Preserving classic cars is a hobby enjoyed by millions of individuals. They’re important pieces of history. For insurance purposes, a classic car is defined as a car, truck or motorcycle that’s at least 20 years old, but not more than 40 years old. To register a vehicle as a classic car, it must conform to its original design and specifications without modifications. Antique and vintage vehicles are completely different categories.
A classic car is one that’s considered collectible due to historic interest. It’s a vehicle that holds significant value or will appreciate in value – unlike ordinary vehicles that depreciate in value the minute they’re driven off the lot. Class cars are also defined as vehicles used for pleasure rather than ordinary transportation.
The good news is that classic car insurance is typically less than that for a newer vehicle since it’s usually only driven on special occasions, used for exhibition purposes, and stored in fully enclosed and locked structures.
Classic cars can encompass fire and rescue vehicles, a hearse or military vehicle. It can include an exotic car, such as a Lotus, along with Ford and Dodge pickup trucks and a Chevy Impala. Also included are replica cars from iconic film such as Batman, Back to the Future, Jurassic Park, Mad Max and Ghost Busters. Some insurance companies issue a standardized policy for classic cars, while others offer policies that are customizable.
Anyone that has a classic car should insure it to protect their considerable financial investment. Standard insurance policies aren’t sufficient to protect and preserve a classic car’s uniqueness. A classic car policy covers many of the same things as a traditional policy in regard to liability, medical and uninsured drivers, along with towing and roadside assistance.
The difference with insurance on a classic car is the amount of coverage is based on the agreed upon value of the vehicle between the owner and the insurance company. Parts can be extremely difficult to acquire for the vehicles. Many policies have the option of adding spare parts coverage for an additional premium.
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of your insurance needs, please contact us at 561-391-4661.
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The Sena Group
6501 Congress Ave., Ste. 100
Boca Raton, FL 33487