Are the guidelines for a classic car policy different than a standard car policy?

What are the rules for classic car coverage? I heard that classic car insurance is cheaper than regular insurance so I am thinking about moving my 1970 Jeep Wagoneer over to a classic policy to save money. I know classic car policies have an age restriction which I meet.

Answer
“There are times when classic car insurance is less expensive than a standard insurance policy. It depends on the agreed value of the classic car.
Making this change may save you some money, but let’s make sure a classic policy fits your needs. Here are some standard guidelines for a classic car policy:
  • Vehicle must be 25 years old or older.
  • The vehicle must be in good to excellent condition and have an agreed value of at least $3,500.
  • It cannot be your daily driver. You must insure at least one other vehicle furnished for your everyday use.
  • It must be stored in a secure and enclosed space.
  • It can not be used for racing.
  • Some insurance carriers have mileage limits that can not be exceeded.
The primary guideline to pay attention to is the daily driver limitation. If the Jeep is your only vehicle, it will not qualify for classic coverage.
If that’s the case, don’t worry! You can use a smart comparison tool like Jerry to filter through the top 45 insurance companies to find the best rate for you.”
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Shannon Martin
Answered on Jul 12, 2021
Shannon is an expert in personal lines liability insurance with 13 + years of insurance industry experience. She also served as a special insurance liaison to AARP members for 6 of those years. She is a graduate of UL Lafayette and currently resides in NY with her family. Shannon is also an amateur juggler, ukulele player, and is a time travel paradox theory enthusiast.
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