Introduction: Why Classic Car Insurance Matters
Your 1969 Mustang or vintage Chevy truck isn’t just another vehicle—it’s a piece of history and a serious financial investment. But did you know that standard auto insurance policies don’t provide the right protection for classic cars? That’s where classic car insurance comes in. Designed specifically for collectible, antique, or specialty vehicles, these policies ensure your ride is properly covered, whether it’s stored in a garage, displayed at a car show, or taken out for a Sunday cruise.
What Qualifies as a Classic Car?
Insurance companies typically define classic or collector vehicles using these guidelines:
- Age: Usually 20–25 years or older (though some specialty models qualify earlier).
- Condition: Must be well maintained, restored, or preserved.
- Usage: Limited recreational driving, not a daily commuter.
- Storage: Typically stored in a secure garage or storage facility.
Some carriers also offer coverage for custom builds, hot rods, and exotic cars, even if they don’t fall under the “antique” category.
Key Benefits of Classic Car Insurance
Unlike standard auto insurance, classic car insurance provides unique benefits:
1. Agreed Value Coverage
You and the insurer agree upfront on the car’s value. If there’s a total loss, you’ll receive the full agreed value—not the depreciated market value.
2. Lower Premiums
Because classic cars are driven less often, premiums are usually much lower than standard auto policies.
3. Specialized Repairs
Policies often cover repairs with original or authentic replacement parts, protecting the car’s integrity and value.
4. Coverage for Shows & Events
Many policies extend coverage while your vehicle is on display at a car show, parade, or exhibition.
Common Mistakes to Avoid
Many classic car owners unknowingly leave their investments at risk. Here are the top mistakes to avoid:
- Using Standard Auto Insurance: This often leads to undervaluation in the event of a claim.
- Not Updating Policy Values: Classic cars often appreciate; failing to update the agreed value can leave you underinsured.
- Incorrect Storage Information: Misrepresenting where you store your car may cause claim denials.
- Overdriving: Exceeding mileage limits set by your policy could void coverage.
FAQs About Classic Car Insurance
Do I need a daily driver car to qualify?
Yes. Most insurers require proof of another insured vehicle for daily use.
Can I drive my classic car whenever I want?
Policies usually allow limited use—pleasure drives, club activities, and shows. Daily commuting is not covered.
Does it cover towing and roadside assistance?
Many carriers offer specialized roadside assistance tailored to classic vehicles, including flatbed towing.
Real-Life Example
One Bancorp client in La Pine restored a 1955 Ford F-100 pickup valued at $40,000. With a standard auto policy, the payout after an accident would have been closer to $12,000 due to depreciation tables. With agreed value coverage, he received the full $40,000—protecting years of investment and restoration work.
Why Choose Bancorp Insurance for Your Classic Car
With over 35 years serving Oregon, Bancorp Insurance understands the unique needs of classic and collector car owners. We’ll help you:
- Find customized coverage that matches your vehicle’s value.
- Navigate policy restrictions to ensure your lifestyle fits the requirements.
- Provide annual policy reviews so your coverage grows as your car appreciates.
Your classic car deserves protection as unique as the vehicle itself. Don’t leave it up to a standard policy.
👉 Call Bancorp Insurance at (800) 452-6826 or schedule an appointment today to review your classic car insurance options.
