Owning or driving a classic car is a dream for many young enthusiasts in and around West Bloomfield, MI. However, when it comes to insuring these vintage beauties, young drivers face unique challenges. Classic cars are valuable and have a higher risk profile due to their age and limited availability of replacement parts. 

Classic Car Qualifications

Before considering insurance options, young drivers must understand what qualifies as a classic car. Most insurers classify a classic car as a vehicle that is at least 20 to 25 years old, well-maintained, and retains its original design or has been restored to its original condition. 

Agreed Value Coverage

Unlike actual cash value coverage, which may depreciate the car’s value over time, agreed value coverage establishes a pre-agreed value with the insurer. In the event of a covered total loss, the agreed-upon value is paid out, providing young drivers with peace of mind that their investment is protected.

Limited Mileage Policies

Young drivers who own classic cars often drive them sparingly, using them mainly for car shows, exhibitions, or leisurely rides. Limited mileage policies consider reduced usage, offering lower premiums for those who drive their classic cars less frequently.

Driver Qualifications

Insurers may consider the driver’s age, driving record, and years of driving experience before offering coverage. Young drivers with a clean driving history may qualify for more favorable rates.

Safety and Security Measures

Young drivers should implement safety and security measures for their classic cars to reduce insurance premiums and protect their investments. Installing anti-theft devices, using secure storage, and keeping the vehicle in good working condition can positively impact rates.

Agency Advantage Insurance Can Help You

Here at Agency Advantage Insurance, we can answer all your questions concerning classic car insurance. We assist the West Bloomfield, MI region. Contact us today.