Owning a classic car is more than just a hobby—it’s a passion. For many older generations, these vehicles hold sentimental value, representing cherished memories of the past. Whether you take your vintage beauty out for a weekend cruise or keep it in pristine condition for car shows, one thing is certain: you need classic car insurance to protect your investment properly.
Why Standard Auto Insurance Isn’t Enough
Many classic car owners assume that a traditional auto insurance policy is sufficient. However, standard policies often don’t account for the unique value of classic and collector vehicles. Unlike daily drivers, classic cars appreciate over time, making classic car insurance a must for proper coverage.
Here’s what sets classic car insurance apart from standard policies:
- Agreed Value Coverage – Unlike standard auto insurance, which pays actual cash value (factoring in depreciation), classic car insurance policies allow you and your insurer to agree on a set value for your vehicle. This ensures you receive full compensation in case of a total loss.
- Lower Premiums – Since classic cars are typically driven less frequently and are well-maintained, insurance providers often offer lower rates compared to standard policies.
- Specialized Repairs & Restoration Coverage – If your classic car needs repairs, you’ll want parts that match its originality. Many classic car insurance policies cover specialized restoration costs.
- Flexible Usage Options – Some policies allow occasional pleasure driving, while others may require that your vehicle is only used for exhibitions, parades, and club events.
Do You Qualify for Classic Car Insurance?
Not every vehicle qualifies for classic car insurance. Insurers typically have the following requirements:
- Age of the Vehicle – Most insurers define a classic car as being at least 20 to 25 years old. However, antique cars (50+ years old) and modern collectibles may also qualify.
- Condition – Your car must be in good or restored condition. Some policies exclude project cars or those in need of major repairs.
- Limited Mileage – Many insurers impose mileage limits, such as 5,000 miles per year, to keep the risk low.
- Secure Storage – Your vehicle must be stored in a locked garage or secure facility when not in use.
How to Choose the Right Classic Car Insurance Policy
Finding the right classic car insurance policy means considering your vehicle’s value, usage, and personal preferences. Here’s how to get started:
- Assess Your Car’s Value – Get an appraisal or research recent sales of similar models to determine an accurate agreed value.
- Compare Insurance Providers – Not all insurers offer classic car insurance, so look for companies specializing in collector vehicles.
- Understand the Fine Print – Review policy restrictions, including mileage limits, storage requirements, and driving allowances.
- Ask About Additional Coverage – Consider add-ons like spare parts coverage, roadside assistance, and trip interruption protection.
Protect Your Investment with the Right Coverage
Your classic car is more than just a mode of transportation—it’s a piece of history and a reflection of your passion. Ensuring it has the proper classic car insurance safeguards your investment, so you can continue to enjoy it for years to come.
Before you take your prized vehicle out for another joyride, make sure you have the right coverage in place.
Would you like help finding the best classic car insurance provider for your needs? Stop by your local Wells Insurance office and speak directly with your personal agent to get started. We have offices located in historical Downtown Wilmington, over on Oleander Dr-Wilmington, Brunswick Forest, and Southport. One of our agents would be more than happy to check out your classic car and talk shop about how best to protect it. You can also contact us by email for any of your insurance needs.
