Classic Car Insurance In South Carolina 2024

In this review, we’ll compare the best classic car insurance options in South Carolina and look at the average insurance cost. Not choosing a proper policy could result in inadequate coverage and financial loss if your car is stolen or damaged in an accident.

My 15 years of experience in the  insurance market as a licensed insurance agent have shown me that selecting the right insurer is key to protecting valuable investments like classic cars.

What Is Classic Car Insurance?

Are Classic Cars More Expensive To Insure Than Regular Cars?

Classic cars are often cheaper to insure than regular vehicles, largely because of how they’re used and maintained. Classic car insurance typically includes restrictions like limited mileage and secure storage, which lower the risk of claims and lead to lower premiums compared to standard auto insurance.

The cost of classic car insurance is determined by various factors, including the agreed value of the car, the owner’s driving history, and the level of coverage selected. Agreed value coverage ensures that the car’s full value is covered in case of a total loss, as the value is agreed upon by both the insurer and owner at the outset. This is different from regular car insurance, which typically bases payouts on the depreciated value of the car.

However, other factors, such as the car’s age, condition, rarity, and usage, also play significant roles in determining the premium. While classic car insurance is generally cheaper due to lower usage and the vehicle’s condition, the actual cost can vary significantly based on these factors.

Is My Car Eligible For Classic Car Insurance?

To qualify for classic car insurance, your vehicle must meet specific criteria set by insurers. Generally, the car should be at least 20-25 years old to be classified as a classic, though some insurers might make exceptions for younger vehicles that are historically significant or rare, such as modern classics or limited editions.

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

Owners are expected to meet certain criteria, including having a clean driving record and owning another car for everyday 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 per year, to keep the car’s usage low.

These requirements are key to qualifying for classic car insurance, as they protect both the vehicle and the insurer. By maintaining your car well and using it appropriately, you can access the specialized coverage that suits your needs.

How Much Is Classic Car Insurance In South Carolina?

In South Carolina, the cost of insuring a classic car usually ranges from $200 to $800 annually. The actual price depends on various factors like the vehicle’s value, the level of coverage chosen, the driver’s history, and how often the vehicle is driven.

Classic car insurance is often more affordable than regular auto insurance due to the limited use and reduced risk associated with vintage cars.

Below is a table that lists the average costs from five insurance providers:

How Is Classic Car Insurance Different From Regular Car Insurance?

Classic car insurance and regular car insurance have several notable differences, reflecting the specialized needs of vintage and collectible cars.

• Coverage structures are different. Classic car insurance often includes “agreed value” coverage, where the car’s value is established at the policy’s start, ensuring the full insured amount if the car is totaled. Regular car insurance typically provides “actual cash value” coverage, which accounts for depreciation and might result in lower payouts.
• Usage restrictions are a key difference. Classic car insurance often limits annual mileage and is intended for occasional use, such as car shows or parades, not daily driving. Regular car insurance is designed for vehicles used regularly for commuting and errands.
• Storage requirements for classic cars are generally stricter. Insurers typically require these cars to be kept in a secure, locked garage to prevent theft and environmental damage. Regular car insurance does not usually impose such strict storage conditions.
• Coverage options are specialized for classic cars. These might include protection for spare parts, restoration projects, and specialized roadside assistance. Regular car insurance generally offers standard coverage such as liability, collision, and comprehensive.
• Costs can be different. Classic car insurance is often less expensive due to the reduced risk from limited use. Premiums are influenced by factors like the vehicle’s age, condition, and usage restrictions, usually resulting in lower overall costs compared to the higher risks associated with daily-driving vehicles.

Types Of Insurance For Classic Cars

In classic car insurance, several types of coverage are available, each tailored for different kinds of classic vehicles. Here are the three primary ones:

Antique Car Insurance

Antique car insurance is tailored for vehicles that are typically over 25 years old and either maintained or restored to a good condition. These cars are usually driven for exhibitions, parades, and leisure activities rather than for everyday commuting. Such policies often include agreed value coverage, which guarantees that the car’s appraised value will be fully covered if it’s a total loss.

Coverage might also extend to spare parts, specialized repair services, and sometimes the costs of vehicle displays. Insurers may impose mileage limits and require secure storage to control risk.

Modified Car Insurance

Designed for vehicles with alterations from their original factory condition, modified car insurance covers custom modifications such as engine upgrades, bodywork changes, and performance improvements. Standard insurance policies often have difficulty covering such vehicles because of the increased risk.

Modified car insurance takes the value of these custom features into account, providing coverage based on an agreed value that reflects the vehicle’s enhanced worth. This type of insurance is crucial for those who have invested significantly in their classic car upgrades.

Replicas Insurance

Replica insurance is specifically for cars that replicate or reproduce classic or antique models. These vehicles are designed to resemble historic cars but are frequently made with modern materials and methods. Due to the differences in value and replacement costs compared to both original classics and regular cars, replica insurance offers specialized coverage.

This often includes agreed value coverage, ensuring the vehicle is insured for its full appraised value. Policies may also cover unique parts for the replica and include benefits for car show participation and other events.

Should I Buy Classic Car Insurance?

Classic car insurance offers several benefits that are well-suited to the specific requirements of classic car owners. Here are some key advantages:

Agreed Value Coverage

One major benefit of classic car insurance is agreed value coverage. Unlike regular insurance, which pays out according to the depreciated value of the car, agreed value policies ensure you receive the full appraised value of your classic vehicle in the event of a total loss. This is important for protecting your investment, given that classic cars can appreciate over time.

Specialized Coverage Options

Classic car insurance generally provides coverage options that cater to the specific needs of classic car owners. This can include protection for spare parts, tools, and the costs of restoration projects. Additionally, these policies often feature specialized roadside assistance, designed to address the unique requirements of classic cars and manage breakdowns with the necessary expertise.

Cost Benefits

Classic car insurance is usually more budget-friendly than regular car insurance. This is because classic cars are driven less and kept in secure storage, which reduces the chances of accidents and theft. The lower premiums make it a practical option for owners who use their classic vehicles mostly for recreational drives, exhibitions, and car shows.

Flexibility and Peace of Mind

A classic car insurance policy ensures peace of mind by protecting your treasured vehicle. Flexible options allow you to choose coverage that fits your needs, whether for an antique, a modified vehicle, or a replica. This comprehensive coverage guarantees that every aspect of your car’s value and use is covered.