Owning a classic or antique car is a passion, an investment, and in many cases, a piece of history. These vehicles require special care and attention — not just on the road or in the garage, but also when it comes to insurance. Unlike modern cars, classic and antique automobiles often appreciate in value, making them unique from an insurance standpoint.
Standard auto policies are not designed to protect these valuable cars in the way they deserve. With classic collectors insurance, your vehicle gets specialized coverage that goes beyond traditional policies, covering your prized ride in the event of damage, theft, or loss.
Why Classic and Antique Cars Need Specialized Coverage
Unlike standard auto insurance, which is based on a vehicle’s depreciating market value, antique classic car insurance provides agreed value coverage. You and the insurer determine your car’s value at the time of policy writing, and in the event of a total loss, you receive the full insured amount with no depreciation. This coverage is particularly important for collector vehicles, which often increase in value over time.
Here are some essential coverages that classic car owners should look for in a policy:
- Agreed value coverage: Ensures you are compensated for the full insured value of the car without depreciation in the event of a covered loss
- Limited usage policies: These policies recognize that classic cars are not used as daily drivers, leading to lower premiums while maintaining full protection
- Spare parts coverage: Many policies offer protection for rare and expensive spare parts, which can be difficult to replace if damaged or stolen.
- Restoration insurance: Covers vehicles undergoing restoration, including the cost of replacement parts, tools, and labor
- Liability protection: Provides coverage in case of accidents, particularly at car shows, parades, or public events where the risk of damage or injury increases.
Without these specialized protections, classic car owners may find themselves underinsured or unable to recover the true value of their vehicle after an accident or loss.
Factors That Affect Insurance Rates
The cost of classic collectors insurance varies based on several factors, including the age, condition, and storage of the vehicle. Unlike traditional auto insurance, which bases rates on daily use and driving history, classic car insurance takes a different approach to determining premiums.
Key factors that influence insurance costs include the following.
- Vehicle age and condition: Fully restored or well-maintained classic cars typically qualify for better rates than project cars still undergoing work.
- Storage: Insurers often require that classic cars be stored in a locked, enclosed garage to protect against theft and damage.
- Annual mileage: Because most classic cars are driven sparingly, lower mileage often leads to lower insurance premiums.
- Modifications: Performance upgrades, custom paint jobs, and other modifications may require additional coverage and can impact the cost of the policy.
Classic car owners should work closely with an experienced insurer to ensure they have the right level of protection based on these factors.
Maintaining Your Classic Car
Proper maintenance is key to preserving your vehicle’s condition and can also impact your eligibility for insurance coverage and premium rates. Keeping your classic car in top shape requires regular upkeep and careful storage.
Important maintenance steps for classic car owners include:
- Regular engine checks: Maintaining fluids, belts, and hoses can prevent mechanical issues.
- Rust prevention: Classic cars are especially vulnerable to rust, so proper storage and protective coatings are essential.
- Tire care: Keeping tires properly inflated and free from dry rot helps maintain safety and performance.
- Secure storage: Keeping your car in a climate-controlled garage can help protect against weather-related damage and extend its lifespan.
Ride On
Choosing the right insurance provider is just as important as selecting the right coverage. Classic car insurance is highly specialized, and working with an insurer who understands the unique needs of collectors ensures that you have the best possible protection.
When looking for an insurance provider, consider:
- Experience in classic car insurance: Work with a provider who understands valuation, restoration, and the specific risks associated with classic cars.
- Customizable policies: Coverage should be tailored to your vehicle’s unique value, usage, and storage conditions.
- Strong customer support: Having a dedicated team to guide you through claims and policy adjustments is crucial.
Provident Protection Plus specializes in helping classic and antique car owners protect their investments with tailored insurance solutions. Whether you’re showing your car at a local event or storing it safely in a garage, the right policy ensures peace of mind.
Call today to find the best coverage options for your prized classic vehicle.
About Provident Protection Plus
For more than 65 years, Provident Protection Plus has served businesses and residents across several states nationwide. Today, we are a wholly owned subsidiary of Provident Bank, the region’s premier banking institution. To learn more about our coverage options, contact our specialists today at (888) 990-0526.