Do you enjoy buying and selling classic vehicles? Are you the proud owner of one or two (or more) antique cars? Do you find yourself in your garage, restoring your vintage car or truck whenever you have time to spare?
If you answered yes to any of these questions, you are a classic car lover. This segment of the auto industry has always been admired, but in recent years, there’s been a worldwide surge of interest in classic vehicles, as evidenced by the huge popularity of TV shows in the U.S. like, Gas Monkey Garage and Counting Cars and the U.K.’s Top Gear. While each of these shows focus on slightly different aspects of auto restoration, they all spotlight the public’s fascination with unique, distinctive, and high-performance vehicles.
As insurance agents specializing in antique vehicles, we know all about how to protect your classic car investment. Not only do we have extensive experience insuring these segments of vehicles but we also have first-hand knowledge of antique auto restoration ourselves. You can check out the most recent antique car endeavors of our very own General Manager, Matt Sherrill, by reading his story at our Do It Again Garage Blog, right here on our website.
As the title of this post states, your antique auto insurance doesn’t have to be expensive in order to cover your investment properly. Here are some reasons why classic car insurance may be more affordable than you might think:
Insurance companies are familiar with all of these classic car behaviors and as a result, may offer better rates for your antique vehicles. But just because you have an “old” car doesn’t mean it’s a true antique, vintage or classic car.
According to Cars Direct, there are three auto classifications for older vehicles: antique, classic and vintage. The three labels are often used interchangeably, but have subtle differences.
Here are the distinctions between each term:
In most cases, this is a vehicle over 45 years old. States often have a special type of license plate for these cars. Generally, the car should be maintained in a way that remains true to its original manufacturer specifications.
These cars are defined in a similar fashion to antique cars, with the primary difference being the age range of the vehicle. A classic car should be at least 20 years old, but not more than 40 years old. The vehicle may not have been manufactured before 1925. For these reasons, a classic car may be an antique, but an antique may not always be a classic.
Again, we find some grey area between these terms, but generally, a vintage car was originally manufactured between 1919 and 1930. Some states will define the end date at 1925. Unlike the antique and classic definitions, vintage cars are allowed to have modifications to the original manufacturer specifications.
Once you’ve acquired your antique, classic or vintage vehicle, our team at Gould Insurance is ready to help you protect your valuable investment.
Give us a call or email us to start the quote process today.
Note: This article sources content from a recent article on classic car insurance.