Antique and classic cars present two unique issues for insurance coverage: physical damage to the car and generally limited road use.
Physical damage is usually calculated as actual cash value which means the price of the vehicle new less depreciation on the vehicle. But for antiques, because of their age, they are fully depreciated. A one hundred year-old car would be worthless under an ACV valuation, no matter what state it is in.
Antique vehicles use an agreed amount valuation. Appraisals can help, but aren’t required unless the vehicle is worth more than $250,000.
Road use tends to be restricted for many antiques. They may be taken to events like parades, shows, or just a few jaunts around town, but are rarely used as everyday vehicles. Since they’re not used as daily drivers, this specialized coverage is much less expensive than ordinary car insurance.
Policies for antique and classic car insurance can be written for true classics, street rods, and even hand-built kits. To be eligible and get covered for an antique auto insurance policy, you’ll need:
- A car (normally 25+ years old, unless it’s a “kit car”)…
- low annual mileage (most insurers want for 2,500 or less)…
- that’s not your daily driver…
- that’s kept in a garage.
- And the ability to show proof that your daily driver is separately insured.
Classic Car & Antique Auto Insurance from Marine
Marine Agency offers affordable classic car and antique car and truck insurance policies throughout the lower 48. We love vintage cars and enjoy finding insurance coverage for everything from valued backyard rat rods to museum quality collector pieces.