Protecting Your Investment: Understanding Classic Car Insurance

For car enthusiasts, a classic car is more than just a mode of transportation — it’s a treasured piece of history, craftsmanship, and personal pride.

Whether it’s a vintage Mustang, a restored Corvette, or a rare European import, owning a classic car comes with unique responsibilities, including securing the right insurance coverage. Standard auto insurance policies aren’t designed for the distinct needs of classic vehicles, which is why specialized classic car insurance is essential.

Classic car insurance is tailored for vehicles that are typically 20 to 25 years old or older, maintained in good condition, and used primarily for pleasure driving, exhibitions, or car shows. Unlike everyday vehicles, classic cars often appreciate in value over time, making conventional insurance — which factors in depreciation — inadequate.

This is where agreed value coverage becomes a cornerstone of classic car policies. With agreed value, the insurer and the owner determine the car’s worth upfront. In the event of a total loss, the policyholder receives the full agreed amount without deductions for depreciation.

In addition to agreed value, classic car insurance offers many of the protections found in standard auto policies, such as liability coverage, comprehensive, and collision insurance.

Liability coverage protects you if you’re responsible for injury or property damage while driving your classic car. Comprehensive coverage addresses non-collision incidents like theft, vandalism, fire, or weather damage, while collision coverage pays for repairs after an accident, regardless of fault.

However, classic car policies go beyond basic protections.

Many insurers offer specialized options such as spare parts coverage to protect valuable and hard-to-find components, roadside assistance with flatbed towing to prevent damage during transport, and trip interruption coverage for unexpected expenses if your car breaks down while traveling to a show. Some policies even include automobilia coverage, safeguarding collectibles and memorabilia associated with your vehicle.

To qualify for classic car insurance, certain conditions must typically be met. Insurers often require that the vehicle is stored in a secure, enclosed garage when not in use. Usage is generally limited to leisure driving, exhibitions, and parades—daily commuting is usually prohibited. Additionally, there may be annual mileage limits, ensuring the vehicle maintains its value and condition.

Classic Car Insurance From Scalzo, Zogby & Wittig, Inc.
Classic car insurance from Scalzo, Zogby & Wittig is a vital tool for protecting your prized vehicle. It recognizes the unique value, limited use, and care involved in owning a classic. Whether you’re cruising to a weekend car show or preserving your investment for future generations, the right insurance ensures peace of mind.

And not all collector cars are the same, so we will work with you to determine the right amount of coverage. If you own or are considering purchasing a classic car, don’t settle for standard coverage—invest in a policy designed to honor and protect your automotive treasure.

Until next time,

Your SZW Team

SZW Insurance is your Utica area Trusted Choice™ independent insurance agent. Call us for a quote on insurance for your home, car, business, or life at 315.792.0000. Or request a quote here.