Do I need classic car insurance for my antique vehicle?

row of classic cars

Family heirloom getting all the neighborhood attention in your driveway? Finally got the muscle car you wanted as a kid but could only afford after years of hard work? Maybe it’s the project car that’s finally drivable and oh, so envy-worthy on the road. However you came to own your classic car, you need to make sure it’s properly protected with classic car insurance.

What is classic car insurance? 

Classic car insurance is a type of insurance specifically for vehicles that are not accurately valued by a simple equation of age + mileage + model. This can include:

  • Classic cars
  • Antique cars
  • Hot rods
  • Muscle cars
  • Milk trucks
  • Kit cars
  • Exotic vehicles
  • Vintage motorcycles
  • Military vehicles
  • Antique tractors or heavy equipment

Why regular car insurance doesn’t work for classic cars

Traditional car insurance may not adequately cover classic cars because it depreciates the value of a car based on its age and mileage. This obviously works the opposite way for well-maintained classic and antique cars. Antique cars generally increase in value over time,  and classic car insurance takes into account whereas traditional car insurance does not. A classic car that’s been lovingly restored is typically worth far more than its depreciated value.

Is your car considered a classic car? 

Some older cars are classic cars … and some are just old. Here are some of the standards your vehicle will need to meet to be considered a classic car.

  • It can’t be your daily driver – Classic cars are generally stored more than they are driven.
  • It has to be in covered storage – Your classic car must be stored in a closed garage, barn, or storage unit when it’s not being driven. Some insurance companies will allow exceptions for other types of covered parking like carports and parking garages.
  • You must have another daily driver – Since your classic car cannot be your daily driver, you must have a current policy on another car to get classic car insurance.
  • It must be street legal – Policies will not be offered on cars that are not street legal.

Pricing for classic car insurance 

Classic car insurance takes into account more than just the age, model and mileage of your vehicle when determining its value and your insurance premiums. Other factors that will play into your classic car insurance price include:

  • Storage – The more secure your storage solution is, the less you can expect to pay in premiums for your classic car insurance.
  • Value – The value of your vehicle is based on its age, condition, and model.
  • Time on the road – How often you drive your vehicle.
  • Your driving record – Drivers with better driving records will generally pay less for any type of car insurance, including classic car coverage.

Looking for classic car insurance in Taylors, S.C.?

Edwards Insurance Agency in Taylors, S.C. helps classic car owners throughout South Carolina and the Southeast keep their classic cars protected. Give us a call today!