Classic Car Insurance In Oregon For 2024

In this review, we will compare the leading classic car insurance providers in Oregon and discuss the average costs of insurance in the state. Without carefully choosing a good insurance policy, you might end up with insufficient coverage and face financial losses if your vehicle is stolen or damaged. After 15 years of selling insurance as a licensed insurance agent, I’ve seen the importance of selecting the right insurer to protect your classic car investment.

What Is Classic Car Insurance?

Classic car insurance is a type of auto insurance specifically designed for vintage and collectible vehicles that are not used for daily transportation. These policies often include agreed value coverage, where the insurer and owner agree on the car’s value upfront, ensuring full compensation if the car is totaled. The insurance typically offers benefits like coverage for spare parts, tools, and specialized repair services.

Eligible vehicles usually include those that are at least 20-25 years old, well-maintained, and often restored to their original condition. However, the definition can vary depending on the insurer, with some policies also covering modern classics and exotic cars. These vehicles are generally used for exhibitions, parades, and leisure driving, rather than daily commuting.

Classic car insurance is ideal for collectors and car enthusiasts who own vehicles of historical or sentimental value. It offers comprehensive coverage that standard auto insurance may not provide, including protection against depreciation and coverage for the unique needs of maintaining classic vehicles. By choosing classic car insurance, owners can ensure their prized automobiles are properly protected and maintained.

Are Classic Cars More Expensive To Insure Than Regular Cars?

Classic car insurance is often cheaper than standard auto insurance, mainly due to the way these vehicles are used and maintained. Policies for classic cars usually come with restrictions like limited mileage and secure storage, which reduce the risk of claims. These factors contribute to lower premiums compared to regular car insurance.

The cost of classic car insurance is influenced by several factors, including the agreed value of the car, the owner’s driving history, and the chosen coverage level. 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 differs from regular car insurance, which often calculates payouts based on the depreciated value of the vehicle.

However, the specifics of coverage, 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 widely based on these factors.

Is My Car Eligible For Classic Car Insurance?

Determining if your car qualifies for classic car insurance requires meeting specific requirements set by insurers. Typically, a car must be at least 20-25 years old to be considered a classic, though some insurers may make exceptions for younger vehicles that are rare or of historical interest, like modern classics or limited-edition models.

Besides age, the car must be in good condition and used mainly for leisure activities, shows, or parades rather than daily driving. Insurers also require that the car is stored in a secure, locked garage to reduce the risk of theft or damage when not in use.

Owners are also expected to meet certain criteria, including having a clean driving record and owning another vehicle for regular use. This ensures that the classic car isn’t the primary vehicle. Some insurers may also impose mileage limits, usually between 1,000 to 5,000 miles per year, to keep the car’s usage low.

To qualify for classic car insurance, these conditions must be met, ensuring that both the car and the insurer are protected. By keeping your vehicle well-maintained and using it as intended, you can access specialized coverage tailored to your needs.

How Much Is Classic Car Insurance In Oregon?

The typical cost of classic car insurance in Oregon is between $200 and $800 annually. The price depends on factors like the car’s value, the coverage selected, the owner’s driving history, and how often the car is used. Classic car insurance is generally less expensive than regular auto insurance, given the limited usage and reduced risk associated with vintage vehicles.

Below, you’ll find a table that shows the average costs from five providers:

How Is Classic Car Insurance Different From Regular Car Insurance?

Classic car insurance differs from regular car insurance in several important respects, tailored to the needs of vintage and collectible cars.

• Coverage structures are different. Classic car insurance usually provides “agreed value” coverage, where the value of the car is set at the start of the policy, ensuring full compensation in case of a total loss. Regular car insurance often offers “actual cash value” coverage, considering depreciation and potentially leading to lower payouts.
• Usage restrictions are a significant difference. Classic car insurance often limits the car’s mileage to special uses, such as car shows, rather than daily driving. Regular car insurance assumes the vehicle will be used regularly for commuting and other daily activities.
• Storage conditions for classic cars are generally more stringent. Insurers often require that these cars be kept in a secure, locked garage to protect them from theft and environmental damage. Regular car insurance does not typically enforce such strict storage requirements.
• Coverage options are tailored to classic cars. These may include coverage for spare parts, restoration, and specialized roadside assistance. Regular car insurance typically focuses on standard coverages like liability, collision, and comprehensive.
• Costs can be notably different. Classic car insurance is often less expensive due to the reduced risk associated with limited use. Premiums are influenced by factors like the vehicle’s age, condition, and usage restrictions, leading to lower overall costs compared to regular car insurance for vehicles used more frequently.

Types Of Insurance For Classic Cars

There are multiple coverage types in classic car insurance, each catering to different classic car categories. Here are the three main ones:

Modified Car Insurance

For cars that have been altered from their original factory setup, such as with custom engine enhancements, body modifications, and performance upgrades, modified car insurance is designed to provide the necessary coverage. Standard insurance often struggles with these vehicles due to the higher risk of non-standard parts.

Modified car insurance offers coverage based on an agreed value, which includes the custom work’s worth. This insurance is essential for those who have invested extensively in upgrading their classic cars, ensuring their modifications are fully protected.

Antique Car Insurance

Antique car insurance is meant for cars over 25 years old that are maintained or restored to a high standard. These vehicles are usually used for exhibitions, parades, and recreational purposes rather than for daily commuting. Policies often feature agreed value coverage, which guarantees full compensation based on the car’s appraised value in the event of a total loss.

They might also cover spare parts, specialized repair services, and sometimes the costs associated with showcasing the vehicle. Mileage limits and secure storage may also be required to reduce risk.

Replicas Insurance

Replica car insurance covers vehicles that are replicas or reproductions of classic or antique cars. These cars are designed to look like historic models but are built using modern techniques and materials. Because their value and replacement costs can vary from both original classics and standard cars, they require specialized insurance.

Replica insurance typically includes agreed value coverage, ensuring the car is covered for its full appraised value. Policies might also cover unique replica parts and offer coverage for events like car shows.

Should I Buy Classic Car Insurance?

Classic car insurance provides several advantages tailored to meet the unique demands of classic car owners. Here are some of the primary benefits:

Agreed Value Coverage

One of the primary benefits of classic car insurance is agreed value coverage. Unlike traditional car insurance, which reimburses based on the car’s depreciated value, agreed value policies ensure you get the full appraised value of your classic car if it’s totaled. This is vital for protecting your investment, as classic cars often appreciate over time.

Cost Benefits

Classic car insurance generally offers lower premiums compared to regular car insurance. This is due to the fact that classic cars are usually driven less and stored securely, which lowers their risk of accidents and theft. The lower cost makes it an economical option for owners who mainly use their classic cars for shows, exhibitions, and casual driving.

Specialized Coverage Options

Classic car insurance policies often come with tailored coverage options for those who own classic cars. This may include coverage for spare parts, tools, and even expenses related to restoration projects. In addition, these policies typically provide specialized roadside assistance, designed to address the particular needs of classic cars and manage breakdowns with the right expertise.

Flexibility and Peace of Mind

Classic car insurance offers you peace of mind by ensuring your cherished vehicle is fully protected. With flexible coverage options available, you can choose the policy that best addresses your needs, whether for an antique, a modified vehicle, or a replica. This guarantees that all aspects of your car’s value and use are comprehensively covered.