Antique Car Insurance

Antique Car Insurance: What Qualifies Your Vehicle as “Antique”

Antique car insurance covers cars that are considered to be an antique by certain industry standards. These standards may include:

  • Vehicles that are of a certain age
  • Factory original, both mechanically and cosmetically
  • Vehicle still holds resale value, which may increase (instead of decreasing) over time
  • The majority of the vehicle is still in “mint” condition – unaltered by time or human hands
  • Generally speaking, the terms “classic” and “antique” are interchangeable. However, for some car experts, “classic” vehicles are considered to be 50 years or older
  • The vehicle represents the time and period in which it was made. For example, a cherry 1970 Camaro may still retain the same telltale 70’s color scheme and leather interior

If you own a vintage car, determine whether you need antique car insurance and request a quote online. Or call Nowell Agency at one of our 7 locations.

Types of Antique Car Insurance Coverage to Consider

The owner states how much the car is worth and that is what it gets covered for; or the owner and the insurance company negotiate a deal based on what each party believes the vehicle is worth.
Before negotiating or stating your vehicle’s worth, remember that you want to insure the car for its replacement value, not what you originally paid or how much money you put into it.

Two different types of antique vehicle insurance policies include:

  • Stated insurance coverage: the antique vehicle owner states the value of the car, which becomes the amount of insurance. However, you must back up this statement with proof, which includes original vehicle documentation, any paperwork that lists repairs, alterations as well as an official letter from an appraiser
  • Agreed value coverage: somewhat similar to stated insurance, agreed value is when both the antique vehicle owner and the insurance company present opinion about how much the car is worth and both parties negotiate the insurance amount.

Your classic vehicle is a valuable investment. That’s why it is extremely important that you have coverage on your cherry beauty to keep it protected from the unexpected.

When it comes to finding a solid insurance company in Mississippi and Alabama, turn to Nowell Agency. We’ve been one of the top rated insurance providers for the past 27 years and our team of skilled underwriters can help design an antique car insurance policy to meet your specific needs.

Contact the Nowell Agency for more information about antique car insurance or call us at 601-992-4444 today.


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    Antique car insurance provides stated and agreed value coverage | Nowell Agency, Inc.