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Insuring a Classic Car

There are two ways to insure a classic car. Depending on the laws in your area, you can use regular car insurance or you can use specialty car insurance.

Regular car insurance premiums tend to be less expensive than specialty insurance. If you treat your classic car as your day-to-day vehicle, you will likely just need regular insurance. If you use your classic car very infrequently, there is less risk of damage and you may want to save money with regular insurance and switch to specialty insurance at a later date. Some insurers have age requirements for specialty insurance, so you may not have any other choice but to buy regular insurance.

Specialty insurance is ideal for anyone who is actively showing a classic car. It provides coverage for any damage that happens at a show. It can provide coverage for shipping to shows. It can also cover for damage incurred while the car is being restored. Specialty insurance can cover the stated value of a vehicle (what you say it is worth), rather than the book value. This is important if you have invested a lot of time and money in restoration. Be sure to discuss your insurance options with an insurance agent familiar with classic cars.

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