What You Need To Know About Antique Car Insurance?

Antique car insurance is for automobiles, that special category of “flivvers”, older than 25 years.

Why is there a category for antique car specially insurance?

Well, antique cars are generally well preserved automobiles that have been restored to their original condition. Usually they are kept in garages that are locked and often carpeted. Some have nicer homes than most of us!

The owners take a lot of pride in their antique autos’ appearance. I don’t blame them either…they’re stunning. Lot of antique auto owners belong to the Antique Auto Club which promotes events, competition, and a forum for the owners to participate and exchange ideas.

So they have a different relationship with their auto than the rest of us?


How does such an auto qualify for antique car insurance?

Well, Great question! Some of the requirements are…

What You Need To Know About Antique Car Insurance?

• The autos must be at least 25 years old.

• Owner/driver must be at least 26 years old.

• One at fault violation within three years.

• The auto must not be for family or commercial use.

• Must have at least one other car for family use.

• Fully closed garage that can be locked.

• Used only for club events- 2,500 – 5,000 miles per year

What’s interesting is that South Carolina, Alaska, Hawaii, Massachusetts, Louisiana, and Mississippi do not offer antique car insurance.

These states must resort to standard homeowners with antique car insurance endorsements.

In fact, it’s a good idea to check with your home owner agent periodically for antique car insurance.

However the problem with most home and auto policies is that they utilize the actual cash value method of insurance.

What’s the big difference between standard policies and specially policies?

A specialty insurance policy requires Agreed Value appraisals as a proposal to actual cash value appraisals from standard policies.

OK… What does that mean?

Well, Agreed Value means that you do the appraiser negotiate overt the value of your car- and you show comparisons so that you receive replacement value. You do your homework and show what you believe the value of your car is and the appraiser has his databank and you work things out.

What You Need To Know About Antique Car Insurance?

Actual Cash Value is what it will take to replace an item at the time of loss after subtracting depreciation. That’s a huge difference.

For example, your 1955 Cadillac Eldorado which cost you 43,000 on E-Bay and now worth $55,000 after you restored it.

If you wrecked your precious antique auto, you would receive ACV… something less than $3,000…while if you received Agreed Value…it would be closer to $55,000.

So I should always go with a specially carrier?

Not necessarily…there’s no reason why your standard carrier like State Farm, who is handling your home owner and auto policy, couldn’t add an endorsement covering your antique car using Agreed Value. They may not want to, but it wouldn’t hurt to ask.