Classic Car Insurance in Michigan

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In the state of Michigan, a car is considered a classic if it’s at least 26 years or older, is owned solely as a collector’s item, and is only used for events such as car shows, parades, or historical club activities. Michigan classic car insurance must include
Because classic cars in Michigan aren’t treated like everyday commuter cars, insuring them isn’t the same. Classic cars are generally more expensive than commuter cars, not only due to their inherent value, but also due to the cost of their parts. 
Suffice it to say, it takes more than just basic car insurance to protect your classic car.
Luckily, Jerry knows a thing or two about classic car insurance, including how to find the policy you need for the best price. Before you start shopping, here is everything you need to know about classic car insurance in Michigan.

What is classic car insurance?

Classic car insurance, as the name suggests, is coverage specially tailored to the unique needs of classic or antique cars. It typically offers the same basic coverage as commuter car insurance, such as collision and comprehensive, but it has more limitations, including a mileage cap and maintenance requirements.

What is a classic or antique car?

A classic car is typically any vehicle 10 to 24 years old that has historic or pop culture interest, like iconic muscle cars and hot rods, or even the Delorean.
An antique car, on the other hand, is usually a vehicle 25 years old or older that typically has its value tied up in its inherent historic interest, like the Model T Ford. However, for insurance purposes, classic cars are considered antique cars once they reach 25 years old, regardless of their historical value.

What makes classic car insurance different?

The good news about classic car insurance is that it’s generally less expensive than standard auto insurance. But the difference in price is made up for by an increase in restrictions and requirements.
There are a few other things that make classic car insurance unique from the insurance you buy for your everyday vehicle:
  • Price: Classic car coverage is usually less expensive than regular car insurance.
  • Limited use: Classic cars are not meant to be day-to-day commuters. If you own one, your car can only be used in parades, car shows, exhibitions, and so on.
  • Storage: The car must be stored in a secured, locked facility, such as a personal garage.
  • Condition: If the car isn’t in original condition, or restored, it must be undergoing restoration.
The cost of your insurance will be decided by your chosen carrier after they determine the actual value of the car.
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Michigan classic car insurance 

To be considered a classic in Michigan, the car must fulfill the following criteria:
  • Be at least 26 years old
  • Owned solely as a collector’s item
  • Registered with a valid historical license plate
The minimum coverage for a classic car in Michigan is as follows:

What impacts the cost of classic car insurance in Michigan?

Classic car insurance is generally less expensive than the insurance you’d need for your everyday commuter. But there are other factors, like with standard insurance, that can affect the overall cost of your policy, such as:
  • Model year—certain model years have more value than others.
  • Stated or guaranteed value—if your car is worth more money, it’s going to be more expensive to insure.
  • Mileage—the more you drive the car, the more expensive coverage will be. While Michigan allows full usage in August, it’s best to err on the side of caution and avoid driving it as much as possible.
  • Customization—if you add on additional coverage such as roadside assistance or parts coverage, your policy will be more expensive.
  • Your driving record—if your driving record isn’t clean, carriers may deny you classic car coverage.

Benefits of classic car insurance

Regular car insurance usually isn’t enough to protect a classic or antique vehicle because of the unique needs of these types of cars. A unique issue with classic cars is that they can exceed their original selling price, which may qualify them for specialized classic insurance.
Here are some of the key benefits to getting classic car insurance:
  • Lower rates than standard car insurance, often between 40% to 70% less
  • Higher coverage limits (often up to $500,000)
  • Flexible deductibles and annual mileage limits
  • Guaranteed or agreed value coverage
  • Optional add-ons like flatbed truck towing, roadside assistance, and coverage for spare parts and memorabilia
  • Discounts for additional security features, such as alarms, VIN etching, and GPS tracking
  • Claims handling from fellow car enthusiasts
  • Potential discounts on collector car club memberships

Do I need classic car insurance?

If you have any of the following, you’ll likely need specialty coverage:
  • Antique & classic cars
  • Vintage boats
  • Modern collector vehicles
  • Modified vehicles
  • Classic trucks and utility vehicles
  • Motorsports vehicles
  • Vintage motorcycles and scooters
  • Retired commercial vehicles
  • Collector trailers
  • Vehicles under construction
  • Classic military vehicles
  • Antique tractors

Coverage options for classic car insurance

Your coverage will depend on the type of car you have and what you need to protect it. It can vary from car to car, so research into different coverage types is key.
Here are some common coverages for classic cars:
Comprehensive coverageCovers damage that isn’t the result of a collision, such as from severe weather or vandalism.
Collision coverageCovers damages resulting from a collision with another vehicle or stationary object.
Uninsured/underinsured motoristCovers damages if you’re involved in an accident with a driver who doesn’t have auto insurance.
Agreed value coverageIf you’re in a covered accident and your classic car is a total loss, you’ll receive the full agreed-upon value (minus your deductible) without any deduction for depreciation.
Flexible mileageTiered mileage plans give you the flexibility to customize your policy based on how much you actually drive your classic car.
Towing and labor coverageCoverage for tire changes, towing, and other incidental expenses that aren’t part of a typical auto insurance policy.
Spare partsAdd coverage for loss or damages to classic spare parts—even ones that are expensive or hard to find.

Finding cheap car insurance for your classic car

So now that you know what insurance to look for, the next step is finding the perfect policy for your classic car. And with the insurance comparison and brokerage app Jerry, it’s faster and easier than ever to find the right policy at the right price.
Jerry starts by handling the application process to dozens of different quality carriers and brings you back a comprehensive cross-analysis of coverage options. Take your pick, and Jerry takes care of the rest, including finalizing paperwork, handling phone calls, and providing new quotes when renewal time comes around, so you’re always saving money.
The average Jerry driver saves almost $900 on car insurance a year. So why wait? And why shop for insurance the hard way when Jerry can do it for you, and better?
“WOW. Jerry has been so easy to use. I called a representative when I wanted some clarification, and they walked me through the entire process of finding a new rate for full coverage on my luxury vehicle.” ––Beth G.
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