Purchasing insurance for your classic vehicle differs from purchasing insurance for your daily driver. When it comes to vintage cars, there are a lot of factors to consider, such as how old the car is, how it can be used, and how it will be registered.
There is no one-size-fits-all solution. The definition of a classic vehicle varies per state, as do the legislation and norms that govern it. There is a distinction between antique, vintage, and classic vehicles, which are commonly used alternatively. Here’s a quick rundown of how old an antique vehicle has to be in order to be covered by vintage car insurance.
Why is it necessary to insure a classic car?
When you own a vintage or antique vehicle, you want to ensure that it is safe and secure. Classic car insurance, which is meant for antique and collectable cars, differs from normal auto insurance. While most vintage automobiles must be at least 25 years old to qualify for coverage, there are few exceptions.
Which age qualifies a vehicle as a vintage vehicle?
There are several definitions of “classic vehicle,” and they might be quite different. A classic car, according to the Classic Car Club of America, is one that was constructed between 1915 and 1948 that is “excellent” or “distinctive.” Many states, however, consider cars of that age to be antique or vintage autos for registration reasons. In most circumstances, a vintage automobile must be at least 25 years old but not more than 40 years old for insurance and registration requirements. It should have been retained to its original design and specifications if it was going to be registered and insured as a classic. That implies that any repair must be compatible with how the vehicle was initially designed, including the materials used throughout the body and the engine parts. It also implies that no new features may be incorporated, such as music play or GPS system.
Calculating the cost
You might be shocked to find that, in certain situations, insuring an antique vehicle is less costly than insuring a normal car, even if the insurance process is similar.
Your insurance will be in effect for one year and will include collision, damage, comprehensive, and uninsured or underinsured motorists. Your vintage vehicle is covered under the minimum liability coverage required by your state. Most states require you to have insurance on a classic vehicle even if it’s not being used. However, several jurisdictions allow you to discontinue coverage on a car that isn’t being driven if you return the plate and registration.
Automobiles can appreciate in value over time.
However, don’t imagine that buying an antique car will always save you money. In reality, owning a classic car may be a wise investment, and your insurance should reflect that. Insurers understand that a well-kept antique car will gain in value instead of decrease over time. Classics are more expensive than modern vehicles since their parts are harder to obtain by, and they may be repaired and properly maintained. Insuring your classic car is complicated by a number of circumstances, including where you reside, your driving record, how your car is registered, and how it will be utilized.