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Home » How Mileage Affects Classic Car Insurance Rates.
September 25, 2023
Northwest Classic Insurance

How Mileage Affects Classic Car Insurance Rates.

Classic cars evoke a sense of nostalgia and admiration like no other. Their timeless beauty, unique craftsmanship, and historical significance make them more than just vehicles; they’re works of art on wheels. If you’re lucky enough to own a classic car, you understand the passion and dedication it takes to maintain such a treasure. However, there’s more to classic car ownership than just waxing and polishing. One crucial aspect is classic car insurance, and mileage plays a significant role in determining your insurance rates. In this blog post, we’ll dive into how mileage affects classic car insurance rates and what you can do to get the best coverage for your prized possession.

1. The Mileage Factor

When it comes to insuring your classic car, mileage is a key factor that insurers consider. Unlike everyday vehicles, classic cars are typically not used for daily commuting or running errands. They are often reserved for leisurely drives, car shows, and occasional outings. Insurers recognize this and offer special policies designed to cater to the unique needs of classic car owners.

2. Low Mileage Discounts

Classic car insurers understand that your vintage beauty spends more time in the garage than on the road. As a result, they often reward owners who keep their mileage low. Low mileage is generally considered to be around 2,500 to 5,000 miles per year, but this can vary among insurance providers. The idea here is that the less you drive your classic car, the lower the risk of accidents or damage, and thus, the lower your insurance premium.

3. Agreed Value Policies

One of the significant advantages of classic car insurance is the option for agreed value policies. Unlike standard auto insurance policies that typically pay out the actual cash value of your car (which can depreciate over time), agreed value policies allow you and your insurer to agree on the car’s value upfront. This value is often based on factors like the car’s make, model, condition, and rarity, rather than its mileage. This means that even if your classic car has low mileage but is exceptionally valuable, you can insure it for its true worth.

4. Storage and Usage Requirements

To qualify for classic car insurance and its associated benefits, insurers often impose certain storage and usage requirements. For instance, your classic car may need to be stored in a secure garage or storage facility when not in use. Some insurers may also require that you have a primary vehicle for daily commuting, ensuring that your classic car is truly for occasional use only.

If you are interested in getting a Classic Car Insurance quote for your vehicle give us a call at 1-800-683-1165.

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