Best Classic Car Insurance In Ohio For 2024

In this review, we’ll compare leading classic car insurance providers in Ohio and look into the average insurance costs. Neglecting to choose the right insurance policy can leave you with insufficient coverage and financial exposure in case of theft or an accident.

Through 15 years of experience selling insurance as a licensed insurance agent, I’ve learned that picking the right insurer is key to protecting valuable investments like classic cars.

What Is Classic Car Insurance?

Classic car insurance is designed specifically for vintage and collectible vehicles that aren’t driven daily. These policies often come with agreed value coverage, where the car’s value is agreed upon by the owner and the insurer, ensuring full compensation in the event of a total loss. This insurance typically includes benefits such as coverage for spare parts, tools, and specialized repairs.

Vehicles eligible for this type of insurance are generally at least 20-25 years old, well-maintained, and often restored to their original condition. However, the definition can vary by insurer, with some policies also covering modern classics and exotic cars. These cars are usually used for exhibitions, parades, and leisure driving rather than daily commutes.

Classic car insurance is ideal for collectors and enthusiasts who own vehicles of historical or sentimental value. It offers more comprehensive coverage than standard auto insurance, including protection against depreciation and coverage for the unique needs of maintaining classic cars. By opting for classic car insurance, owners can ensure their valuable automobiles are properly protected and preserved.

Are Classic Cars More Expensive To Insure Than Regular Cars?

Classic car insurance is often less expensive than regular car insurance, mainly due to the way these cars are used and maintained. Policies for classic cars usually include restrictions like limited mileage and secure storage, which lower the risk of claims and, in turn, lead to lower premiums compared to standard auto insurance.

The cost of classic car insurance is influenced by several variables, including the agreed value of the car, the owner’s driving history, and the level of coverage chosen. Agreed value coverage, where the car’s value is determined at the start, ensures that the full value is covered if the car is totaled. This contrasts with regular car insurance, which often bases payouts on depreciated values.

However, the car’s age, condition, rarity, and usage are also key factors in determining the premium. Although classic car insurance is generally less costly due to lower usage and the car’s condition, the actual cost can vary widely based on these factors.

Is My Car Eligible For Classic Car Insurance?

To be eligible for classic car insurance, your vehicle must meet specific requirements set by insurers. Typically, the car needs to be at least 20-25 years old to be considered a classic. However, some insurers may make exceptions for younger vehicles if they are rare or have historical significance, such as modern classics or limited editions.

In addition to age, insurers generally require that the vehicle is in good condition and is used primarily for leisure activities, like exhibitions or parades, rather than as a daily driver. The car should also be stored in a secure, locked garage when not in use to reduce the risk of theft or damage.

Owners are also expected to meet certain criteria, such as having a clean driving record and owning another car for regular use. This ensures that the classic car isn’t the primary mode of transportation. Some insurers may also impose mileage limits, typically between 1,000 to 5,000 miles annually, to keep the car’s usage minimal.

To qualify for classic car insurance, meeting these conditions is essential, as they help protect both the car and the insurer. By maintaining your car and using it as intended, you can secure specialized coverage tailored to your needs.

How Much Is Classic Car Insurance In Ohio?

In Ohio, the cost to insure a classic car typically ranges between $200 and $800 annually. This cost is determined by several factors, including the car’s value, the level of coverage, the driver’s history, and how frequently the vehicle is driven. Classic car insurance is generally more affordable than regular auto insurance, primarily because of the limited use and reduced risks associated with vintage cars.

Here’s a table that lists the average costs from five different providers:

How Is Classic Car Insurance Different From Regular Car Insurance?

Classic car insurance is quite different from regular car insurance, reflecting the special needs of antique and collectible cars.

• Coverage structures are different. Classic car insurance usually provides “agreed value” coverage, where the car’s value is set at the beginning of the policy, ensuring the full insured amount if the car is lost. Regular car insurance typically offers “actual cash value” coverage, which factors in depreciation and may lead to lower payouts.
• Usage limitations are also significant. Classic car insurance often restricts mileage and is intended for special occasions rather than everyday driving. Regular car insurance is designed for vehicles used frequently for commuting and errands.
• Storage conditions for classic cars are more stringent. Insurers may require these vehicles to be stored in a locked, secure garage to prevent theft and damage. Regular car insurance usually doesn’t have such strict storage requirements.
• The coverage options for classic cars are specialized. They might include coverage for spare parts, restoration projects, and unique roadside assistance. Regular car insurance generally focuses on standard coverages like liability, collision, and comprehensive.
• Costs can be lower with classic car insurance. Due to the reduced risk from limited use, classic car insurance is often less expensive. Premiums are based on the vehicle’s age, condition, and usage limits, leading to lower overall costs compared to the higher risks of everyday driving.

Types Of Insurance For Classic Cars

Within classic car insurance, there are several types of coverage, each customized for particular classic vehicles. Here are the three main categories:

Antique Car Insurance

Antique car insurance is designed for vehicles usually over 25 years old that are kept in or restored to good condition. These cars are often used for events, parades, and leisurely drives rather than as daily commuters. Such insurance policies typically provide agreed value coverage, guaranteeing the car’s appraised value is covered in the case of a total loss.

They may also offer coverage for spare parts, specialized repairs, and sometimes costs related to vehicle exhibitions. Insurers may impose mileage limits and require secure storage to mitigate risk.

Modified Car Insurance

For vehicles that have been modified from their original factory specs—such as with engine upgrades, body alterations, and performance improvements—modified car insurance provides tailored coverage. Standard policies often cannot accommodate these vehicles due to the increased risk associated with custom parts.

Modified car insurance offers protection based on an agreed value that reflects the added worth of the customizations. This coverage is crucial for owners who have invested in significant upgrades to their classic cars, ensuring all modifications are insured.

Replicas Insurance

Replica insurance is intended for vehicles that are reproductions or replicas of classic or antique cars. While these cars are crafted to resemble historic models, they are often built using modern techniques and materials. Because their value and replacement costs can differ from both original classics and standard vehicles, specialized insurance is necessary.

This typically includes agreed value coverage to insure the vehicle for its full appraised value. Coverage may also extend to parts specific to the replica and offer benefits like protection for car shows and events.

Should I Buy Classic Car Insurance?

Classic car insurance offers numerous benefits that align with the unique needs of classic car owners. Here are some of the main advantages:

Agreed Value Coverage

One of the major advantages of classic car insurance is its agreed value coverage. Unlike standard car insurance, which provides compensation based on the depreciated value of the car, agreed value policies ensure you are paid the full appraised value of your classic car in case of a total loss. This is key for protecting your investment, as classic cars can appreciate in value over time.

Specialized Coverage Options

Insurance policies for classic cars frequently include specialized coverage options that address the needs of classic car owners. This can involve coverage for spare parts, tools, and the costs of restoration projects. Additionally, these policies often provide specialized roadside assistance, equipped to handle the unique needs of classic cars and ensure proper management of any breakdowns.

Cost Benefits

Classic car insurance is typically cheaper than regular car insurance. This is attributed to the fact that classic cars are driven less often and are usually kept in secure storage, which minimizes their risk of accidents and theft. The lower premiums make it a practical choice for owners who use their classic cars mostly for recreational purposes and car shows.

Flexibility and Peace of Mind

A classic car insurance policy brings reassurance by protecting your valuable vehicle. With flexible coverage options, you can select the policy that best fits your specific needs, whether for an antique, modified, or replica car. This ensures that all elements of your car’s value and usage are covered thoroughly.