If you’re a car lover who owns a classic or antique vehicle, you’re probably wondering how you can best protect your investment. After all, some classic and antique cars are incredibly rare and expensive. That’s where antique and classic car insurance can come in handy.
What is antique and classic car insurance?
As the name suggests, antique and classic car insurance is designed to provide coverage for a specific type of car. Regardless of how you intend to use the vehicle (e.g., as a show car or a pleasure car), antique and classic car insurance can provide unique coverage to protect your investment.
Coverage Inclusions
Policies vary depending on a variety of factors. Some provisions a typical classic and antique car insurance policy may include are:
- Agreed value coverage: Pays for the car’s full-insured value with no depreciation in the event of a total loss, less your deductible.
- Inflation guard: To compensate for how classic cars increase in value over time, the policy increases the vehicle’s value quarterly.
- Spare parts coverage: To provide coverage for obtaining or replacing parts on your vehicle.
- Flexible usage: Ability to drive the vehicle up to 2,500 or 5,000 miles annually. Not limited to “parades only.”
Additional Coverage Options
In many cases, you can purchase additional coverage and customize your antique or classic car policy to fit your needs. Some common additional coverage options include:
- Emergency towing in case of a breakdown.
- Roadside assistance for items such as a flat tire, dead battery or running out of gas.
- Emergency lockout
- Lost key return
- Emergency travel expenses in case your classic vehicle breaks down while away from home.
- Car show expenses: Policy may pay for expenses associated with missing a car show due to a breakdown.
- Theft reward
- Personal effects: Policy may reimburse you for items that are vandalized or stolen when reported to police.