Classic Car Insurance In Georgia For 2024

We’ll be reviewing the top classic car insurance companies in Georgia and examining the typical costs of coverage in this review. Failing to carefully select a good insurance policy may lead to inadequate coverage and financial loss if your classic car is stolen or damaged in an accident.

With 15 years of experience in the insurance industry, I know how crucial it is to choose the right insurer to protect valuable investments.

What Is Classic Car Insurance?

Classic car insurance is tailored for vintage and collectible vehicles that aren’t used as everyday transportation. These policies typically offer agreed value coverage, meaning the car’s value is pre-agreed upon by both the owner and the insurer, guaranteeing full compensation in case of a total loss. The insurance often includes specialized benefits like coverage for spare parts, tools, and repairs specific to classic vehicles.

Eligible cars usually include those at least 20-25 years old, well-preserved, and often restored to their original state, though the exact definition varies by insurer, with some policies also covering modern classics and exotic vehicles. These cars are usually driven for shows, parades, and leisure, rather than daily commutes.

Classic car insurance is best suited for car enthusiasts and collectors with vehicles of historical or sentimental importance. It provides more comprehensive coverage than standard auto insurance, including protection against depreciation and coverage for the unique requirements of classic car maintenance. By choosing classic car insurance, owners can ensure their valuable vehicles are well-protected and maintained.

Are Classic Cars More Expensive To Insure Than Regular Cars?

Insuring a classic car is often less expensive than insuring a regular car, primarily because of how these vehicles are used and maintained. Classic car insurance policies typically have restrictions, such as limited annual mileage and secure storage requirements, which reduce the risk of claims. These factors contribute to lower premiums compared to standard auto insurance.

The cost of insuring a classic car depends on several factors, including the car’s agreed value, 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 often bases payouts on the depreciated value of the car.

Other factors, such as the car’s age, condition, rarity, and usage, also significantly influence the premium. While classic car insurance is generally cheaper due to lower usage and the vehicle’s condition, the actual cost can vary greatly depending on these factors.

Is My Car Eligible For Classic Car Insurance?

Determining if your car is eligible for classic car insurance requires meeting certain criteria set by insurers. Generally, the car should be at least 20-25 years old to be classified as a classic. However, some insurers might consider younger cars if they are rare or hold historical significance, like modern classics or limited-edition models.

Besides age, the car must be in good condition and used primarily for leisure activities, such as exhibitions or parades, rather than as a daily driver. Insurers also often require that the car be stored in a secure, locked garage to minimize the risk of theft or damage.

Owners must also meet certain conditions, such as having a clean driving record and owning another car for everyday use. This ensures that the classic car isn’t the primary vehicle. Insurers may also impose mileage limits, typically between 1,000 to 5,000 miles per year, to keep the car’s usage minimal.

Meeting these requirements is crucial for qualifying for classic car insurance, which is designed to protect both the car and the insurer. By maintaining your vehicle and using it appropriately, you can access the specialized coverage you need.

How Much Is Classic Car Insurance In Georgia?

The typical yearly cost for classic car insurance in Georgia ranges from $200 to $800. This expense is affected by factors including the vehicle’s value, the selected coverage level, the owner’s driving record, and how often the vehicle is driven.

Classic car insurance is often more affordable than regular auto insurance because these vehicles are driven less frequently and pose fewer risks.

Below is a table showing average costs from five different insurance companies:

How Is Classic Car Insurance Different From Regular Car Insurance?

Classic car insurance and regular car insurance vary significantly in several ways, reflecting the particular needs of vintage and collectible cars.

• The coverage structure is distinct. Classic car insurance often provides “agreed value” coverage, where the car’s value is determined at the start of the policy, ensuring the full amount is paid if the car is totaled. In contrast, regular car insurance typically offers “actual cash value” coverage, which accounts for depreciation and may result in lower payouts.
• Usage restrictions also set classic car insurance apart. Classic car insurance often limits the car’s mileage to occasional use like car shows, whereas regular car insurance is intended for vehicles used regularly for commuting and daily errands.
• Storage requirements for classic cars are more stringent. Insurers may require that classic cars be kept in a locked, secure garage to prevent theft and environmental damage. Regular car insurance does not generally impose such strict storage conditions.
• The coverage options themselves are tailored to the needs of classic car owners. These might include coverage for spare parts, restoration, and specialized roadside assistance. Regular car insurance generally offers standard coverages like liability, collision, and comprehensive.
• Cost differences can be notable. Classic car insurance often has lower premiums due to the limited use of the vehicle. Factors such as the car’s age, condition, and usage restrictions typically result in lower costs compared to the higher risk and more frequent use associated with regular vehicles.

Types Of Insurance For Classic Cars

Classic car insurance offers a range of coverage types, each intended for different types of classic vehicles. Here are the three key types:

Antique Car Insurance

Antique car insurance caters to vehicles that are generally over 25 years old and maintained or restored to good condition. These cars are typically used for exhibitions, parades, and recreational purposes rather than for everyday driving. Policies commonly offer agreed value coverage, ensuring that the car’s appraised value is fully covered if it is totaled.

Additional coverage might include spare parts, specialized repair services, and sometimes costs related to displaying the vehicle. Mileage limits and secure storage requirements may also be part of the policy to reduce risk.

Modified Car Insurance

Modified car insurance is meant for cars that have been altered from their factory specifications, including custom engine modifications, bodywork changes, and performance upgrades. These modifications can make it difficult to insure a vehicle with standard policies due to the increased risk.

Modified car insurance covers the value of these enhancements through an agreed value, ensuring that the customizations are fully protected. This type of insurance is valuable for those who have invested considerable time and money in upgrading their classic cars.

Replicas Insurance

Designed for vehicles that replicate classic or antique cars, replica insurance covers cars built to mimic historic models but constructed with modern materials. These vehicles require special insurance due to their differing value and replacement costs compared to original classics and standard cars.

Replica insurance generally includes agreed value coverage, ensuring the car is insured for its full appraised worth. Policies may also cover parts unique to the replica and offer additional benefits, such as coverage for car show participation and other events.

Should I Buy Classic Car Insurance?

Selecting classic car insurance comes with multiple advantages that address the particular needs of those who own classic cars. Here are some notable benefits:

Agreed Value Coverage

A significant benefit of classic car insurance is the inclusion of agreed value coverage. In contrast to regular car insurance, which compensates based on the vehicle’s depreciated value, agreed value policies ensure you receive the full appraised value of your classic car if it’s totaled. This protection is crucial for preserving your investment, particularly since classic cars can become more valuable over time.

Specialized Coverage Options

Classic car insurance often features coverage options tailored for classic car enthusiasts. This may encompass protection for spare parts, tools, and costs related to restoration projects. Additionally, these policies can offer specialized roadside assistance, designed to meet the unique needs of classic cars and ensure that breakdowns are addressed with appropriate expertise.

Cost Benefits

Generally, classic car insurance is more affordable than standard car insurance. This is because classic cars are often used less frequently and stored in secure locations, reducing the likelihood of accidents and theft. The lower cost is beneficial for owners who primarily use their classic cars for casual driving, exhibitions, and shows.

Flexibility and Peace of Mind

Classic car insurance gives you peace of mind by ensuring your prized vehicle is securely covered. The variety of policy options allows you to choose the most appropriate coverage for your needs, whether for an antique, a modified car, or a replica. This guarantees that every aspect of your car’s value and use is comprehensively protected.