In general, a classic or collector car is a vehicle that is considered to be of special interest because of its age, rarity, historic significance, or value. These cars are at least 20 years old and have significant historical or cultural value. They may also be rare or one-of-a-kind vehicles that are highly sought-after by collectors. Unlike modern cars, their value can appreciate over time, so specialized insurance is needed to protect your investment.

Collector's cars are:

• Used only occasionally for pleasure driving, shows, clubs, or parades.
• Restored, maintained, preserved, or actively being restored to keep it in excellent condition.
• Stored and protected in an enclosed building.

Classic car insurance is designed to protect your investment, but assumes the vehicle will only be driven occasionally. There are different types of classic car insurance, but most policies cover:

• Physical damage to your vehicle
• Liability coverage in case you cause injury or property damage to someone else
• Medical payments for you and your passengers
• Uninsured/underinsured motorist coverage in case you're hit by another driver who doesn't have insurance

Agreed Value vs. Market Value

Unlike today's cars, a classic car's value may increase (rather than decrease) over time. When deciding on your insurance plan, you may choose to insure the vehicle for its agreed value (the amount you & your insurer agree the vehicle is worth) or its market value (what it would sell for on the open market). The option you choose will depend on a number of factors, including how much coverage you need and how much you're willing to pay.

Liability Only vs. Comprehensive & Collision Coverage

How often you drive your classic car and your budget will play a part in determining how much coverage is appropriate for your vehicle. Liability insurance covers damages caused to another vehicle or property, while comprehensive & collision coverage covers damages to your vehicle and other incidents like damage or loss due to weather or theft.

Perks & Features

Classic car insurance policies can also come with additional useful features, like roadside assistance and trip interruption coverage. Every policy is different, and LW Short Insurance can help you choose the options you need and find the best rates so you can make a decision!