up carpet and trunk liner and found rust holes in the passenger floor pan.  This customer that hired us to inspect this vehicle lived in michigan.  With michigan weather this would not be a smart purchase as the rust will get worse over time.  In Dallas, TX we inspected an antique roadrunner.  The seller told the customer the paint was flawless, no surface scratches or chips anywhere.  The appraiser arrived at the location for inspection and found rust bumples underneath the rear glass and rock chips on the front of the hood.  Our client was looking for a show quality classic car.  With todays competition any flaw in the paint would cause a car show judge to deduct points off your total score.  In Denver, Colorado we inspected a classic truck that was supposibly "show car quality."  During inspection of the truck we found bolts with surface rust and carpet stained from the leaking evaporator core.  In San Antonio, TX a customer hired us to do a second inspection for him as the classic car dealership said it was in perfect condition.  During inspection found trunk near quarter panel was starting to rust and rear main seal was leaking down the oil pan.

The purpose of this post is to inform you to always trust your instinct and hire a certified classic car appraiser to inspect the vehicle.  For the few hundre dollars you spend on the inspection can save you thousands of dollars in repairs.  Please contact us and one of our certified auto appraiser will assist you.

If you are looking to increase your insurance coverage on your vehicle, the insurance company may require you to obtain a certified auto appraisal.   Usually this is done when the insurance company is unable to pull a book value on a vehicle.  This is more common on exotic and classic cars.

When having a classic car appraisal you can also request a thorough vehicle inspection, covering everything from paint, body, interior, frame to suspension.  If the certified appraiser finds something wrong with the vehicle they should notify you by including their findings in the appraisal report.  If you only need an appraisal for insurance coverage or an auto loan, a certified appraiser can perform a value appraisal.