Most classic car insurance companies set a limit of 10,000 miles per year or less. The best companies offer higher mileage, unlimited mileage, or unrestricted use. Some companies that don't have mileage limits are still placing restrictions on how often you can drive your classic car. We represent a number of different classic car companies, and each one is a little different, but they are all specialists in classic car insurance.
Special policies are a great way to ensure that the investment you've made in your classic car is properly protected. If you buy a standard car insurance policy, you'll be paid what your insurance company calculates as the sales value of the car at that time. Some insurance policies require that, if a car is designated as classic or collectible, it be kept in a garage, not in the driveway or front yard. Two ways to cover a classic car in a policy are to insure it with an agreed-value policy or with a real cash value policy.
If you have a standard car insurance policy and your car is a total loss, your provider will pay your claim for the actual cash value of the vehicle. A classic car is a car that is more than ten years old and whose value increases over time, while a standard car decreases in value every year. The key difference between car insurance with an agreed value and a regular car insurance policy is that a classic car insurance policy pays claims at the agreed value and not at the actual cash value of the car. This is an important point if you have a classic vehicle that can be worth significantly more than a standard car on the road.
Old cars were made between 1918 and 1930 and generally spend even less time on the road than older cars. However, if you plan to drive your car more than 3,000 or 5,000 miles a year, you might have some problems with most classic car insurers. There are several different “classes” of cars when it comes to classic and specialty car insurance. This is what most standard car insurance companies would insure your car with, unless they specifically deal with classic cars.