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Guide to Mechanical Breakdown Insurance

Hot rod. Vintage roadster. Muscle car. As a classic car enthusiast, you appreciate the iconic look, history, and performance of time-honored vehicles from the good ol’ days. And no matter which classic you prefer, you want to make sure it’s protected and running at peak performance for years to come.

Classic car insurance is the first step in doing just that. It offers protection for your treasured investment, whether it’s your restoration project, a car to show off at events, or just your ride for cruising on Sunday drives.

Keep reading as we give you the lowdown on classic car insurance, so you can get the protection you need — and get out on the open road.

classic car insurance

How is Classic Car Insurance Different Than Regular Auto Insurance?

Classic car insurance is similar to regular auto insurance in that it protects you through liability, comprehensive, collision, and other specialized coverages. However, there are a couple of key differences that distinguish classic car insurance from an average insurance policy, and the most important one is agreed value coverage.

When you have an agreed value policy, it means you and your insurance company agree on the value of your classic car, and that’s how much it will be insured for. This agreed-upon value of your car could be anywhere from $10,000 to $100,000 or more. It simply depends on how much an appraiser determines your car to be worth.

Of course, this method of agreed value is different than the way newer cars are typically insured. If you have a commonly available car, your insurance company determines its value based on comparable models and the cost of repairs. But antique cars usually maintain or even increase in value, which is why regular car insurance might not provide as much coverage.

The other important difference between classic and standard auto insurance is that the maximum payout on an agreed value policy (for a classic car) won’t decrease over time. In other words, a 2015 Honda Accord is worth less now than it was in 2020‚ which means the maximum payout you can receive may decrease, too.

On the other hand, the value of a classic car typically stays the same or even increases over time. You’ll have to manually adjust the coverage amount of your policy based on the changing value of your car.

What Does a Classic Car Insurance Policy Cover?

Classic car insurance is designed for secondary vehicles, which means that it’s not intended to cover a car you drive for everyday use. If your classic or collector car is your primary ride, you’ll need to cover it with a standard car insurance policy. Here’s what’s usually covered by a standard classic car policy:

  1. Physical damage to your classic car: This includes comprehensive and collision coverage, and it specializes in covering your vehicle’s agreed value. That means that if your vehicle is stolen or totaled, you’ll receive your car’s insured value, minus any deductible.
  2. Damages/injuries you cause to others: Classic car insurers provide at least the minimum liability required by your state, which is automatically included in your standard auto insurance policy.
  3. Uninsured and underinsured motorist coverage: If you’re injured in a car accident by a driver who has no car insurance—or in some states, a hit-and-run driver—then uninsured motorist coverage could help pay for your expenses. In some states, underinsured motorist (UIM) coverage is also available. UIM covers you if you’re in an accident with a driver whose insurance policy limits won’t cover your medical expenses or the damages to your classic car or your medical expenses.
  4. Medical coverage: This includes personal injury protection, which helps pay for covered medical expenses caused by an accident—whether you’re at fault or not.
  5. Towing and roadside assistance: You’ll never have to worry about leaving your classic car stranded, thanks to full-service roadside programs featuring flatbed towing. Depending on your coverage, options may also include towing to the nearest repair facility, battery jump-starts, fuel delivery, lockouts, and flat tire changes.

How Much Does Classic Car Insurance Cost?

Classic car insurance typically costs less than regular car insurance because a classic spends less time on the road than a vehicle used for daily commuting. The average classic car insurance policy costs between $400 and $1,000 per year. However, the exact amount you’ll pay each month is determined by a number of variables, just like with regular auto insurance. Here are a few of the factors that will affect your premium:

  • Your vehicle’s value: The age, model, and condition of your car will significantly influence how much you pay to insure it.
  • Location/storage of the vehicle: Because premiums vary by state, where you live will affect how much you pay. It also matters how you store your vehicle. Keeping your classic car in a locked garage or storage facility will make you a lower risk to insurers than parking it on the street—which will affect your premium as a result.
  • Mileage: Classic car insurance is designed for secondary vehicles, which means the more you drive it, the more you will likely pay for your premium.

What Makes a Vehicle Eligible for Classic Car Insurance?

To qualify for classic car insurance, you’ll have to meet the insurer’s requirements, which may factor in the car’s age. Classic and antique vehicles typically range in age from 20 to 50+ years old. Your car’s classification will also depend on the rules of your insurer and sometimes your state, which consider age, weight, usage, manufacturing and historical interest.

Here are some examples of popular classic and antique cars:

  • 1956 Porsche Speedster
  • 1957 Chevrolet Corvette
  • 1968-1968 Dodge Charger
  • 1964 Chevy El Camino Coupe
  • 1972 Ford Mustang Mach 1
  • 1979 Pontiac Trans Am
  • 1986 Chevrolet Monte Carlo SS
  • 1987 Buick Grand National

And here’s something that many people don’t realize. Classic car insurance isn’t just for classic and collector cars—it also applies to other vintage vehicles, including:

  •  Vintage motorcycles
  • Military vehicles
  • Milk Trucks
  • Sports Vehicles
  • Kit cars
  • Exotic cars
  • Street rods
  • Other antique vehicles, including tractors

Curious whether or not your antique or classic vehicle is eligible for coverage? Ask to speak to a representative from your insurance company who can help explain the requirements for classic car insurance.

Lower Your Auto Insurance Rates for Good

No matter the age of your car, getting a good insurance policy is the best way to protect it—and yourself. Now that you know what classic car insurance covers, it’s time to find a policy that fits your needs and your budget—and we’re here to help. Thanks to our fast and affordable online insurance quotes, you can choose a plan and get your coverage in just minutes. Get yours today and join the thousands of classic car owners who are saving on insurance every month!