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What You Need to Know about Personal Auto Insurance Lines

Many enthusiasts around the country enjoy finding, restoring, and collecting antique and classic cars. Although the definitions vary among organizations, a classic car is one that is more than ten years old and an antique is one that is more than twenty-five years old. When a proud new owner goes to get insurance to protect their investment, they may be surprised to learn that they cannot get the same type of auto insurance for these collectible cars as they do for the personal vehicle they drive. Although the way the vehicle is used will have an impact, drivers should realize that personal auto insurance lines available for insuring these older cars is usually more expensive.Superior Access explains that “Agreed value, comp/collision, liability, and uninsured motorist are just some of the coverage options they offer with their personal auto insurance lines. These and other types of coverage should be determined on a number of factors.

Why Your Antique or Classic Car Is Worth More Than You Think

There are a number of factors that go into determining the worth of these cars and the value that your insurance coverage should be based on. If you did the restoration yourself, you know how expensive it was to bring the car up to its current state from the one it was in when you purchased it.

If your vehicle is damaged in an accident, it will probably be more expensive to purchase the parts to fix it, not to mention more difficult to find in the first place. The vehicle you drive every day is insured according to its cash value which is the cost of replacement minus depreciation.

Older cars are usually insured for a value that you agree on with the insurance company. This amount is usually determined by the value of similar cars according to respected resources. This value may be based on the number of these vehicles available, original value, its appeal to collectors, or any of a number of other factors. That means if you have a total of $25,000 invested in your car and the restoration but it is valued at $60,000 according to your resources, the insurance will be for the full amount and you will receive $60,000 in compensation if the vehicle is totaled in an accident.

There are different personal auto insurance lines to provide different coverage according to how you use your car. Some examples are:

  • Uninsured motorist in case your vehicle is damaged in an accident caused by a motorist without insurance
  • Auto show medical reimbursement to cover injuries at an auto show where your car is being featured
  • Coverage for spare parts provides coverage for parts you already own that are damaged or stolen
  • Traveling coverage will provide for your food, lodging, personal items, and a rental vehicle if your vehicles breaks down on the road

Different personal auto insurance lines provide different types of coverage. Compare to see which type of policy offers the coverage you need for taking your antique or classic car on the road or keeping it onsite for you to enjoy.


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