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Do you own a classic car? Or are you thinking about purchasing one? Did you know that these collectibles require specialized insurance coverage? If you live in or near Katy, TX, our team of insurance experts at All Around Insurance Agency can explain what coverage is best for your classic car.

Classic Car insurance: What You Need To Know

A classic car is typically older than 25 years old. It would be regarded as an older car that would be of historical interest to the collector and be restored and not scrapped. Classic cars are considered a subset of the category of “collector cars”. A subset of classic cars is vintage or antique cars.

To qualify for classic car insurance, it cannot be your everyday mode of transportation and cannot be driven more than 5000 miles annually. Although it can vary by insurance carrier, a classic car needs to be over 25 years old.

This specialized classic car coverage protects your collectible with liability, collision, comprehensive, and other coverage. Antique cars hold and often increase in value. So, the insurance for them will cover up to an agreed-upon value as dictated by the insurance company and the owner. Regular car insurance does not provide as much coverage.

Antique or classic car insurance is cheaper than regular car insurance, as you are not driving the vehicle on a regular basis. Another big difference between regular car insurance and classic car insurance is the way the value of the car is determined. Standard car insurance depreciates the value of the car. The older a car is, the lower its replacement value is, if in an accident. The value of a classic car will almost always go up if it is maintained.