A Classic, Custom, or Restomod: We can insure you!
A classic, custom, collectible, or antique car requires insurance that reflects your vehicle’s uniqueness and value. The baby boomer generation fueled the demand for these cars. They fell in love with the Ford Mustang, Corvette Stingray, and other classic 70’s cars. Along with restoring them, they added new modern features and created a new segment of collectible cars. This collectible car segment is known as Restomods.
Whether you are thinking of buying one of these cars, or currently have one, you should have the right protection for your ride.
What types of vehicles need special insurance?
A classic, collectible, or antique car is no ordinary everyday car—and regular auto insurance is not sufficient to protect such a vehicle against damage or loss.
There is no uniform definition of a classic car. The real determining factor is if the car’s value exceeds its original selling price, then it should be considered collectible and a candidate for specialized classic car insurance. In general, vehicles that might warrant classic car auto insurance include:
- Antique and classic cars, usually at least 25 to 30 years old
- Restomods, hotrods and modified vehicles
- Exotic and luxury autos—think Alfa Romeo or Porsche
- Muscle cars
- Classic trucks
You might also need specialized insurance for vintage military vehicles, classic motorcycles and antique tractors.
Qualifying for collectible or classic car coverage
A car's age is not enough to qualify for specialized classic car insurance. While requirements differ from company to company, most cars need to meet the following criteria to qualify:
- Limited use – Your classic car cannot be used for everyday commuting or errands, and your policy may include mileage limitations and proof the car is being properly garaged.
- Car shows and meet-ups – The limited use provision of a classic car policy allows for travel to car shows and auto club meetups.
- Secure storage – When not in use, your special vehicle must be stored in a locked, enclosed, private structure, such as a residential garage or storage unit.
Not every vehicle, however special, will meet the qualifications of every insurer. For instance, some insurers may not cover vintage off-road vehicles. Insurers may also decline to insure vehicles that are in poor condition or have unrepaired damages. You will also need to provide pictures of the front, back, side of the car, the engine, and the inside of the car.
What you should know about classic car policies
Your classic car policy will include provisions found in standard auto insurance policies, notably property damage and bodily injury liability coverage.
But there are some differences, as well:
Agreed value – Because each car's condition is unique, there is no set "book value" for specific makes and models. The first step in insuring your classic car is for you and one of our carriers Hagerty or American Modern to agree on the value of your classic car. This value will be specified in your policy and your car will be covered up to that value without depreciation.
Unlike everyday vehicles that depreciate over time as you add miles to them, classic cars usually gain value. At Dtown Insurance we’ll check with you every year to make sure we have the correct value of your auto as it appreciates.
Specialized repair or restoration – Your policy should provide you the flexibility to bring your vintage muscle car or restomod to the right mechanic or body shop—even if the rates may be twice, or three times, the cost of a typical car repair at a traditional auto body shop.
Special towing and spare parts – Coverage for towing is commensurate with the special demands of transporting a classic car. Spare parts coverage, too, needs to be aligned with the cost of replacing valuable and perhaps hard-to-find original vehicle components, such as wheels, transmissions, and engine parts.
Dtown Insurance is here to help you get the right coverage at the right price for your investment or Restomod. Contact us today!
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