Buying classic car insurance

  • Make sure you get your classic car insured for agreed value (not stated or actual cash value).
  • The “Agreed Amount” should represent the true market value of the car at the time the policy is written.
  • If the market value changes during the policy period, the “Agreed Amount” can be changed by endorsement.
  • At each policy renewal, the “Agreed Amount” should be changed, to reflect current market value.
  • You’ll need an appraisal, and pictures of all four sides of the car and of the interior.
  • Understand the mileage limits of your classic car insurance policy and if you drive more than occasionally, get a no mileage limit policy.
  • Have an in writing basis for your car’s agreed value so you can back up your damages in the case of a claim.
  • Some classic car insurance policies have warranties and restrictions allowing you to drive the car only to special events and car club events.