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Antique Car Classification

Antique Car Insurance for the Automobile Collector

Owning a prized possession such as an antique car can be the pride of any automobile collector. However, owning an antique car comes with the responsibility to protect and preserve its value. As the cost of replacement parts would be too expensive in the event of a mishap, an antique car insurance policy can protect your investment.

Many owners of collectible cars invest in special antique car insurance to protect their vehicles from unexpected accidents or damages. Whether you tool around the neighborhood on occasion in your venerable vehicle from bygone days or you show off your pride and joy at an antique show, you will want to ensure you protect it against damage with antique car insurance.

An insurance company determines their own classification of antique vehicles, and will have certain requirements you must meet before they will underwrite an antique car insurance policy for your vehicle. The primary test to determine whether a car is classified as an antique, is the age of the vehicle. While cars 25 to 50 years are usually termed 'classic', it is cars over 50 that generally fit into the 'Antique' category. In some cases, insurance companies may require your vehicle to be registered as an antique depending on state rules.

Many different factors will decide the antique car insurance premium you pay, including your use of the vehicle, where you store the vehicle and the number of miles driven in a particular year. Many insurers have limits on the mileage you may accumulate in each year, this reduces the chance of an accident. If you only use the vehicle to display in antique car shows your rate will generally be less than if you use the vehicle for pleasure.

You should be aware that not every insurance provider is able to underwrite your policy, however, plenty of companies are available that specialize in writing antique car insurance. Finding a quality insurance provider is quiet easy. The first place is to check out antique car clubs for a list of specific companies. The internet is another good resource, as many antique car insurance and collector clubs can easily be found. It is wise to thoroughly investigate these websites to determine a company suitable to meet your needs.

With antique car insurance, you will be protecting your assets and preserving a part of automobile history. In case of accidental damage, with a proper policy, you will be able to maintain and restore your car to preserve its natural beauty.

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Learn more about Antique Car Insurance as well as more about car insurance in general.

How old must a car be until it falls into the antique, or collectible classification?

I have a black 1999 Toyota Solara SLE coupe, garage kept, with 31000 miles on it in good condition. It will be 10 years old soon. When could it be considered a classic or collectable car--or will it at all? Would antique or collectable status increase its value? Although it is still a very fine fine car, it is now nearing ten years old and is presently worth little at the present time, compared to new vehicle prices, and I would like a newer car soon. Should I sell it now and buy a new one, or keep it as an antique? I could really use what ever trade in allowence I got from it towards a new car but I don't want to throw it away either! It's present blue book value on trade is about $6500 to $7000 Thanks...

Greetings !

It depends on what you are asking for, titling and licensing purposes or insurance purposes... here's the scoop on both:

As licensing is a state by state issue, it all depends where you live, or by insurance company if you plan to have it insured. For example, I live in Ohio, and for licensing and regisistration purposes, any car 25 years old can be considered an "antique" and qualifies for "historical" plates, or you can even use the same plates from the year your car is made as your actual plates (I bought a set of 1966 Ohio plates on eBay and they are now the official plates on my 1966 Galaxie 500 XL). There are limitations though, typically that it isn't regular transportation and drive to/from car shows and the occasional sunday drive. Here in OH, you pay $10 for historical plates and they are good forever. For "classic" status, your plates say "classic" at the bottom and you can only drive 2500 miles per year.

For insurance companies, it all depends. I am insured with Hagerty (www.hagerty.com) and I even have my 1985 LeSabre insured through them. Insurance is ultra cheap (typically $150/year with a $0 deductible for comp/coll), but the car must be kept in a locked garage when not in use, and there are restrictions on drivers (nobody under 25). Newer cars are typically required to be strictly stock. There are other companies out there too, but I can say I had a claim with hagerty and have been very impressed. If your Solara is low production, you may want to inquire. I know there are clubs dedicated to the Pontiac Fieros of the 1980s and like my 1985 LeSabre Collector Edition.

Selling now or holding on to it... The prices of many muscle cars of the 1960s that were fairly cheap in the 1980s now fetch $50K-$100K now. Most of us have old cars simply for the joy of owning a classic. A general rule of thumb is don't buy a car solely as an investment. If it is popular with your generation now, it will likely be popular with that same generation 20 to 25 years later when everyone has a little more disposable income after raising kids, etc. Many of us in our 40s-50s would like to recapture a little lost youth. When I was a kid (70s and 80s) the 1957 chevys and 1960s muscle cars were popular and the new cars were Monte Carlos, Cutlasses, and Regals, as well as Trans-Ams and Mustangs. Now I see those 80s cars starting to get popular again as vintage. You are likely a good 15-20 years away from having your Solara really hit the vintage market.

You may want to check out publications like www.autotraderonline.com to get an idea of worth. Make sure you check Kelly Blue Book as a specialty vehicle (www.kbb.com). There is section on collector cars, but I suspect you are in the general car category. At nine years old and 31K works out to be under 3500 mi per year, but with a specialty car like that it may not be unusual. I see many 2000-2003 two-seater Thunderbirds with ultra low milage as they are rarely daily drivers.

You'll gain a lot going to car shows for your car of interest. I belong to the Ford Galaxie Club of America. There are lots for camaros, mustangs, fairlanes, etc. There are car clubs at the national, state, and local levels, some general like all fords (www.lovefords.org), and some specific like ford galaxie (www.galaxieclub.com), and some regional like central Ohio (www.unitedfordowners.com). Google Solara Club or even Toyota Club and see if anything turns up.

You are usually in the best position to determine its value to you. If you really like it, keep it. If your situation is such that you really need a different vehicle, shop around and see. The internet opens up a national/international market for your Solara. Just be careful of those shipping scams where someone from Africa asks you to hold a cashier's check while you wire $$$ to cover international shipping somewhere...

Hope this helps out. Have a great day !!

John

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