Many car enthusiasts assume their vintage vehicle automatically qualifies as a classic car for insurance purposes, but the definition is not as straightforward as it might seem. Insurance companies use specific criteria to determine classic car status, and these requirements can vary significantly between providers. At Capital Insurance in Spokane, WA, we help collectors understand how insurance companies classify classic cars and what this means for coverage options.
Age Requirements and Usage Restrictions
Most insurance companies require vehicles to be at least 20 to 25 years old to qualify for classic car coverage, though some insurers set the threshold at 15 years. However, age alone is not enough. The vehicle must also meet strict usage limitations, typically restricting annual mileage to between 1,000 and 5,000 miles per year. Classic car policies generally require the vehicle to be used primarily for exhibitions, parades, club activities, and occasional pleasure driving rather than daily transportation.
Condition and Value Standards
Insurance companies expect classic cars to be well-maintained, restored, or in original condition. The vehicle should retain most of its original parts and specifications or feature period-appropriate modifications. Many insurers require professional appraisals to establish agreed value coverage, which protects you based on the car’s actual worth rather than its depreciated book value.
Storage and Driver Requirements
Classic car insurance typically requires secure garage storage when the vehicle is not in use. Additionally, most policies require drivers to be at least 25 years old and have a clean driving record. Some insurers also require you to own a regular-use vehicle for daily transportation.
Protect Your Investment Properly
Understanding classic car insurance requirements ensures your vintage vehicle receives the appropriate protection. Contact Capital Insurance in Spokane, WA, today to discuss classic car coverage options for your prized automobile.
