Buying insurance for your classic car isn’t the same as buying insurance for the car you drive every day. When it comes to automobile collectibles, there are many variables including how old your classic car is, how it’s going to be used and how it will be registered. There’s no one-size-fits-all answer, either. Different states have different regulations and guidelines as to what actually qualifies as a classic car. While the terms are often used interchangeably, there’s a difference between antique, vintage and classic cars. Here is a general overview of how old an antique car has to be to qualify for classic car insurance. There’s more than one definition of “classic car,” and they can differ greatly. For example, the Classic Car Club of America defines a classic as a “fine” or “distinctive” automobile built between 1915 and 1948. However, for registration purposes, many states would consider cars of that age to be antique or vintage automobiles. (You’ll want to consult your state’s specific laws to see its guidelines.) For insurance and registration purposes, the age of a classic car, in most cases, is at least 20 years old but not more than 40 years old. If you are going to register it (and insure it) as a classic, it should have been kept to its original design and specifications. That means any restoration must remain consistent with the way the car was originally built, including the kinds of materials used in the interior and the kind of parts used in the engine. It also means no modern touches can be added; For example, an MP3 player or a built-in GPS navigator in a 1988 Mustang is a no-go. You might be surprised to learn that in some cases it may actually be less expensive to insure a classic car than it is to insure a regular car, although the insurance process works pretty much the same as a standard policy. Your policy terms will be for one year, and it will include collision, liability, comprehensive and uninsured or underinsured motorists coverage. Your state’s mandatory liability coverage applies to your classic car. Most states require that you carry insurance on a classic car even if it isn’t being driven. However, some states allow you to drop coverage on a vehicle that’s not being driven – on the condition that you surrender the tag and registration. The reason rates are often lower is because of the restrictions placed on classics. When a car is registered with the state as a classic, that state may have certain restrictions such as when it can be driven, where it can be driven (events like car club meetings, car shows, parades, etc.) or how far it can be driven. If a car is registered as a classic that designation may prohibit it from being used for general daily transportation. When a car is spending more time in the garage than on the road, the risk of accidents or other damage decreases – which means the rates may decline as well. However, don’t assume that you will always pay less for an older car. In fact, owning a classic car could turn into a valuable investment, and your coverage will reflect that. Insurers recognize that a well-maintained classic car will, at some point, begin to appreciate in value rather than depreciate. Their parts are harder to find and, if properly restored and lovingly cared for, classics often will be more valuable than new cars. Much of the cost, and the sometimes counterintuitive variables, of insuring your classic car depend on such factors as where you live, your driving record, how your car is registered and how it will be used. Consulting with your insurance agent is the best way to review your options and make the choice that is right for you.
What age makes a 'classic'?
Counting the cost
Why classic car rates can be lower
Cars can become more valuable with age
FAQs
Is a 20 year old car a classic or an antique? ›
Classic cars are at least 20 years old but not older than 45 years, while vintage cars are 25 years or older. Antique cars are even older, at least 45 years old. Keep these classifications in mind, as it can get even more confusing when searching for cars online.
How old is a car when it's considered a classic? ›A car is considered a classic in California if it's at least 25 years old, was manufactured after 1922, and is of historic interest. When a vehicle in California meets these requirements, the owner can register it as a historic vehicle, which will allow the car to use special license plates.
Is a 10 year old car old? ›Reliability of Established Models: Many well-known car models are designed to last well beyond a decade. If the vehicle has been consistently maintained and has a reputation for reliability, a 10-year-old car can still offer dependable transportation.
What is the average age of classic car owners? ›The “Classic” Classic Car Collector
For instance, the average age of today's classic and collector vehicle owner is 54 years old. No longer reserved for the wealthy one percent, more women are buying collector cars than ever before, too – and she's typically a 52-year-old.
Classic Car: Manufactured 2000 or earlier (>20 years old)
Is a 1994 car a classic? ›How old does a car have to be to be a classic? The starting classic car age range can generally be anywhere from a minimum of 10 to 25 years old, but there's no agreed-upon minimum age that categorizes a car as a classic.
Are classic cars cheaper to insure? ›Classic car insurance is usually much cheaper than regular car insurance. According to Baily Insurance Agency, a classic car policy costs around $200 to $600 annually. If you own an abnormally expensive vehicle, your rates may be higher. In contrast, regular car insurance usually costs over $1000 per year.
What age of car is a modern classic? ›Vintage: manufactured between 1919 and 1930. Post Vintage: manufactured between 1931 and 1949. Classic Acceptance: manufactured between 1950 and 1969. Modern Classic: manufactured between 1970 and 1989.
How to insure a classic car as a daily driver? ›When insuring a classic daily driver, consider getting comprehensive auto coverage and collision auto coverage on top of your state's required liability auto coverage to more fully protect the vehicle. You may also want to add optional roadside assistance coverage in case your classic breaks down on the road.
Is it worth keeping a 20 year old car? ›Additionally, maintenance costs can quickly add up as cars age. Parts are harder to find, and labor is more time-intensive. If these concerns make you uneasy, avoid cars over 20 years old. This rule of thumb may help ensure your vehicle choice is still safe, reliable, and affordable.
Should I keep a 12 year old car? ›
Cars over 10 years old can still be reliable. Most vehicles can last well over a decade with proper care and maintenance. In fact, the average car on U.S. roads is now 12.5 years old, according to a study from S&P Global Mobility. Furthermore, a car doesn't really stop depreciating until it hits that 10-year mark.
Is a 2009 car too old? ›Cars older than eight to 10 years will be a riskier option, depending on the driving and maintenance history, while vehicles over 15 to 20 are usually nearing the end of their service lives.
Is it worth keeping a classic car? ›In good or better condition: A classic car that is well-maintained and needs no repair work will hold its value better. Plus, you won't have to sink more money into restoring it, giving you a better chance of selling it for a profit down the road.
Do classic cars break down a lot? ›“Regular maintenance from specialists who understand these specific models can mitigate some issues, but a higher frequency of breakdowns should be expected compared to more modern classics.”
What car brand has the oldest buyers? ›The average buyer of a Cadillac at CarMax is around 47 years old, making it the brand with the oldest buyers. Following up as the brand with the next oldest buyers is Buick, where the typical buyer is just over 45 years old.
Is 20 years old considered antique? ›The term antique refers to something 100 years or older, says Rebecca Rau of M.S. Rau Antiques. This criteria helps to distinguish antiques from more contemporary collectibles and decorative items.
What is a 20 year old car? ›For insurance and registration purposes, the age of a classic car, in most cases, is at least 20 years old but not more than 40 years old. If you are going to register it (and insure it) as a classic, it should have been kept to its original design and specifications.
Are 20 year old cars eligible for antique tags in Florida? ›Years ago, it used to be 20 years or older, but now it's 30 in Florida. There are a couple of other things to know, too. Besides getting the cool blue and white plate, vehicles that are at least 30 years old also qualify for a registration fee discount.