Maintaining vintage cars is a passion in itself, and people need to maintain them more than modern cars. Those parts alone make it a rather expensive hobby. However, you probably won't be taking up this hobby because you'll probably only be able to afford an old car. Classic car or classic car insurance is the best option to avoid huge losses in the event of damage or collision. Let's discuss some important things you need to know.  

What is Classic Car Insurance?

Most insurers do not have a separate "classic classic car policy" and group all classic, antique and classic cars under "classic classic car policy". Here are the basic categories you should be aware of when insuring your classic car.

Classic Cars - Most cars in this category are of great value and are sometimes restored to normal condition, but are no older than 20 years.

Modified Collector's Edition - The main difference from the Classic category is that these cars undergo major modifications such as: B. Installing a modern engine while everything else remains in a retro style. Most providers do not insure such modified cars, especially if they have been converted for racing, as this increases the likelihood of damage or total scrapping.

Replicas - These are made from different parts, but are replicas of original classic cars, some of which are even over 25 years old, and fall into different or general categories.

Antiques - Original vintage cars over 25 years old in working condition, but age limits vary by insurance company and depend on the state or territory in which they operate.

What does the insurance company cover?

While liability claims for accidents, medical and other damages are usually covered, classic car insurance takes into account what you will use your classic car for, and here are some aspects based on that.  

Transportation - Most insurance companies set terms based on how often the car will be used as a means of transportation and additional mileage limits. Total Loss

Claims - In the event of a total loss due to an accident, you will receive an "agreed" or "guaranteed" insured value in return. This is different from regular cars, where depreciation has a significant impact on the final settlement.

Worldwide - this is a special case where you can take your classic car to events such as roadshows. So you'll need to discuss this in detail as most only cover US or Canadian jurisdictions.

Best Insurance for Classic Cars

Now that you have a basic understanding of the differences between classic car insurance, here are the best policies you can find.

1.    Grundy Classic Car Insurance

Founded in 1947, Grundy Insurance has grown in popularity because it operates in all 50 states and provides 100 percent coverage based on the actual value of the car. Plus, you can get up to $500 in replacement parts, among other benefits, as part of your coverage. Don't forget to check their BBB (Better Business Bureau A+) rating to see how well they handle customer complaints and issues.  

2.    American Modernism

They've also been in business for quite some time, most consider them one of the best classic auto insurance providers, having been in business for over 50 years. You can also find other types of financing such as Muscle, Street Rod, Replica, Race and many others. That's great, because you can add another model to your classic car for better station wagon prices. Like most other companies, they do an evaluation based on model, age, rating, etc. before proceeding with the policy so you have ample time to make repairs if necessary.

3.    Haggerty Classic Car Insurance

Haggerty is more than an insurance provider, it's an insurance provider. They're a community of enthusiasts ready to help you sustain or transform your love of vintage. They've been in business for over 40 years and can cover parts, roadside assistance, or any disruptions within your coverage. Know state-by-state guidelines as they may vary and only cover vehicles from 1979 onwards. Haggerty is also known for reporting on unique products and restoration projects. They cover many other services, but be aware: if this is your daily driver, they don't offer insurance, so you'll have to look elsewhere for coverage.

4.    American Collector

They're also best for restoration projects, as it takes time and effort to bring a classic car back to full working condition when first restoring it. That's why if you crash, you could be stuck in the middle of nowhere, and American Collectors can fix that. This is especially notable for classic car owners, who often take them to road shows and festivals, and in some cases even pay for hotels. If you're passionate about owning, owning or showing off a classic car, this is a great insurance provider.

5.    SAFECO Insurance

The only insurance provider on our list that caters to enthusiasts who like to use a classic car as a daily driver, as they offer 2km of coverage. The first option is Daily Driving, which offers 10,000 miles per year with no maximum daily mileage limit. The second category is more restrictive for those who use it infrequently. So the annual limit is halved, but the daily limit is 27 miles. So figure out which category you fall into and stock up accordingly. The main downside of Safeco is that it only considers classic cars over a decade old when they are produced in limited quantities and are usually modern classics. For older cars, that number is much higher. You must be at least 25 years old to be covered. Kits, race cars and unrestored cars are not permitted.

Final words

We've covered a lot in this article, and it will give you a great start in choosing a beautiful and valuable classic car or collectible. It's best to do some thorough research before learning about all the vulnerabilities and what different vendors can offer. Enjoy driving your classic car with the best insurance and care they deserve.