A classic car insurance usually covers your collectible vehicle for a guaranteed price that is mutually agreed by you and the auto insurance company. The value of the automobile is based on the collectible car valuation guidelines. Collectible car insurance generally has an increased value of insurance if the vehicles are very well preserved.

Most automobile insurance companies categorize classic car insurance on the basis of the type of the collectible car.

Classic car insurance
This type of insurance is given by most insurance companies for cars that are 20 to 25 years old. These cars should be restored and must be in good condition with all their parts intact. However, there are some classic cars that strictly consider cars manufactured between 1925 and 1950 to be “classic.”

Antique car insurance
Some auto insurance requires cars to be strictly older than 25 years and in good working condition. Different states have different rules that require a car to be considered “antique.” The Antique Automobile Club of America regards a car to be antique only if its 45 years old.

Modified car insurance
Modifying a car’s engine, body, chassis or interiors from its original setting might change the value of the car positively or negatively. For instance, most of the auto insurance will not provide collectible coverage for those vehicles whose transmission line and powertrain have been modified.

Collectible car insurance
Collectible car insurance is very much like conventional auto insurance. It has a policy term of 12 months and provides coverage for liability, comprehensive, collision, uninsured and underinsured motorists, and medical payments.

Following are some coverages offered in classic car insurance.

Roadside Assistance
This type of coverage only includes towing only with a flatbed tow truck. This is to prevent wear and tear while transporting a damaged car to a servicing garage or back home.

Auto show medical reimbursement
It is used to cover expenses in case someone sustains an injury while exhibiting or featuring your car in an event. This coverage is unlike the medical payments offered in a homeowner’s insurance policy, wherein medical expenses are covered regardless of the fault.

Coverage of spare parts
This type of coverage provided in a classic car insurance covers for backup parts of your classic car. They would provide coverage for these parts for an agreed value in case these spare parts are stolen or destroyed.

It is important for you to know the types of classic car insurance and the coverage provided before you select the type of insurance for your classic or antique car from a renowned auto insurance agency.