Classic Car Insurance in New Mexico
New Mexico classic car drivers must insure their limited-use vehicles with a 25/50/10 liability insurance policy and uninsured/underinsured motorist coverage.
Written by Bellina Gaskey
Reviewed by Carrie Adkins
New Mexico delegates vehicles 35 years and older as “horseless carriages.” These historic cars must be insured with bodily injury liability, property damage liability, and uninsured motorist coverage.
Owning a classic car requires a little extra legwork than your average car today. To keep it in prime condition, you have to drive it fewer miles and purchase hard-to-find replacement parts. Unlike other cars, classic cars may actually appreciate rather than depreciate.
Insurance providers recognize the special value of classic cars and offer specialized classic car coverage options as a result. Jerry has put together a comprehensive guide to getting in classic
car insurance in New Mexico
.What is classic car insurance?
Classic car insurance
provides many of the same coverage options as a normal auto insurance policy, but tailored to the needs of older vehicles.Just owning an old car won't be enough to qualify you for classic car insurance. You'll need to treat the car as a collector’s item and for entertainment/educational purposes only.
What is a classic or antique car?
Insurance providers break up old vehicles into two categories: classic and antique cars.
- Classic cars are between 10 and 24 years of age and have a decided historic interest. Examples of classic cars include hot rods and muscle cars.
- Antique cars are basically older classic cars—vehicles that are 25 years old or older and have historic interest.
What makes classic car insurance different?
Classic car insurance is generally 40 to 70% cheaper than normal auto insurance. However, it also has requirements drivers must meet in order to qualify for protection.
- Limited use provisions or mileage caps require the car only to be used for infrequent pleasure driving and activities like club meetings, parades, and exhibitions.
- The car must be securely stored in a structure and restored to or preserved in its original condition. Many providers will not insure classic cars that have undergone any modernization.
Classic car insurance policies help meet the needs of classic vehicle owners by allowing for customization options including spare parts coverage, flexible mileage plans, and coverage for specific maintenance schedules.
The first thing you will need to do to take out a classic car insurance policy is negotiate a value for the car. Unlike modern cars, classic cars do not have set book values for any given make or model.
The agreed value you reach with your insurer will represent the dollar amount covered in case of an accident, without regard to depreciation.
New Mexico classic car insurance
In New Mexico, vehicles 35 years and older can apply for “Horseless Carriage” status. The vehicle must be treated as a collector's item and exclusively used for exhibitions, public events, and the like.
Apply with the DMV to receive a Horseless Carriage license plate for your antique car.
- $50,000 in bodily injury liability per accident
- $50,000 in uninsured motorist bodily injury per accident
- $10,000 and uninsured motorist property damage per accident
What impacts the cost of classic car insurance in New Mexico?
Classic car insurance is generally less expensive than a regular auto insurance policy, but your monthly prices are subject to change depending on the specific coverage options you choose.
Other factors that can impact your classic car insurance rate include:
- Model year
- Stated or guaranteed value
- Mileage
- Customization—if you include things like flatbed towing, roadside assistance, spare parts coverage, etc.
- Your driving record
Benefits of classic car insurance
Classic cars are undoubtedly unique—and some are practically irreplaceable. Knowing this, insurers have crafted customizable classic car insurance policies that offer a better level of protection than your regular auto insurance.
In some cases, your classic car's value will exceed its original selling price such that you qualify for collectible status.
Here are some of the benefits of getting classic car insurance:
- Rates 40% to 70% lower than standard car insurance
- Higher coverage limits (often up to $500,000)
- Flexible annual mileage limits
- Claims handling from fellow car enthusiasts
- Flexible deductible options
- Guaranteed or agreed value coverage
- Optional coverage for spare parts and memorabilia
- Roadside assistanceusing only flatbed tow trucks
- Discounts for additional security features (like alarms, VIN etching, and GPS tracking)
- Potential discounts on approved collector car club memberships
Do I need classic car insurance?
If you have any of the following, you 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
All drivers are strongly encouraged to add more coverage than their state mandates. Classic cars have unique needs, so classic car insurance policies offer a wide variety of add-ons.
Here are some common coverages for classic cars in New Mexico:
Coverage | Description |
|---|---|
Comprehensive | Covers damage that isn’t the result of a collision, such as from severe weather or vandalism. |
Collision | Covers damages resulting from a collision with another vehicle or stationary object. |
Covers damages if you’re involved in an accident with a driver who doesn’t have auto insurance. | |
Agreed value coverage | If 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 mileage | Tired mileage plans give you flexibility to customize 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 typical auto insurance policy. |
Spare parts | Add 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
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