Modern Insurance for Your Classic Car

A collector car isn’t just a way to get around. It’s an investment that will continue to appreciate in coming years. Classic and antique cars often are covered by a specialty market. 

A classic auto is commonly considered to be an auto around 15 to 25 years old; while antiques are older than 25 years. Specialty coverage is necessary because standard auto coverage rates are based upon a car losing value each year due to aging and normal vehicle use. The owner of a classic or antique car needs coverage for a vehicle that retains or increases its value. Not all classic or antique cars are used the same, so Towne Insurance will work with you to select the appropriate policy to accommodate coverage needs considering: 

• Miles driven and use (exhibition, touring, parade)
• Vehicle age
• Vehicle modifications
• Any special design or features
• The car's current value (often established by appraisal)
• Deductible (a higher deductible generally lowers your premium, but increases the amount you must pay out-of-pocket when you file a claim.
• Availability of storage in a locked garage
• Owner's age (no youthful drivers)
• Availability of another car for normal vehicle use
• Whether the car is  equipped with an audible alarm or a disabling device that renders the fuel, ignition or starting system inoperative such as LoJack or Teletrac

Do you need the insurance for your prize Mustang, Camaro, Charger, Corvette, Thunderbird, or other collector car? Consider the features below when shopping for insurance: 

• Agreed Value - This means the provider will pay you the full (agreed to) amount in the event of a covered total loss, less any applicable deductible.  This type of coverage is much better than “actual cash value” or “stated value” that you may get with some companies.
• Low Rates - Why pay full-time insurance when you drive your collector car only part-time?
• Generous Mileage - You’re proud of your collector car, so drive it. Not all insurance companies have a mileage limit, but most collector cars should be driven less than 5,000 annual miles to maintain their value