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/