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- What is classic car insurance?
- Vermont classic car insurance
- What impacts the cost of classic car insurance in Vermont?
- Benefits of classic car insurance
- Coverage options for classic car insurance
- Finding cheap car insurance for your classic car
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In the state of Vermont, a car is considered a classic if it’s at least 25 years or older. It must only be used in limited circumstances, such as exhibitions, club activities, and parades. It can only be used to transport passengers once a week. In addition, Vermont classic car insurance must include bodily injury liability and property damage liability.
In Vermont, classic cars share basic features with commuter cars, but their purposes couldn’t be more different. Commuter cars are practical tools, while classic cars are treasures to be appreciated. Considering their purposes aren’t the same, insuring them is going to be different.
Classic cars are unique commodities in that they can appreciate in value, unlike commuters that generally do the opposite. This is due to their rarity and desirability. Overall, classic cars are more expensive than commuter cars to maintain due to the cost of their parts.
So it goes without saying that basic car insurance isn’t enough to protect your classic car. But Jerry can help you learn everything you need to know about classic car insurance, including how to find the policy you need for the best price. Below, you’ll find a comprehensive guide to classic car insurance in Vermont.
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 significant historic or pop culture interest, like iconic muscle cars and hot rods.
An antique car, on the other hand, is usually a vehicle 25 years 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?
Classic car insurance is typically less expensive than standard auto insurance. However, there are more restrictions to remain eligible for coverage, including mileage caps and storage requirements.
Here are a few factors that distinguish classic car insurance from the insurance you would buy for a standard commuter car:
- 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, which is done via a formal appraisal.
MORE: Classic car coverage
Vermont classic car insurance
To be considered a classic in Vermont, the car must fulfill the following criteria:
- Be at least 25 years old
- Owned solely as a collector’s item
- Used only for car shows, exhibitions, etc
The minimum coverage for a classic car in Vermont is as follows:
- Bodily injury liability coverage: $25,000 per person minimum, with a maximum of $50,000 per incident.
- Property damage liability coverage: $10,000
- Uninsured/underinsured motorist coverage
- Bodily injury: $50,000 per person/$100,000 per accident
- Property damage coverage: $10,000, with a $150 deductible (may not apply in all cases)
What impacts the cost of classic car insurance in Vermont?
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 Vermont 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. Classic and antique cars are valued differently than commuters, and serve different purposes and functions—as such, they need the different types of protection that classic car insurance can provide.
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 coverage||Covers damage that isn’t the result of a collision, such as from severe weather or vandalism.|
|Collision coverage||Covers damages resulting from a collision with another vehicle or stationary object.|
|Uninsured/underinsured motorist||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||Tiered mileage plans give you the flexibility to customize your policy based on how much you actually drive your classic car.|
|Towing and labor coverage||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
Knowing what to look for as far as classic car insurance is step one. Step two, of course, is finding the right policy at the right price. Thankfully, the insurance comparison and brokerage app Jerry has made shopping for insurance as fast and easy as reading this guide.
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 shop for insurance the hard way, when Jerry can do it for you, and better?
“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.