What is the point of having classic insurance?

What's the point of having classic car insurance policy? My friend told me the other day that my 1996 Chevy Impala is now considered a classic car. He also said that if I fixed it up a bit, I could move the car to a classic insurance policy to save money. Is that true?

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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.
“Yes, believe it not, in the broad definition of classic car, your 25-year-old Chevy Impala could be considered a classic.
This does not mean you should get classic car insurance or that you would even want to.
The first rule of classic insurance is that the car must be more than 25 years old. The rest of the guidelines are as follows:
  • 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 cannot be used for racing.
  • Some insurance carriers have mileage limits that can not be exceeded.
If your Impala has been driven every day because it is your only car and hasn’t be restored to a higher value, a classic car policy wouldn’t be the right choice for you.
If that’s the case, don’t worry! Using a smart comparison tool like Jerry can help you find the best deal on car insurance for your situation.”
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