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What factors go into an insurance quote for a classic or antique car?

Classic Car - Dodge Superbird

What factors go into an insurance quote for a classic car?

You’ve wanted to get behind the wheel of a true classic car for years, but now that you’re about to, how do you keep it safe? You’re going to need an insurance quote, but you need to know a bit more about the factors that may impact how much you’ll pay to keep your classic car protected.

Whether you’re about to purchase a classic car or are still gathering information, you probably want to know what could impact your insurance quote. The good news is that the experts from OpenRoad Insurance have the information you’re looking for.

Have you decided on a classic car purchase already? Apply for an auto insurance quote online, or keep reading to get additional information on the different factors that go into a classic car insurance quote.

Understanding Actual Cash Value

Key factors that may affect your classic car insurance policy are as follows:

  •  Agreed Value: Policies are usually based on an agreed-upon value that accounts for market factors and your vehicle’s value.
  • Vehicle Usage: Your classic car can’t be a daily driver. Most policies are limited to leisure, exhibitions/shows, and club activities. Mileage limits and/or daily driver details may also be required for a classic car insurance policy.
  • Storage & Security: How you store your classic can impact your insurance policy. The more secure your vehicle is, the better.
  • Condition & Age: Replacement parts for newer performance cars can be more expensive, causing your insurance costs to be higher. The condition of the vehicle will also be considered.
  • Driving Record: Your driving record will also factor into your classic car insurance policy. Prior accidents and speeding tickets may affect your insurance costs.
  • Rarity & Type Vehicle Value: More valuable cars tend to be more expensive to repair and will typically come with higher insurance costs. 

What are the requirements for insuring a classic car?

Your classic car will likely need to meet the following requirements to qualify for a unique insurance policy.

  • Usage: Classic car usage will likely be limited to specific activities and there will also be a yearly mileage cap. Most insurance policies limit annual mileage.
  • Storage: How your vehicle is stored could determine if you’re eligible for classic or collector car insurance. An attached garage is ideal, though other storage options are considered as well. 
  • Primary Vehicle: You’ll likely need to have a vehicle that you use as a daily driver in order to insure your enthusiast vehicle with a classic car policy.
  • Vehicle Make & Model: The age of a vehicle will impact insurance pricing, but some specialty insurance companies, such as OpenRoad Insurance, will insure brand new cars if they have sport or performance characteristics. 

What can I do to get the best insurance quote for my classic?

Do you want to get the best possible quote fora classic car insurance policy? Of course you do! Here are a few factors that you can take advantage of to keep costs down.

  • Driving record: Maintaining a clean driving record can impact insurance costs. Even speeding tickets can affect your insurance policy.
  • Proper Storage: Ensuring your car is stored properly and securely can save you on your insurance costs and prevent claims. Keeping the areas around your car clear can also prevent costly claims.
  • Meticulous Maintenance: Keeping your classic car maintained and in excellent condition will decrease your likelihood of having a mechanical-related claim and keep your insurance costs lower. 

Where can I get a classic car insurance quote today?

Are you ready to get an insurance quote for your newly bought classic car? First of all, congratulations on achieving a dream. Not everyone gets to drive the car that they’ve always wanted to. Now it’s time to protect it.

Contact the team at OpenRoad Insurance to get the classic car quote you need to keep your driveway dream as safe as possible. Apply online with our easy application, give us a call at 1-866-952-7622, or contact us by email if you have questions about available car insurance policy options.

Protection for every twist and turn!