Billie J. Minton Insurance Agency, LLC
An Independent Franchise 

Tel: 423-723-2244    Fax: 423-378-6333

Classic Car insurance policies

Insuring a classic car is significantly different than getting a car insurance quote for the family automobile. Many of these cars are rare and their owners shower them with devotion and expensive features.

Collector car owners usually have an emotional attachment to their vehicles. As a result, the owner wants to be assured the insurance value at claim time will be equal to the full value of the car.

Classic car insurance policies also differ significantly from standard policies when it comes to how a loss is settled after an accident or theft.

"Actual cash value" vs. "agreed value"

Car insurance companies value standard cars based on "actual cash value," which takes depreciation into account. A collector car insurance policy, however, is usually written on an "agreed value" basis, meaning the owner will be paid the full value of a vehicle if it's lost or stolen, Heacock says.

The "agreed value" insurance agreement applies to physical damage caused by collision, fire, theft, vandalism or other types of damage.


Lower car insurance rates, but with restrictions

Though classic cars can cost less to insure than a standard vehicle, your classic car policy is likely to have restrictions. They can include:

  • Limits on how many miles you drive the car each year
  • Mandates on how the car is stored (usually in a secured garage)
  • Restrictions on who may drive the vehicle
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