If you’ve ever seen an old restored Nash Rambler or a Plymouth Fury tooling about town, the thought has probably crossed your mind: how much does antique car insurance cost, anyway? Surely the people behind the wheel must be paying an arm and a leg to cover the potential damages for these gorgeous moving relics. But surprisingly enough, classic car insurance is a lot cheaper than you might have thought.
The fact is, classic cars are less frequently driven. The odds that you’ll ever find anyone using an antique car for anything other than Sunday afternoon drives or trips to the nearest car show are slim to none. You’re also less likely to find a restored classic parked curbside overnight—their owners typically keep them locked safely away when they’re not in use, putting them at far lower risk for theft. And insurance companies know this, which is one of the factors that makes classic car insurance more easily affordable than coverage for the average late model sports car.
Antique car insurance, sometimes referred to as collector car insurance, differs from standard insurance in that both car owner and insurer must arrive at an agreed value for repair or replacement. Since the value of a well-kept classic car actually increases over time, the owner must provide official estimates of the car’s value to get adequate coverage.
Is it any wonder, then, that anytime you cross paths with an antique car the person behind the wheel is wearing a mile-wide grin instead of a grimace of constant worry? Three words: it’s the insurance.