How Much Does Classic Car Insurance Cost In New Jersey

There’s just something about the feeling of winding out the gears on the Garden State Parkway on a warm summer evening. Whether it’s the hum of an Edelbrock carburetor, the wind in your hair with the top down, or the nostalgia that’s invoked when you sit in a leather bucket seat and grab a 5-speed gearshift: you’re passionate about classic cars! You may be able to recall the year, make and model of a decades-old car with nothing more than a casual glance as it passes by, but now you are making the move to classic car ownership and you need a little help with insurance.

So let’s take a look under the hood at how classics are defined, who qualifies for coverage and how much a classic car policy will cost.

Classic Car Insurance vs. Traditional Car Insurance

So, what differentiates classic car insurance from traditional auto insurance? A conventional auto policy will typically view a car as becoming less and less valuable as it ages. Insurance carriers that cover vehicles on a conventional auto policy will take depreciation into consideration when calculating premiums and paying claims. If your standard non-classic vehicle is totaled, or stolen and not recovered, your claim would be paid out according to the depreciated value of your car. For example, if you purchased a new car four years ago, you would expect to receive an offer from your insurance carrier for less than the purchase price after a total loss because your vehicle has depreciated with the passing of time.

But, as you know, classic cars derive their value from their price on the collector or hobbyist market. The value of these cars can actually appreciate with time, or fluctuate with changing collector interest. With classic car insurance there will be a defined collector value that remains stable because of a market of hobbyists or investors that help to maintain the value of the car despite its age. For example, a 1967 Shelby Mustang in pristine condition may have a current market value of $115,000 despite being sold new 52 years ago for less than $3,000! If your insurance carrier agrees to base its coverage on a certain replacement value, that value will most likely remain stable, or increase after years of having your policy in force.

Different Types of Classic Car Insurance

Although the Classic Car Club of America (CCCA) defines a “classic car” as a vehicle that was manufactured between the years of 1915 and 1948, a car can still be regarded as a “classic” if it’s 20 years old or older and garners enough historic interest to get the attention of collectors. Depending on the insurer, a range of words such as “classic,” “historic” and “antique” may be used in an auto insurance policy to describe your collector car.

Because the definition of a “classic car” may vary from one insurance carrier to another, classic or collector car policies may also cover other types of vehicles. The following is a list of vehicles that may be designated as collectible cars and may qualify for classic car insurance coverage:

  • Antique Car Insurance Policy – 45 years or older
  • Classic Car Insurance Policy – 20 years or older
  • Replica Auto Insurance Policy – replica or “kit cars”
  • Modified Car Insurance Policy – custom modifications        

The Cost to Insure a Classic Car

You may be surprised to know that insuring a classic car may be considerably cheaper than insuring your everyday vehicle. The reason: the lower number of miles driven on the classic car compared to your primary vehicle. It’s not likely that you are taking long road trips or making your daily commute in a classic car. The average annual auto insurance premium for a conventional car in New Jersey is around $1,263. In comparison, the average rate you pay to cover your classic car should be as much as 40-50% less than the average rate for a standard policy, depending on various risk factors and the insurance carrier’s appetite for your particular vehicle category.

The rating factors considered for classic cars are mostly the same as those used for conventional cars: things like the age and driving record of the car’s owner; the car’s year, make and model; annual miles driven, and zip code where the car is garaged.

Ways to reduce your classic car insurance rate include driving fewer miles, giving your garage an upgrade (insulation, security features, etc.), covering multiple autos on the same policy, increasing the security of your car against theft, and joining a classic car club like Classic Car Club of America. Be prepared to provide photos and other documentation about your classic car’s garage. Your auto’s exposure to the elements and theft will make a difference in your premium.

Drivers Who Qualify for Classic Car Coverage

Just because you own a classic car doesn’t necessarily guarantee you’ll qualify for a classic car auto insurance policy. Although each carrier may have a different set of requirements, the following are some of the typical qualifications you are likely to encounter:

  • Be at least 25 years of age
  • Own a “classic car” that is 20 years or older with collectible value
  • Drive a separate primary car that is used for work and most other travel
  • Maintain a clean driving record with 5-10 years of driving experience
  • Demonstrate no more than one moving violation or at-fault accident in the last three years
  • Agree to abstain from racing your car
  • Agree to a limited number of on-the-road miles
  • Keep your classic car in a fully enclosed garage or storage facility

Shopping for Classic Car Insurance

Get expert advice on classic car coverage from a licensed professional with Plymouth Rock Assurance. In addition to flexible coverage options and exceptional customer service, Plymouth Rock offers substantial discounts and exclusive affinity programs for which you may qualify. Call Plymouth Rock today to speak with an experienced representative who can help you determine the value of your classic car and assist you in building a policy that’s as customized as your paint job.

Call 855-993-4470 to see how Plymouth Rock can help you understand classic car insurance cost in New Jersey. If you need additional information it can be found on our Contact Us page.

Plymouth Rock Assurance and Plymouth Rock are brand names and service marks used by separate underwriting, managed insurance, and management companies that offer property and casualty insurance in multiple states. Insurance in New Jersey is underwritten by Palisades Insurance Company, High Point Preferred Insurance Company and its affiliates. Each company is a separate legal entity that is financially responsible only for its own insurance products. Actual coverage is subject to the language of the policies as issued by each separate company.