Classic cars and trucks, like most other vehicles, have to be insured. Classic vehicles, however, come with particular concerns that newer models aren’t affected by. Classic car insurance gives Massachusetts residents who have these older vehicles a way to get the insurance protections they need.
Classic car insurance policies normally build on the protections found in standard auto policies by adding coverages and features that are more uniquely designed for classic vehicles. When a vehicle is insured with one of these classic policies, the classic car policy is usually purchased instead of (rather than in addition to) a standard auto policy.
Most of the coverages that are commonly found in standard auto policies can also be found in many classic auto insurance policies. For example, classic auto policies offered in Massachusetts frequently provide:
Some of the protections that are more specific to classic cars and trucks include:
Flexible usage allowance typically removes and annual mileage restrictions that a policy might have. Emergency roadside assistance for collectible cars may guarantee a flatbed tow truck with soft straps if the insured vehicle needs to be towed.
Classic auto insurance policies may offer either agreed-value (guaranteed) or stated-value coverage for the insured car or truck.
Agreed-value coverage insures a vehicle for a pre-agreed upon amount that’s set when the policy is taken out. The amount may be, and often is, different from the what the vehicle is actually worth.
Stated-value coverage protects a vehicle for the vehicle’s fair-market value. This value is frequently determined when a claim is filed, and it’s normally based on comparable sales, appraisals, receipts and auctions.
While neither of these coverages is best for every situation, lots of drivers who own classic cars and trucks opt for agreed-value coverage. In many cases, a classic vehicle’s fair-market value doesn’t accurately reflect all the money and time drivers have invested in their vehicles. Agreed-value coverage is able to account extra time and money that’s been invested.
Despite their name, classic auto policies aren’t just for classic cars and trucks. Policies can usually be adapted for any collectible, exotic or rare vehicle. Thus, these policies are frequently used to insure older vehicles as well as newer, unusual models.
Drivers who aren’t sure whether they should get a classic or standard auto insurance policy for their vehicle can talk with an independent insurance agent. An agent who’s familiar with the different types of auto insurance policies that are available will be able to make an appropriate recommendation based on a vehicle’s particular year, make, model and aftermarket parts.
Most classic auto policies will cover a vehicle while it’s being restored, but some Massachusetts insurance companies require that policyholders tell the insurer where the restoration work is being done. A few policies may not cover vehicles during restoration, but these aren’t as common.
Selecting a classic auto policy is more involved than purchasing a standard personal auto policy. There are more specific coverages to consider, and the terms of classic policies can differ.
For help going through classic car insurance policies, Massachusetts drivers should contact an independent insurance agent who’s familiar with all types of auto insurance. An agent will know what to look for in a classic auto policy, and they’ll be able to compare policies from various insurers.