Classic Car Insurance
What Does Classic Car Insurance Mean?
Classic car insurance is coverage designed for restored collectible or vintage cars. While it may share features with conventional car insurance, it is considered a specialty insurance for a niche market.
Classic car insurance is also referred to as antique car insurance.
Insuranceopedia Explains Classic Car Insurance
The definition of a “classic car” can vary among insurance companies, with some setting the minimum age requirement as low as 15 years, while others set it as high as 30 years. To qualify for classic car insurance, the vehicle must meet the minimum age requirement, be restored, and be in good general condition. This type of insurance is considered a niche market. Both the insured and the insurer often need to agree on the insurance payout for loss or damage.
Regular car insurance typically takes depreciation into account, so the payout is usually less than the purchase value. In classic car insurance, the vehicle is valued based on its classification among classic cars and is appraised by experts. Since classic cars are expensive, insurers may need to pay more for repairs, which results in higher coverage costs for the insured.
