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- What is classic car insurance?
- Maryland classic car insurance
- What impacts the cost of classic car insurance in Maryland?
- Benefits of classic car insurance
- Coverage options for classic car insurance
- Finding affordable car insurance for your classic car
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In Maryland, cars can be deemed classic if they are at least 20 calendar years or older. Maryland classic car insurance must include liability insurance and uninsured motorist coverage.
Insuring a classic car isn’t the same as insuring your everyday vehicle. Put simply—you don’t drive a classic car as often, replacement parts can be difficult to locate, and a classic car is most likely worth more than your average vehicle—that’s why you need specialty car insurance coverage to protect it.
To help you secure the best protection for your classic car, the insurance broker and comparison shopping app Jerry breaks down all you need to know about classic car insurance in the “Old Line State”.
What is classic car insurance?
Classic car insurance offers protection that is specifically designed for classic or antique vehicles. Although classic car insurance has many similar coverages to a standard car insurance plan, it also comes with additional limitations such as mileage caps and maintenance requirements.
What is a classic or antique car?
Usually, a classic car is a vehicle that is 10 to 24 years old and carries historic or public interest, such as a muscle car or hot rod.
An antique car is often described as a vehicle 25 years or older with historic interest. For insurance purposes, a classic car older than 25 years old is considered antique.
What makes classic car insurance different?
Off the top, the value of the car is different when you’re comparing classic car insurance to a regular car insurance policy. As every classic car is unique, there is no set “book value” for particular makes and models.
With your insurer, you’ll have to work out an agreement in terms of your classic car’s value. This will be written into your policy and your classic or antique vehicle will be protected up to that value without depreciation.
Classic car insurance features other aspects that differentiate it from the insurance policy you might buy for an everyday car:
- Price: Classic car coverage is most often cheaper than a regular car insurance policy.
- Limited use: Classic cars have a mileage limit and can only be used for specific purposes, such as shows, exhibitions, displays for public and historic interest, parades, and occasional pleasure driving.
- Storage: Classic cars must be stored under lock-and-key.
- Condition: The car must be restored, maintained, and preserved in its original condition (or be undergoing restoration).
MORE: Classic car coverage
Maryland classic car insurance
To be considered a classic and be eligible for classic car insurance in Maryland, your car or vehicle must meet the following criteria:
- Be at least 20 calendar years old or older
- Must not be substantially altered, remodeled, or remanufactured from its original state
- It must be a passenger car, truck, or motorcycle, and must not weigh more than 10,000 pounds
- As of October 1, 2016, historic motor vehicles in Maryland may no longer be used for transportation to and from work, school, or commercial purposes
- Historic vehicles manufactured in 1986 or later may be subject to safety equipment repair orders issued by police at roadside
In Maryland, the minimum coverage required for a classic car is as follows:
- Bodily injury liability coverage: $30,000 per person / $60,000 per accident
- Property damage liability coverage: $15,000
- Uninsured motorist bodily injury coverage: $30,000 per person / $60,000 per accident
- Uninsured motorist property damage coverage: $15,000
- Minimum personal injury protection: $2,500
What impacts the cost of classic car insurance in Maryland?
As a general rule of thumb, classic car insurance is usually less expensive than a regular car insurance policy. Depending on the type of coverage you require, prices will vary.
Here are some other factors that can impact your classic car insurance rate:
- Model year
- Stated or guaranteed value—more expensive cars will cost you more to insure
- Mileage—the more the vehicle is driven, the higher premium you’ll pay
- Customization—flatbed towing, spare parts coverage, and roadside assistance will increase your premium
- Your driving record—many companies will only offer classic car insurance to drivers with clean records
Benefits of classic car insurance
Regular car insurance won’t properly protect a classic against loss or damage. If the value of your car exceeds its original selling price, it will most likely be deemed a collectible and you may require specialized classic car insurance.
Here are some advantages to buying classic car insurance:
- Lower rates than regular car insurance (can be between 40% to 70% less)
- Higher coverage limits (often up to $500,000)
- Flexible deductibles and annual mileage caps
- Guaranteed or agreed value coverage
- Many optional add-ons, including towing with flatbed trucks and spare parts and memorabilia coverage
- Potential discounts for additional security features, such as VIN etching, alarms, and GPS tracking
- Claims handling from fellow car enthusiasts
- Potential discounts on collector car club memberships
Do I need classic car insurance?
If you are the proud owner of any of the following vehicles, you should definitely look into buying specialty insurance coverage:
- Antique & classic cars
- Modern collector vehicles
- Vintage boats
- Classic trucks and utility vehicles
- Vintage motorcycles and scooters
- Modified vehicles
- Retired commercial vehicles
- Motorsports vehicles
- Classic military vehicles
- Vehicles under construction
- Collector trailers
- Antique tractors
Coverage options for classic car insurance
Your classic car insurance package will depend on the type of car you own and what you need to cover it.
Here are some common coverages for classic cars:
|Comprehensive||Covers damage that isn’t the result of an accident, such as from extreme weather events, theft, animal damage, or vandalism.|
|Collision||Covers damages stemming from an accident with another vehicle or fixed object.|
|Uninsured/underinsured motorist||Covers damages if you’re involved in an accident with a driver who doesn’t have any insurance, or doesn’t have enough coverage to cover your damages.|
|Agreed value coverage||If you’re in a covered accident and your classic car is totaled, you’ll receive the full agreed-upon value (minus your deductible) without any depreciation deductions.|
|Flexible mileage||Tiered mileage plans give you options to tailor your policy based on how much you actually drive your classic car.|
|Roadside assistance||Coverage for tire changes, towing, and other incidental expenses that aren’t part of a standard car insurance policy.|
|Spare parts||Add coverage for loss or damages to classic spare parts—even ones that are expensive or hard to find.|
Finding affordable car insurance for your classic car
If you’re on the hunt for classic car insurance in Maryland at an affordable rate, use Jerry, a car insurance broker and comparison shopping app. It’s the easiest and best way to find a policy that is tailored to your needs.
After providing you with a thorough list of the best classic car insurance policies across insurance carriers, Jerry handles the phone calls, paperwork, and renewals for your top pick so that you don’t have to do anything!
Jerry partners with 50+ top insurance providers, such as Progressive and Travelers, to get you the best coverage for the most affordable price. The best part? The average Jerry driver saves almost $900 on car insurance a year!
“This app is all about savings! Jerry just saved me $193/month on my car insurance. They literally found me the cheapest policies out there and with better coverage! Seriously, just sit back and watch Jerry work its magic.” —Rachel B.