Classic Car Insurance in Virginia

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In the state of Virginia, a car is considered a classic if it’s at least 25 years or older and is registered with the appropriate antique car license plate. While Virginia does not require drivers to pay insurance, the recommended classic car insurance must include bodily injury liability and property damage liability
In Virginia, any car over 25 years old is considered a classic. Once the car hits the quarter-century mark, you’ll have to decide what its future will be. Is it going to continue life as a commuter car, or retire as a traveling exhibit? 
Whichever you choose, it’s important to keep in mind that both options come with their own particular challenges. Your classic or antique car is going to need more expensive parts, thorough maintenance, diligent storage, and, of course, the right protection. That means basic car insurance isn’t going to be enough.
Enter the comparison shopping app Jerry, which can help you learn everything you need to know about classic car insurance in Virginia. Make sure you give the following guide a thorough read-through before it comes time to start shopping for classic car insurance.

What is classic car insurance?

As the name suggests, classic car insurance 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.
In Virginia, a car becomes an antique when it turns 25 and is then considered eligible for special plates that designate it a classic or antique car. Once a car is registered as a classic or antique, it is extremely limited in how it is to be used. Registered classic cars cannot be used as commuter vehicles.
In addition, the cars can only be used as displays in exhibitions, car shows, parades, etc., and any passenger transportation must only be done for show. It can be driven recreationally on a very limited basis or to test out its operational status.

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, maintenance, 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.

Virginia classic car insurance 

To be considered a classic in Virginia, the car must simply be at least 25 years old. Once this age requirement is met, you can decide to register it as an antique car (or not). 
Once the car is registered as an antique, it uses specific license plates, and its usage is severely limited.
Virginia is one of two states in which insurance is not required, although drivers who opt to not buy insurance must pay an uninsured motor vehicle fee (UMV) of $500 per year. Those who do not comply will have their driving and vehicle registration privileges suspended, pending payment of a $600 noncompliance fee, a possible reinstatement fee, and filing an SR-22 with the DMV for three years.
For those who do want to purchase insurance in lieu of the UMV fee, the minimum coverage for a classic car in Virginia is as follows:

What impacts the cost of classic car insurance in Virginia?

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 Virginia 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 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 you know what to look for when it comes to classic car insurance. That means you’re ready to start shopping—almost. You’ll want to make sure you’ve got the insurance comparison and brokerage app Jerry installed and ready to go before you get started.
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Take your pick from a lineup of great policies and rates, 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?
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