For collectors and car enthusiasts alike, owning an antique car is a major source of pride and enjoyment. Antique cars are significant investments, and like any other major investment, you’ll want to make sure you have coverage for it in the event that it gets damaged or something else happens to it. Antique car insurance can provide you with the coverage you need, but you’ll find that it doesn’t work the same way standard car insurance does.
Here are a few of the key differences between these two types of auto insurance.
- Car’s value. Determining the value of a car is a key contributor to all kinds of auto insurance, but determining this value looks different for antique cars. While standard car insurance coverage typically takes into account modern resale value, antique car insurance factors in other influences, such as restorative measures and any upgrades installed. It’s common for antique car owners to go through an appraisal process to determine the value of their car.
- Driving frequency. Antique car insurance policies typically require an everyday driving vehicle to be listed as well. This is because antique cars are meant for occasional driving or showcasing in a car show. In fact, many different antique car insurance policies include a yearly mileage limit to maintain coverage.
- Eligibility. Merely being old does not necessarily qualify a car as an antique car. Different insurance agencies and policies have different distinctions for what qualifies as an antique car, but many of them include mention of age as well as historical value.
We know how important finding coverage for your vehicles is, whether they be everyday driving vehicles or personally significant antique cars. Reach out to our team here at Legacy Insurance Partners for help finding the right insurance policy for your needs.