Antique or classic cars aren't everyday drivers: They appreciate rather than depreciate in value, and they require special insurance. Here's what you need to know about protecting an antique or classic car.
Insurance Eligibility
To be eligible for classic car insurance, your vehicle must fit one of the following definitions:
To be eligible for classic car insurance, your vehicle must fit one of the following definitions:
Classic Car: A vehicle more than 10
years old that is a rare make and model due to exceptional workmanship or
limited production.
Antique Car: A vehicle more than 25
years old. If a "classic car" is more than 25 years old, it is
considered an antique car for insurance purposes.
Your antique or classic car must also
meet these conditions:
Limited Use: Most classic car insurance
policies will only cover a limited number of miles each year.
Condition: The car must be restored,
maintained or preserved. Some insurers may decline coverage if the vehicle is
not in excellent condition.
Storage: You will need to store your car
in a fully enclosed and locked garage.
Policy Payouts
State Farm® offers agreed-value policies
that guarantee 100 percent of the amount listed on the policy in the event of
total loss. With stated-value policies, however, insurers will pay out their
perceived value of your classic car.
Classic Car Coverage
Antique or classic car insurance policies include typical vehicle coverage options, such as liability, collision, comprehensive, medical payments and more. But because regular-use vehicle policies often won't protect classic cars in certain situations, you should purchase separate insurance for your classic car.
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