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Understanding Collector Car Insurance


Anyone who owns a car needs car insurance. However, collector cars are different and require a special type of auto insurance. Collector car insurance is designed specifically to provide coverage for valuable classic, antique, and collector motor vehicles.

Why Do Collector Cars Require Unique Insurance?

Special collector car insurance is needed for several different reasons:

  • Classic performance and collector cars are typically more expensive than the average late model vehicle.
  • Repairs on collector vehicles are specialized and more complicated, which in turn makes them pricier.
  • Because of their value and rarity, classic and collector cars are more likely to be stolen or vandalized.
  • Many classic cars are rarely driven – lower mileage helps lower premiums.

What Qualifies A Vehicle As A Collector?

Definitions of a classic car can vary. The Classic Car Club of America (CCCA) defines classic cars as “…fine or unusual motor cars which were built between and including the years of 1915 to 1948. All of these are very special cars that are distinguished by their respective fine design, high engineering standards, and superior workmanship.”

For car insurance purposes, however, if your vehicle’s current cash value exceeds the original selling price, it likely qualifies for collector car insurance.

Types of vehicles that may need collector car insurance include:

  • Antique cars (25 years or older)
  • Exotic and luxury cars
  • Classic trucks
  • Vintage military vehicles
  • Modified vehicles and hotrods
  • Muscle cars

Collector Car Insurance Use Requirements

In addition to a qualifying vehicle, collector car insurance policies make requirements as to how it is used. These requirements include:

  • Secure storage: Many collector car insurance policies require that the vehicle be kept in a storage unit or locked garage.
  • Good driver: You need to have a clean driving record to qualify for classic car auto insurance. If you have any serious offenses on your record, insurance companies will not issue a policy.
  • Limited use: Many collector car insurance policies have maximum use and mileage requirements. They may also have travel restrictions, which you should know about before purchasing a policy.

What Does Collector Car Insurance Cover?

Collector car insurance provides essentially the same types of coverage as standard auto insurance, including liability, collision, comprehensive, and medical. However, in the case of total loss, collector car insurance pays out an agreed upon guaranteed replacement cost. Standard car insurance, on the other hand, will only pay out the actual cash value of the vehicle – the depreciated value at the time of loss.

Factors Affecting The Cost Of Collector Car Insurance

Even though collector car insurance is designed to cover expensive, classic vehicles, the cost is not necessarily more than standard auto insurance. In fact, in some cases, it may be as low as half the cost. Factors affecting collector car insurance rates include the type of vehicle, the location, and the driver’s age and driving record. The lower the mileage limits for a classic car, the lower the premiums are likely to be. It can further lower your insurance costs if your classic car is kept in a climate-controlled storeroom year-round. No matter your situation, our agency can help you find the best available rates for a policy that suits your needs.

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