Standard auto insurance doesn’t provide enough protection for antique and classic cars because they’re typically high-value or have special parts. This is especially true for Florida residents since the state’s semitropical climate can be hard on classic cars. High humidity during the summer can increase vehicle wear and tear, and the state experiences hurricanes and severe storms.
Buying classic car insurance can provide coverage for the full value of your car. Factors like average use and agreed-value policies influence classic car insurance costs. Comparing multiple insurance companies can help you find the best coverage for your classic car.
Here’s what you need to know about classic car insurance in Florida.
Quick Facts
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Classic car insurance can cover antique cars, luxury vehicles, and collector vehicles.
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The coverage you need and the cost of your policy will vary depending on your car’s condition, storage, and frequency of use.
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Classic car insurance bases coverage on the agreed value instead of the actual cash value.[1]
Best antique car insurance companies in Florida
If you have a classic antique automobile, you’ve probably invested a lot in that vehicle, so finding the right insurance coverage is crucial. Here’s a look at the three best classic car insurance companies for Florida drivers.
American Collectors: Best overall
How classic car insurance works
Classic car insurance policies typically have specific requirements for vehicle maintenance and restrictions that prohibit daily use. For instance, a classic antique car can’t be your primary vehicle. Most insurance companies will require you to prove you have another car for regular use.
You must store your classic car in a secure location, like a garage or storage facility, to protect it from theft or damage. Your insurer may also impose annual mileage limits and restrict how often you can use the car.
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How to pick coverage limits for classic car insurance
Standard auto insurance typically covers a vehicle’s actual cash value (ACV), which accounts for depreciation. In comparison, classic car insurance bases coverage on the agreed value. When you apply for classic car insurance, you and your insurer will determine the car’s value up front, so you’ll receive reimbursement for the full value following damage or total loss.
What classic car insurance covers
Classic car insurance includes comprehensive and collision insurance to cover physical damage to your vehicle. It also includes liability insurance, so it’ll cover any damages or injuries you cause to another driver.
It may also include additional coverages, like roadside assistance with flatbed towing and soft straps. You can also add on spare parts coverage for hard-to-find replacement items.[2]
Does Florida require classic car insurance?
All Florida drivers must carry at least $10,000 in personal injury protection (PIP) and $10,000 in property damage liability coverage. If law enforcement catches you driving while uninsured, you could have your license suspended, and you’ll have to pay a $500 reinstatement fee.[3]
You’ll need to purchase classic car insurance if you plan on driving your classic or antique car at any point. If a police officer pulls you over while you’re driving a classic vehicle without car insurance, you’ll receive the same penalties you would if you drove a normal vehicle while uninsured.
How to qualify for classic car insurance
Classic car insurance is for rare, vintage, or collectible vehicles. To qualify, your car typically needs to be at least 25 years old, in good condition, and properly stored.
Most insurers also require that you have a clean driving history. For example, American Collectors will only accept vehicles with one or zero at-fault accidents within the last three years. Any recorded DUIs must also be at least 10 years old.
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Age and condition of the car
Antique or rare vehicles often require specialized parts or repair centers, which can increase the cost of insurance. But if you have a restored car in good condition, you may qualify for lower rates.
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Regular use and mileage
Classic car insurance is often cheaper than standard auto insurance because you don’t drive classic cars as frequently. Most insurers impose an annual mileage limit, though the limit can vary depending on the insurer.
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Storage and security
Most insurers also require you to store your classic car in a locked garage or climate-controlled facility to minimize the likelihood of theft or damages.
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Condition and original parts requirements
Antique cars with the original parts are more valuable, which can increase insurance costs. Modified cars may also have higher premiums due to increased replacement costs. If your car has extensive modifications, you may need a specialized insurance policy.[4]
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