Do you have an amazing vintage vehicle or you’re thinking about purchasing one? If so, you want to make sure that it’s protected while it’s out on the road and while it’s stored in your garage. After all, classic cars must be kept in pristine condition, right?
You don’t get an incredible vintage car and leave it without coverage. With that said, if you’re interested in learning more about classic car insurance, this guide has the answers.
Take a look at the information below to learn more about how vintage car insurance differs from regular car insurance.
What Is Classic Car Insurance?
Generally, a classic car is a vehicle that is a couple of decades old. However, new model automobiles may also classify as a classic if they were made through small production runs or received modifications.
The types of classic cars include:
- Collectible cars that are a minimum of 25 years old
- Exotic cars
- Muscle cars and hot rods
- High performance cars
- Ultra luxury cars
There isn’t a one size fits all definition of classic cars, but the terms listed above are the most standard classic car categories.
Requirements for Obtaining Classic Car Insurance
Unlike regular car insurance, classic car insurance isn’t for vehicles that owners routinely drive to commute around the city. Most of the time, your car is only allowed for periodic leisure drives with a limited number of miles.
Also, when it comes to vintage car insurance, there’s generally only certain environments where you are allowed to store the car, like a garage or private storage.
Not only that, but it helps to have a good driving record if you want classic car insurance. This tells the insurance provider that they are insuring a person who doesn’t have a history of reckless driving or issues with speeding.
Obviously, vintage vehicles or exotic cars cost a lot more to cover, which is why there’s more of a restriction for vintage car insurance versus regular car insurance.
What Does Classic Car Insurance Include?
In many ways, vintage car insurance and regular car insurance are alike. The policy terms are 12 months and include coverage for things like medical payments, uninsured motorist, and collision. In addition to standard coverage, there’s often additional options provided to classic car owners, such as:
Roadside assistance: This option includes towing with a flatbed truck in order to prevent wear and tear while transferring the car to its destination.
No attendance required: This option provides coverage when you are not in your vehicle while it’s being displayed at a car show. For this additional coverage, your car doesn’t have to be in your custody or control in order for coverage to apply.
Auto show medical reimbursement: If a person incurs injuries at an event that features your car, this type of coverage protects you from being responsible for damages.
Vintage Car Insurance Eligibility
To be eligible for classic car insurance, your collectible car shouldn’t be used as your primary vehicle. There’s also annual mileage restrictions that you can’t go over.
If you have a classic car, there’s a limit to how much you can use it for leisure driving or hobbies. This is the main difference between classic car insurance and regular car insurance.
A standard vehicle is expected to be driven for leisure purposes, errands, and going to work . Plus, there aren’t as many restrictions for a standard vehicle.
However, for classic car coverage, the following requirements may apply:
- 25 years of age or older
- A good driving record with 5 to 10 years of driving experience
- Own another vehicle for primary driving
- No more than one auto accident or moving violation within the past three years
- Agreement not to race your classic vehicle
- Collectible car must be in good condition
Car Insurance Requirements in North Carolina
If you have regular insurance or classic car insurance, there are certain things you need to drive a vehicle in North Carolina. There are four types of coverage, which include:
Liability coverage: All registered cars in North Carolina are expected to have liability insurance. This type of coverage covers property damage and bodily injury.
Bodily injury pays for expenses related to physical injuries. If you have medical expenses, income loss, or pain and suffering, it $30,000 per individual per accident
Property damage: Property damage coverage covers the damage to another person’s property if you are at fault for it. The limit for this coverage is $60,000 per accident. It also pays for ruined vehicles and other property damages like fences, houses, and lamp posts.
Supplementary payments: In addition to liability, supplementary payments include bail bonds, loss of earnings, and emergency first aid. This coverage covers $25,000 per accident.
Uninsured motorist: Uninsured motorists helps to pay for bodily injuries. If a driver hits you, they are responsible for handling any property or physical damage.
Medical payments: This pays medical or funeral expenses resulting from an accident if you or your family are hurt in a car crash.
Vehicle damage: Vehicle damage coverage secures your car after an accident. It can also cover damages created by floods, theft , fire, and other causes of damage.
Get Classic and Vintage Car Coverage
If you need classic car insurance, let Amistad Insurance Services help. We provide vintage and regular car insurance, as well as other insurance policies. Our company provides renters, motorcycle, life, and health insurance too. If you need coverage, we’ve got it!
Do you have any questions for us? If so, call us at 919-926-7166 or contact us online.
We look forward to providing you with the coverage and protection you need.