If you're a classic car collector, you might have spent years - and hundreds or thousands of dollars - getting your vehicle in the best possible condition. So when you want to get car insurance, it makes sense that you'd also want the best possible coverage.

In some cases, it's possible to insure your collectible car under your personal auto policy, but often it's cheaper and better to buy a classic car policy.


How classic car policies differ

Because classic cars don’t have many of the safety features — such as anti-lock brakes and electronic stability control — that modern cars do, they’re often too expensive or impossible to insure with a standard auto policy.

Classic car policies, on the other hand, keep the unique features and uses of classic cars in mind when it comes to pricing and will typically save you money over standard insurance – about 43% on average, according to Hagerty, a classic car insurance provider.

Classic car policies also value the vehicles based on a concept called “agreed value,” which means that you won’t be paid just your vehicle’s “actual cash value” — which can be significantly less than the car’s value as a “classic” —  if it’s totaled. You can receive what you and your insurer agree is a fair value of your vehicle. These policies don’t incorporate depreciation of the vehicle, the way traditional ones do.

In exchange for these features, classic car policies place a few requirements on owners.

Many classic car policies require that you use your car only under certain circumstances – such as car shows or occasional pleasure drives – and some require you to keep annual mileage under a certain low limit. You may also need to prove that you own a separate car for daily use by insuring it under your name.

And to get car insurance for your vehicle, you’ll probably have to prove to your insurer – with a title or other paperwork – that your car truly is a classic. You may also have to prove that you’ve kept up on maintenance.

Finding classic car insurance

Most major insurers – such as GEICO and Progressive – offer classic car insurance by partnering with a specialist in insuring classics, such as Hagerty or American Modern Insurance.

Once you’ve gotten a quote, you’ll have to do a little bit of extra work to prove to your insurer that your car is a classic and negotiate its value, but otherwise, the insurance-buying process is similar. You can chose the same coverage options as you would for your daily-use car – including comprehensive and collision coverage and roadside assistance – and you’ll face the same rate increases you would with a regular car if you have a history of accidents and claims.

Like standard auto insurance, the best deals on classic car insurance will vary, so it’s wise to shop around for rates and coverage details when you’re ready to get car insurance.

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