Auto insurance is a sore subject for most Florida residents to talk about, however when it comes to Classic / Antique auto insurance, it gets a little less painful. Not only that, but you may have a vehicle or two that qualifies for this type of coverage without even knowing!
Most people think classic car insurance is only intended for the "muscle car era" of automobiles and earlier models, but as time ticks forward, so has the allowance for later models. Some insurance companies who specialize in classic antique insurance do not have an age requirement, provided the model was some sort of limited production, and the car is treated like a “collectible car”. The main requirements to qualify as a “collector car” are:
- The car cannot be used as a daily vehicle, nor used as a replacement for a daily use vehicle. To validate this, you are required to show and provide proof of regular auto insurance for each member of your household, each with their own daily use vehicle. You are limited to occasional pleasure use only.
- The car must be kept in a fully enclosed and locked facility when not in use (aka. garage or storage facility).
- The car must not be driven by those aged 25 or under. Anyone aged 25 or under living in your household will be specifically excluded from your insurance policy. You can request they be added back on after they turn 26. You are also not permitted to let anyone aged 25 or under drive the vehicle.
- The car must be in excellent condition. Photos will be required.
- The car cannot be driven over a certain number of miles per year. Typical allotment options include 1,200, 3,000, and 5,000.
And that’s it! While this may seem like a heck of a lot of requirements to keep track of, you receive immense benefits as soon as you switch any car over to a classic antique auto insurance policy. Some of those benefits include:
- Vehicles on a classic policy are covered based on AGREED VALUE, and not Kelly Blue Book Value. ie. If you and the insurance carrier agree that your 2001 Mustang is worth $15,000 when you purchase the policy, then that is what gets paid to you in the event of a covered total loss of that vehicle. In some cases, a valid and recent appraisal will be required to validate some requested coverage amounts.
- Insurance premiums for classic rated policies are very inexpensive. Prices start at $175.00 per year for full coverage!
- Rates do not fluctuate from year to year. Customers with some classic insurance carriers haven’t seen a rate increase in 3 years!
So if you think you are overpaying for auto insurance, and you have an older car that just sits in the garage and doesn’t get used that much, it may very well qualify to be on a classic antique auto insurance policy! Leave this to an agency who knows about classic auto insurance, Evolve Insurance Agency; we are avid supporters of the local Antique Auto Club of America chapter and have participated in the local car enthusiast community for over 8 years! Visit us online at evolveins.com or give us a call at 941-244-2760 today for a quote! We can assist with your needs anywhere throughout the State of Florida, so give us a call today!
David Kronk, Principal Agent, Evolve Insurance Agency