Classic Car Insurance
Definition - What does Classic Car Insurance mean?
Classic car insurance is coverage for restored collectible or vintage cars. While it may share features with a conventional car insurance, this is still considered as a specialty insurance for a niche market.
Classic car insurance is also known as antique car insurance.
Insuranceopedia explains Classic Car Insurance
The definition of "classic car" can vary for insurance companies, with some setting the minimum age of the car as low as 15, while others set it as high as 30 years old. For a car to qualify for this insurance, it must meet the minimum age requirement, be restored and also be in good general condition. This insurance is considered as a niche market. Both the insured and the insurer must often agree on the insurance payout for loss or damage.
Regular car insurance considers only depreciation. Thus, the payout is usually less than the purchase value. In classic car insurance, the car is valued according to its kind among classic cars and is appraised by experts on these cars. These cars are expensive, meaning that insurers must pay more in case of repairs, and the insured must therefore pay more for coverage.
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