Standard car insurance policies don’t sufficiently cover classic cars. This is because, while the standard cars typically depreciate over time, collector or classic cars tend to increase in value. Classic auto insurance policies typically hinge on your car’s agreed value. They also usually offer comprehensive collision coverage and thus ensure your vehicle is protected, both off and on-road, from almost all kinds of damage.
Here are some of the best insurers for your classic and collector cars:
American Modern offers classic car insurance that comes with spare parts coverage with a limit of $2000 – this means the coverage is four times more than what most insurers offer. This coverage covers damage and theft of spare parts. With American Modern, you’ll also enjoy an inflation guard; this means your coverage amount will go up as the value of your car increases.
American Modern’s mileage plans are flexible. You can even opt for an unlimited mileage plan, which is ideal if you drive your classic cars often. Besides, unlike most insurers, American Modern insures most nontraditional classic cars, like fire trucks, ex-military jeeps, and antique roadsters.
Safeco gives you two mileage options: limited use and regular use. With limited use, you’re allowed to drive 5,000 miles annually. With regular use, you’re allowed to drive 10,000 miles annually. Regular allows you to drive a maximum of 27 miles daily on average and doesn’t add any other restrictions. This means you can use your classic car to commute daily and even take road trips.
However, Safeco will only cover your classic car if it’s at least ten years old. It also limits its coverage to antique cars over 25 years old and modern classics not over ten years old. It doesn’t cover unrestored vehicles, kit cars, and race cars.
Tips to Find the Best Classic Car Insurance in MA
To get a classic car insurance policy that suits you, you should consider the type of classic auto you own and the coverage that best suits your needs. Some features to look out for include:
- Discounts – Find an insurer that offers you the best discounts. You can get discounts for having a great driving record, insuring multiple cars, bundling policies, garaging your car in a safe location, belonging to a car club, and more.
- Flexible deductibles – Some insurers offer high deductibles that enable policyholders to pay lower premiums. Others offer non-deductible policies, which means you don’t need to pay for any expenses out of pocket.
- Inflation guard – As the value of your car increases (usually by 4 to 6 percent), this feature increases your coverage limits.
- Spare parts coverage – This coverage covers damage and theft of replacement parts. It’s especially useful if you have a rare car whose parts are hard to find.