Buying Classic Car Insurance Online

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Here's what you need to know...

  • Work with an experienced agency
  • Insure your vehicle with an agreed value coverage plan
  • Know the mileage limits and policy restrictions
  • Research several companies before picking one

Finding insurance for a classic car can sometimes be difficult. This is especially true when shopping for car insurance online.

Most websites generally do not understand the intricacies of valuing a classic car, such as restoration costs and the difference between an “old” car and an “antique” car.

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Work with an Experienced Agency

It’s important that you seek out an insurance company that understands the requirements for properly insuring a classic car.

Find a company that insures other classic cars; insuring your car through a generic auto insurance company is likely to result in sub-par coverage.

If your agent has worked with classic cars before, they will be more able to help you in the event that you have to file a claim for your car.

An experienced agency will also be able to help you place a value on your vehicle and plan your coverage.

They will have seen how policies have played out for other owners. If you discuss your situation with an agent with classic car experience, they will help you lay out an insurance policy that meets your needs without breaking your budget.

Finding a Classic Car Insurance Agency Online

As discussed, most major insurance firms are not the answer for the needs of a classic car owner.

However, it can sometimes be difficult to locate an insurance agency specializing in classic cars, as it is somewhat of a niche market. The Internet has made it much easier to seek out companies of this type.

Start by speaking with other classic car owners, either in person or through online communities.

Other classic car enthusiasts will likely have worked with classic car insurance agencies before. They will be able to recommend companies for you to look at while shopping for a policy.

Lower Rates for Classic Cars

When insuring a classic car, one important factor is finding a rate that meets your budget as well as providing the coverage you need. A classic car agency will generally be able to help you with this aspect of insurance coverage.

You may have to look into multiple companies before you find the right one, but in general, a specialized insurance firm will offer better rates for classic cars.

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Agreed Value Coverage

Most classic cars should be insured under an agreed value coverage plan.

This is set up in such a way that the driver and the insurance company agree on a value for the vehicle, often based on auction price for the vehicle or a professional appraisal. Then, if the car is lost in a covered accident, that’s the value paid out to the policyholder.

This works differently than most insurance policies for modern cars, which depend on Kelley Blue Book or other determinants of fair market value.

Since classic cars are not generally traded in the same markets as modern cars, these measures of value usually fall far short for classic cars.

Agreed value car insurance policies will pay out the actual value of a restored car much better than a generic auto insurance policy. If your current policy for your classic car is not an agreed value policy, discuss the situation with your insurance agent or consider finding a new policy.

Mileage Limits and Policy Restrictions

Always read your policy carefully. Some classic car policies treat your car like a decoration rather than a vehicle, restricting how many miles you can drive per month or per year.

If you plan on driving your classic car, shop around for a policy that has a higher mileage limit or no mileage limit at all.

Other restrictions may exist on an insurance policy for a classic car. The insurance company might require that you own another car to use daily or that the classic car can only be driven under certain specified conditions.

Check up on all of these restrictions before you sign a new policy, or ask about them on your current policy.

However, don’t try to lie to your insurance agent to get around these kinds of limits. You might get a lower rate now, but you will run into trouble if you need to file a claim.

In addition, knowingly giving wrong information in this manner to your insurance company is considered fraud and could even result in criminal prosecution.

Don’t let these factors overwhelm or confuse you while trying to insure your classic car. As long as you shop around and compare policies before buying, and always read your policy completely before signing anything, you shouldn’t run into problems.

If you work with a specialty insurance company for your classic car, you’ll have a much easier time with your policy and get better coverage. You’ll probably end up saving money, too!

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