Classic and antique car collectors spend hours and hours caring for their special vehicles. For many, these cars may hold a handful of memories of their childhood and for others, it’s a labor of love as they painstakingly restore these relics of our past to showroom condition.
These collectibles may only see the open road once or twice a month to enjoy a Sunday cruise or flex their muscle at a car show. While these beauties may not see much road time, you must have the proper auto insurance to protect your investment in history.
The Right Auto Insurance For My Antique Car
Insuring Collectible Cars
Do you know how your car is classified? Knowing what category your collectible falls in is the first step in getting the coverage you need.
The term collector is used to describe any car that can be of value to a collector. Cars from each of the previously mentioned groups can be collector cars as well as relatively new cars. Collector cars do not have to be old, for example, the Ford GT from 2006 pays homage to Ford’s ’60 GT sporty race cars, making it a very collectible car.
Late Model Cars
The definition of late-model cars varies but it is generally used to describe newer cars. It is often used to describe cars that have been recently designed or manufactured. Among collectors, it is acknowledged that some cars in the 20-30-year-old range can be of great value even though they are not yet antiques. These cars are considered to be late-model cars.
Generally, the standard for antiques is that they must be at least 30 years old, but the Antique Automobile Club of America originally defined antiques to be vehicles that are at least 25 years old. Most states and provinces will not issue historic or vintage plates to cars under 30 years old.
Some groups call the ’55, ’56, and ’57 Chevrolets classic cars, but the Classic Car Club of America maintains that these are not classic cars. Instead, the CCCA dubs this group milestone cars because they were a significant influence on the market when they were produced. However, this terminology differs between organizations.
Classic cars are the most specific category and are defined by the Classic Car Club of America and must meet three standards. They must be “fine and distinctive cars”, produced in the United States or abroad between 1925 and 1948, and must have originally been a high-priced car.
In the general sense, a vintage car is any old car. Among collectors, however, the term vintage refers only to cars produced between 1919 and 1930.
Collectible Car Coverage
When it comes to insuring your classic, antique or vintage car, you will quickly find out it’s not the same as insuring the family car. If your car is a collectible, you’ll want to look into a policy designed specifically for collectibles. While your regular car is insured with the idea that it is depreciating in value almost immediately after you buy it, a classic or antique car may appreciate in value – particularly if you are planning to put work into restoring it.
Surprisingly, you may find the premium is lower on your classic or antique car, even though it might carry a higher replacement cost. That’s because collectibles such as classic, vintage, and antique autos tend to spend more time in the garage than they spend on the road.
Depending on its designation, your car may be restricted for driving only at certain car club events, parades, or other special occasions. When exploring coverage options, it is important to know if your car is mainly going to be used for shows rather than regular driving.
Your Collection Is Safe Thanks to Paradiso Insurance
No matter what category of car you own—and love—Paradiso Insurance can provide customized collector car insurance products to make sure both you and your car are protected. We know that your antique or collector car is an important element of your personal achievement of The American Dream. Give us a call, stop by our office, or use our quote request form to see how we can help protect the car of your dreams.
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