Insurance companies refer to classic cars as collectibles, and not all classic cars are collectibles. Classic car insurance protects the vehicle in a way that regular car policies don’t. The attached video explains why you need classic car insurance.
A classic car isn’t measured by age. An old car may not qualify as a classic.
Insurance companies consider a car’s collectability and whether its value will increase in the future even if it’s currently new. There should be a high demand and a limited supply for it to be a collectible.
Classic car insurance quotes are different because of the agreed value of the collectible. This is what the owner states as the value of the car. Regular cars are covered on the actual cash value.
To obtain classic car insurance, some qualifiers must be met. The car has limited usage (e.g., going to car shows and parades), so its premiums are lower. It must be parked in a garage. Young drivers won’t be allowed to drive such cars. You must also prove you have a regular car for daily use.
If you own a collectible, look for classic car insurance quotes and find out if you can purchase a policy.
