Classic Collectors FL

How Classic Car Insurance In Florida Differs?

Whether you own a 1941 Willys American hot rod, 1994 Ford Mustang SVT Cobra, or a 1966 Pontiac GTO, all classic cars are as close to your heart as ours! You probably want to insure your vintage beauty because many years of fun and enjoyment is associated with it. Trust us, your classic car deserves classic treatment! It should be kept clean, sheltered and well-maintained. Also be sure that you have the right Classic Car Insurance In Florida.

How Classic Car Insurance In Florida Differs?

They are street kings! Because classic cars or collector cars are generally 15 years old or even more, your standard automobile coverage can’t keep pace with their value or the level of insurance they require.

Let’s discuss 4 keys to a classic car insurance in Florida that sets it apart from traditional auto insurance policies in Florida.

  • Classic Car Valuation:

Standard auto policies are valued on actual cash value (ACV). For example, if you make a brand new purchase of the Dodge Challenger in 2012 for $22,000 but got in a severe accident, your provider may only reimburse you ACV of approximately $14,000.

Whereas, classic car insurance in Florida usually covers your vehicle for ‘agreed value’ (guaranteed value), mutually agreeable to you and your provider. For example, if you own a 1966 Pontiac GTO with a value of $61,000 which suffers a total loss, your provider will compensate you the full amount of $61,000 with no reduction.

  • Classic Car Protection:

Your policy for classic car insurance in Florida will likely require you to store your car in a properly enclosed garage to protect it from weather or any other natural disasters. Generally, classic cars increase their value, if well cared and restored.

  • Classic Car Daily Usage:

Your insurance company will inquire about your daily use of the vehicle because a classic car cannot be used for daily driving purpose.

  • Mileage Restrictions

Your insurance company can restrict you to a maximum mileage use of your classic car.

Eligibility for Classic Car Insurance in Florida

  • Driver must be a minimum of 25 years old.
  • He or she should have 5 to 10 years of experience and a good driving record.
  • In addition to a classic car, the driver must have a daily used vehicle.
  • The car should only be used for as a hobby or for pleasure driving, and not for racing. Many providers will not cover your classic car claim if you use the car to drive to work or other daily destinations such as grocery shopping.
  • The applicant has no more than 1 minor accident within the last three years
  • The applicant must keep a classic vehicle parked in the garage or other approved structure.

What Is The Cost Of Classic Car Insurance In Florida?

Classic car insurance in Florida is less expensive than a typical auto insurance policy, due to its mileage restriction per year and securing it in a safe location.

Usually Classic Car Insurance is not that expensive if you compare it to a standard auto insurance policy. In order to find out the actual half-yearly premium of your classic car, feel free to contact us. We also provide FREE expert guidance from our professional insurance underwriters.

However, auto insurance rates are rising each year in the US and you need to know why!

What makes a car a classic?

The definition may vary among classic car insurance companies. In the Progressive Classic Car by Hagerty® program, classics are best defined as "fun-to-drive" vehicles that maintain or appreciate in value and are used primarily for pleasure.

Examples:

  • 1967 Ford Mustang
  • 1975 Volkswagen Beetle
  • 1980 Chevrolet Corvette

If your car is not a classic, we'll still insure you. But, you'll need a standard auto policy instead. Get an auto insurance quote online.

Classic car insurance rates are on average 40% less than standard auto rates*

Your classic isn't just a car. That's why your classic car insurance policy isn't just a standard car insurance policy. Instead, it's a much different policy that's built just for your classic and includes more specialized coverages. And your classic or collector car insurance policy actually costs about 40% less than a standard auto policy.

Get a quote through Progressive Classic Car by Hagerty, and you'll get a classic car insurance company you can trust. They're the world's leading classic auto insurance provider, offering insurance for classic, collector, vintage and antique cars and trucks.

Basically if you're looking for insurance for an older car, or even a fun car, there's a good chance that Hagerty can cover you. Plus, you'll enjoy more coverages that protect your ride and the way you want to cruise. Just get a classic car insurance quote today to get started.

Guaranteed Value™ coverage to insure your classic's real value

If you do have a covered total loss, you'll get every single cent of your car's insured value.† No depreciation. No messing around. No hassle. When you get your classic car insurance quote, just tell us your classic's value, and then we'll agree on a total payout number. Easy enough, right?

Original replacement parts coverage

If you have a claim, Hagerty offers stock original replacement parts when possible, and has specialists on hand to hunt down any rare or hard-to-find ones. And yes, this original replacement parts coverage is automatically included at no extra cost with your classic or vintage car insurance policy.

Flexible usage to fully enjoy your classic

The best collector car insurance lets you enjoy your ride the way you want. That's why with Progressive Classic Car insurance by Hagerty, you have the freedom to take your ride to collector vehicle club functions, exhibitions, tours and even occasional pleasure driving.**

A few things to note before you get a classic car insurance quote:

Generally, to get insurance for classic, collector, vintage and antique cars or trucks, you need to park your vehicle in a garage, use it as an extra car—not your daily vehicle—and keep it in good working condition.

Modern Insurance for Your Classic Car

Modern Insurance for Your Classic Car

It takes more than age to make it a classic. A collector car isn’t just a way to get around. It’s an investment that will continue to appreciate in coming years.

Not all classic or antique cars are used the same, so Coastal Insurance of Alabama will work with you to select the appropriate policy to accommodate coverage needs, miles driven, vehicle age, and vehicle modifications to make sure you have the best policy to meet your needs.

Here are some features you should look for when shopping for classic car insurance in Alabama:

  • Agreed Value – This means the provider will pay you the full (agreed to) amount in the event of a covered total loss, less any applicable deductible. This type of coverage is much better than “actual cash value” or “stated value” that you may get with some companies.
  • Low Rates – Why pay full-time insurance when you drive your collector car only part-time?
  • Coverage Options – Not all collector cars are the same, so we can work with you to determine the right amount of coverage to meet your specific needs.
  • Generous Mileage – You’re proud of your collector car, so drive it. Not all insurance companies have a mileage limit, but most collector cars should be driven less than 5,000 annual miles to maintain their value.
  • Roadside Assistance – Whether you’re down the street or on a classic rally through the mountains, you’ll want to find coverage that will flatbed your car to the closest qualified repair facility.

Do you need insurance for your prize Mustang, Camaro, Charger, Corvette, Thunderbird, or other collector car? Talk with us today to identify the best combination of coverage, value, and price for you. We can help make sure your insurance continually meets your needs.

What is the difference between Agreed Value and Stated Value Insurance coverage?

An Agreed Value policy -- the same as Hagerty’s Guaranteed Value™ policy --guarantees that you will receive the full insured amount of the vehicle (with no depreciation, and including all sales taxes), in the event of a covered total loss.

In contrast, a Stated Value policy (sometimes called “stated amount” or “maximum limit of liability”) does not promise to pay the full vehicle value that’s indicated or “stated” on the policy. With regard to a covered total loss, you may receive less than that stated amount, because the insurer has the right to pay either your vehicle’s depreciated actual cash value OR the cost to replace your vehicle -- whichever is less. Also, many insurers that offer stated value policies (typically standard insurers) require periodic appraisals to affirm the insured amount, adding cost and inconvenience to the client.

Collector Car Insurance Coverage Options

Standard Auto Insurance Coverage – If you are planning on driving your classic car, your coverage package will include Florida required insurance coverage like Personal Injury (PIP) and Property Damage Liability (PDL). You may also wish to include Uninsured/Under Insured Motorist Coverage and Medical Payments.

Click here to learn about all auto insurance coverage options and requirements in the State of Florida. Because you will be driving your vehicle less than your daily driver, the cost of these required options is far less than on standard auto insurance.

Guaranteed Value – You and the insurance company come to an agreed upon value of your classic car and then, in the event of a covered total loss, you receive every cent of your car’s agreed value. No depreciation. No messing around. No hassle.

Comprehensive Only or Storage Coverage – Low cost coverage of your classic car while it is being stored to protect against damage from vandalism, theft, fire, flood and accidental damage not as a result of a collision.

Travelling Collector Coverage – Provides additional coverage while you are travelling to auto shows. Coverage options may include medical reimbursement, trip interruption, accidental death (including pets) and additional coverage for parts, tools & personal effects.

Vehicle Under Construction – You can get guaranteed value coverage for your vehicle while you are restoring it plus automatic increases and parts & tool coverage.

Spare Parts & Tools Coverage – Cover the spare parts you own, whether they are for the covered classic car or not, plus your tools, toolboxes, cabinets & accessories.

Flatbed Roadside Assistance – Upgrade to comprehensive 24/7 full service roadside assistance program for lockouts, battery jumps, tire changes, emergency fuel delivery and more — guaranteeing flatbed towing with soft straps.

Auto Memorabilia Coverage – Coverage for your valuable automotive collectibles which may include any historic or collectible automotive items, such as:

  • Petroliana (gas pumps, station displays)
  • Model cars and other toys
  • License plates
  • Posters and signs
  • Paintings and prints
  • Diner memorabilia (soda shop signs, diner displays)
  • Automotive literature
  • Tractor memorabilia
  • Farm implements
  • Militaria (excluding guns)
  • Hood ornaments
  • Barber shop memorabilia (barber poles, signs).

How is classic car insurance different from regular car insurance?

Classic car insurance offers some key benefits compared to daily driver or “regular“ insurance.

  1. Lower Premiums
    We understand your car is a prized passion and will be driven with great caution, so we adjust the premiums accordingly -- 40% lower on average than daily driver insurance. With a daily driver insurance policy, your classic may be rated like a regular-use vehicle, and you’ll be charged as if you were driving the vehicle every day.

  2. Guaranteed Value
    More commonly known as “Agreed Value” coverage, it means you tell us the value of your classic and we’ll affirm that it’s a fair, accurate number. Then, we GUARANTEE that value will be paid to you in the event of a covered total loss. Regular car insurance carriers offer Actual Cash Value or Stated Value coverage, which may depreciate the value of your vehicle in the event of a claim, resulting in a smaller payout than you anticipate.

  3. No Fixed Mileage
    Our policy allows you flexible usage -- with no fixed mileage limits. Even if you have full coverage through a regular car insurance carrier, there may be mileage and usage restrictions to control how and when your classic is driven.

Florida Classic Car Insurance FAQ

What is the difference between Agreed Value and Stated Value Insurance coverage?

An Agreed Value policy -- the same as Hagerty’s Guaranteed Value™ policy --guarantees that you will receive the full insured amount of the vehicle (with no depreciation, and including all sales taxes), in the event of a covered total loss.

In contrast, a Stated Value policy (sometimes called “stated amount” or “maximum limit of liability”) does not promise to pay the full vehicle value that’s indicated or “stated” on the policy. With regard to a covered total loss, you may receive less than that stated amount, because the insurer has the right to pay either your vehicle’s depreciated actual cash value OR the cost to replace your vehicle -- whichever is less. Also, many insurers that offer stated value policies (typically standard insurers) require periodic appraisals to affirm the insured amount, adding cost and inconvenience to the client.

How is classic car insurance different from regular car insurance?

Classic car insurance offers some key benefits compared to daily driver or “regular“ insurance.

There are several more benefits classic car policy holders enjoy

  1. Lower Premiums
    We understand your car is a prized passion and will be driven with great caution, so we adjust the premiums accordingly -- 40% lower on average than daily driver insurance. With a daily driver insurance policy, your classic may be rated like a regular-use vehicle, and you’ll be charged as if you were driving the vehicle every day.

  2. Guaranteed Value
    More commonly known as “Agreed Value” coverage, it means you tell us the value of your classic and we’ll affirm that it’s a fair, accurate number. Then, we GUARANTEE that value will be paid to you in the event of a covered total loss. Regular car insurance carriers offer Actual Cash Value or Stated Value coverage, which may depreciate the value of your vehicle in the event of a claim, resulting in a smaller payout than you anticipate.

  3. No Fixed Mileage
    Our policy allows you flexible usage -- with no fixed mileage limits. Even if you have full coverage through a regular car insurance carrier, there may be mileage and usage restrictions to control how and when your classic is driven.

What classic cars qualify for coverage?

We cover all kinds of classic cars, trucks and other vehicles, including antiques autos, collector and vintage cars, some modified and newer vehicles (sometimes called “modern classics” or “future classics”), in addition to motorcycles and many different kinds of specialty vehicles. Qualification depends on usage, storage and driving record.