Classic cars hold a special place in the car community, but not every old car is considered a classic. Only certain vehicles are considered classics by definition.
To be a classic, your vehicle must:
- Be at least 20 years of age but less than 40 years of age
- Maintain its original build, design and specifications
- Not be used as a primary mode of transportation
- Have fewer than 7,500 miles per year
Just because you have had the same vehicle for over twenty years does not mean that car is a classic. If repairs have been made to your vehicle, they must be kept with the original build and design. Adding a new stereo system into an older car, for example, typically exempts it from being a classic car as its original specifications have been changed.
Is Classic Car Insurance More Expensive than Normal Car Insurance?
Many drivers may be surprised to discover that, on average, classic car insurance is less expensive than normal personal car insurance. This is primarily due to the qualifications of a classic car. For example, classic cars cannot be used as a primary mode of transportation, such as commuting to work.
With vehicles being less used, there is lower risk of an accident, which can generally save you money on car insurance. This is also why additional coverage is available for classic cars such as Travel Insurance and Auto Show Medical Reimbursement. Travel insurance provides reimbursement for lodging, a rental vehicle and food if your vehicle breaks down while Auto Show Medical Reimbursement covers injuries someone may sustain in your exhibition space at a show.
Classic cars are generally only expected to be used for shows and leisure, meaning they face less risk than primary vehicles used for everyday activities.
However, cheaper premiums for classic car insurance isn’t the case. Having an older vehicle doesn’t always mean saving money. Your classic car insurance premiums will vary on other factors aside from its age such as:
- Make and model
- Coverage limits
- Driving record
- Credit score
If you have a particularly valuable classic car, you will need additional insurance which may cost more in monthly premiums. Be sure so speak with an insurance agent about the options you have for protecting your classic car. Also ask about discounts you may qualify for to save money on your classic car insurance policy.