Antique and classic cars present two unique issues for insurance. 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.
Antique vehicles use an agreed amount valuation. The car owner gets an appraisal, the insurance company agrees on the amount, and total losses are based on that valuation.
Road use tends to be restricted for antiques. Parades, shows, even a few jaunts around town, but rarely used as everyday vehicles. Since they’re not used as daily drivers, this specialized coverage is much less expensive than ordinary car insurance.
Antique and classic car insurance policies can be written for true classics, street rods, and even hand-built kits. To be eligible for a classic car policy, you’ll need:
Marine Agency offers affordable antique and classic car insurance policies for New Jersey drivers. We love cars, and enjoy finding an insurance solution for everything from backyard rat rods to museum quality collector pieces.