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Rare Vehicle Insurance Coverage

Insurance coverage for a classic or antique car is not as hard to get and expensive as one would think. Even an exotic Lamborghini’s insurance isn’t as relatively high as its price tag. Modified but street legal automobiles can also be covered with some limitations.

A classic car is defined as typically a car 20-24 years old. You may be driving a 1990 Yugo with 200,000 miles on it, but the intention of the classic car policy is to classify older cars that have been restored and have a higher than most older cars value. A Corvette is a typical example as a classic car, not too old, but most are kept in good condition, and are sought after by car enthusiasts.

An antique car is typically 25 years or older. A familiar and obvious example of a classic car is a 1957 Chevy. Again, sought after by collectors, and kept up well by their owners. Being anything over 25 years old, this classification runs the gamut from 1963 Corvettes, to 1912 fire engines, typically used in parades.  The owner is not expected to drive their antique car to and from work.

Custom cars too have a home for insurance. Although a car may have been born a 1995 Camaro, and may have been modified heavily, such as a lowered suspension, giant tires and a heavily tweaked engine, it’s not a typical mass produced Camaro any longer.  As long as all the modifications are determined to be street legal, the vehicle can be classified as a covered street rod, but meant to be driven responsibly, and not raced. 

Ferrari’s, Lamborghini’s and Bugatti’s all can be insured as well. Again, sought after high valued exotic cars can be classified an insured under exotic status. Limitations apply to these vehicles as well, they are not meant to be daily drivers. 

What typically differentiates a run of the mill vehicle and an exotic, classic, antique or street rod with regards to insurance?  The caveat in obtaining relatively inexpensive insurance for specialty classified vehicles is that there are more limitations. For example, to obtain antique status and an antique license plate in Massachusetts the vehicle must solely be used for parades and special events. Some limited travel is allowed for test drives, and to and from repair facilities. Essentially with this and all rare classes, the vehicle is meant to be driven in a limited capacity. Any type of racing or stunt driving is typically not covered. There are also significant differences on the valuation of specialty classed vehicles. The vehicle is not valued by typical blue book standards. Usually a car is appraised by an expert and an agreed value is determined. This is a more equitable way to determine the value of a well-kept vehicle. If the value was determined under typical blue book methods it would not take into consideration the restoration and care a collector instills in their rare automobile.

Of course if the diver wants to drive their unique automobile like a daily driver that can also be arranged, but the insurance costs will be much higher, since there is more mileage on a vehicle there is always more chance of a loss. Make sure your agent has access to insurance carriers that can provide affordable and adjustable coverage for specialty classified vehicles, and be sure to not pay too much.

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