Nothing takes you back in time faster than a classic car blaring tunes from days gone by. It’s a great way to feel young again, but failing to get the proper antique auto insurance coverage could leave you feeling less like the leader of the pack and more like someone facing emotional and financial wipeout.
Phoenix Insurance Group shares your passion for the nostalgia and fun classic cars represent. From the throaty purr of a muscle car to the wind in your hair riding around in a beautifully restored 1956 Mustang convertible, it’s hard to hide the thrill classic autos deliver at every turn of the steering wheel.
You’ve invested a lot in your car. Wouldn’t it be a shame to see that all lost through depreciation with a standard insurance policy?
What Does it Take for a Car to Qualify for Antique Auto Insurance Coverage?
Classic automobile status may be applied for vehicles that are ten or more years old if they are rare or hold special historic interest (limited production, exceptional workmanship, etc.). Otherwise, vehicles that are 25 years old and older qualify as antique cars.
To qualify for classic car insurance, though cars must meet two additional requirements.
1) It must be driven on a limited basis (car shows, parades, etc.).
2) It must be restored, preserved, or maintained.
The good news for classic car loves is that there are a lot of beautiful cars that qualify as classic vehicles and the number grows every year. Many people enjoy restoring cars from their youth or even further back in time to display at car shows or simply to appreciate and enjoy for weekend drives in the country. Among the vehicle types you can consider classic are all of the following:
- Sports Cars
- Muscle Cars
- Hot Rods
- Station Wagons
- Vintage Motorcycles
- Antique Trucks
- Horseless Carriages
- Military Vehicles
- Steam Automobiles
- And more!
The fun never needs to end if you’re a fan of classic automobiles, but you do need to exercise caution when purchasing insurance that you get the coverage your timeless work of art deserves.
What Type of Coverage is Available for Classic Cars?
It’s especially important to consider the type of classic car insurance coverage you get for your relic. Hot rods and classics need certain care and attention that warrants a few delicate touches with insurance, such as the following.
Agreed Value Coverage – Because classic automobiles are typically 25 years or older, standard auto insurance rates would prove problematic due to vehicle depreciation. Classic cars have value from the nostalgia of the cars along with the value of the work, parts, labor, etc. put into them. That’s why you need to assign an agreed upon cash value to the vehicle that takes all these things into account should the car need to be replaced (less deductibles).
Restoration Coverage – Your diamond may be a little rough around the edges at first. While you’re in the process of restoring your find to its former beauty you need to consider restoration coverage so that you can adjust the value of your coverage throughout the active restoration process.
Then there are the standard insurance coverage options all automobiles need including all of the following:
- Bodily injury liability
- Property damage liability
- Physical damage to your auto coverage
- Uninsured/underinsured motorist coverage
- Medical Payments
Phoenix Insurance Group understands the thrill of antique auto ownership and we want to help you get the insurance protection your classic car deserves. Call us today at 908-879-6500 to discuss your antique auto insurance needs.