Which is more expensive? Antique Car Insurance or Standard Car Insurance

Antique car insurance tends to be more expensive than standard car insurance. Your rates depend on how old and how rare your vehicle is.

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Zaneta Wood, Ed.S. has over 15 years of experience in research and technical writing bringing a keen understanding of data analysis and information synthesis to reach a wide variety of audiences. She studied adult education and instructional technology at Appalachian State University as well as technical and professional communication at East Carolina University. Zaneta has prepared technical p...

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Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP®

UPDATED: Jan 14, 2021

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Here's what you need to know...

  • The value of your antique car will affect your insurance rates.
  • Antique cars usually require a specialty insurance policy
  • The cost of replacement parts for your car will often make your insurance premiums rise.
  • As with any car insurance policy, your driving record and credit score will be factored into your rate.

Yes, if you have an antique car, you can expect to pay more for your car insurance than someone with a late model car.

With that being said, some antique models are going to be more expensive than others, so if you are looking to keep your rates down, then there are a couple of things that you need to consider.

One major consideration is how rare your antique car happens to be. The more rare a type of car, the more expensive your auto insurance. The less rare or more modern your vehicle, the less expensive your car insurance.

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Of course, as with anything, there are exceptions to every rule. You may want to get quotes before you decide on an antique car to ensure that the monthly premiums are something that you can afford.

Why is antique car insurance more expensive than standard car insurance?

The older your car happens to be, the harder it is going to be for the insurance company to find replacement parts or even an experienced mechanic should you have an accident.

The insurance company needs to consider the cost of parts when quoting you a premium.

In addition, an antique car, if it is in pristine shape, has a higher value than a late model vehicle. The insurance company does not consider the Kelley Blue Book value of the vehicle when quoting a price for your car insurance. Instead, they consider its market value!

This is a different process than what they use for standard car insurance. If you have a 2001 Ford Mustang, for example, then the insurance company will use the Blue Book to determine the value of your vehicle.

If you have a 1969 Ford Mustang and you have it registered as an antique, the insurance company will consider its market value instead. The key here is that your vehicle has to be registered as an antique; otherwise, they will use the Blue Book value of your car.

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Why do I have to register an older car?

Here’s the thing. The insurance company is not the one that decides whether or not your vehicle is an antique—you have to prove it to them.

Most insurance companies require you to register your car with your DMV offices as an antique and have “classic” tags on your vehicle as well.

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In some cases, you may also be required to get a certification from a qualifying group stating that your vehicle is a classic. You will also have to have your vehicle appraised and get that appraisal in writing.

The insurance company isn’t going to take your word for it that you are driving an antique car that has value.

You will also want to keep any receipts for any maintenance and improvements that you make to your car. This tells the insurance company that you are going to maintain your car and keep it at the value that it has been appraised.

Will my antique car insurance rates decrease over the years?

Unlike traditional car insurance, antique car insurance doesn’t get cheaper, it gets more expensive. The reason for this is that the older your antique car gets, the more value that it has. Hence, the higher rates.

As with any insurance policy, your rates won’t change until your policy expires. For this reason, it is in your best interest to sign on for a year-long policy rather than a six-month policy, which has become the standard.

This will prevent you from seeing a hike in your rates every six months.

How can I get the cheapest antique car insurance rates?

You aren’t going to be getting the same discounts on antique car insurance that you would with standard policy.

A big part of your policy is insuring the value of your car.

However, you can keep your rates down if you have a good driving record and a good credit score.

Of course, shopping around is an excellent way to ensure that you are getting the lowest insurance rates. However, many more traditional insurance companies don’t cover antique cars, so you will want to include specialty car insurance companies in your search.

Before you select a company, you should check them out at the Better Business Bureau and ensure that they have a good reputation, especially if you are going with a specialty company.

In addition, you can check their financial ability to pay their claims through sites such as AM Best, Standards & Poor’s, and more.

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