Finding car insurance for a classic car may take a little more work than insuring a newer model. But if you know where to go and what to look for, you can easily find classic car insurance in NJ. Below is a quick guide to help you find insurance that suits your needs.
Is Classic Car Insurance Different From Regular Insurance?
There are some differences between an insurance plan that covers a classic car and a plan that covers a newer model—at least, there should be. One of the most significant differences between the two is the vehicle’s actual and perceived value.
Certain types of insurance, such as collision and comprehensive insurance, are based on the “actual cash value” of your vehicle, which you can find through companies such as Kelly Blue Book. But classic cars have that extra, less measurable element to them that can make their real values more difficult to define.
When you insure a classic car through a reputable insurance company, you should expect to have a conversation with the company about how much your vehicle is worth. Your vehicle’s worth to collectors, how much work you’ve put into it, and other factors come into play when a company decides how much to charge you for your insurance.
Oftentimes, owners will go through insurance companies that specialize in classic cars. Some of these companies are backed by larger name-brand car insurance companies that work with experts through smaller companies to underwrite policies.
Where To Find Classic Car Insurance In New Jersey
If you’re looking for classic car insurance in NJ, you have a few options available. Some car insurance names that may be able to help you in New Jersey include:
- American Collectors (backed by USAA)
- American Modern (backed by GEICO)
- Hagerty (backed by Progressive)
- J.C. Taylor
- NJM Insurance
- Plymouth Rock Assurance
- Safeco (backed by Liberty Mutual)
- State Farm
These aren’t all of your options, but they’re some of the best classic car insurers out there. If you already have insurance through one of the larger insurance companies that back these smaller affiliates, you may be able to find the best rate through them—especially if you can get a discount for bundling policies for multiple vehicles and properties through that company.
According to MoneyGeek.com, some of the cheapest rates for average annual premiums on a plan that covered a 1969 Camaro worth $23,000 were from:
- Leland-West: $198
- American Collectors: $244
- American Modern: $278
- Grundy: $305
- Hagerty: $376
- Safeco: $863
Be sure to shop around to get quotes on classic car insurance in New Jersey to make sure you’re getting the best deal on your policy.
What To Know About Classic Car Insurance in New Jersey
There are a few rules you should follow if you want to get your classic car insured in New Jersey. A good rule of thumb is that you should be treating your vehicle like a collector’s item rather than a vehicle for everyday use. You might have a low annual mileage limit. You may also only be allowed to drive your classic car to and from events, not for errands or commuting.
Most car insurance companies won’t insure your vehicle while you’re racing it. You should be fine for competitions like poker runs or road rallies that take place on public roads at legal speeds, but if you happen to damage your vehicle at an autocross or a track day, your insurance claim on it will likely be denied.
You’ll also likely be expected to have a relatively clean driving record to be able to get classic car insurance in New Jersey. Try to avoid having accidents or traffic violations in the last three years to assure insurance companies that you’re not a high-risk client. As with any type of insurance, you’ll want to avoid accidents.
Each of the drivers in your household might need to prove that they have their own insured vehicle before you can sign up for classic car insurance. This is to ensure that the classic car isn’t being driven for everyday use.
Which Cars Are Eligible for Classic Car Insurance in New Jersey?
If you’re winding if your vehicle has become a classic or antique car, insurance companies generally expect your car to meet a few criteria before they’ll consider it a classic.
The older, the better when it comes to classic cars. However, antique and classic are not necessarily the same thing in the eyes of insurance companies and many collectors. There is no universally agreed-upon age that a car becomes classic or antique. However, classic cars are generally between 25 and 50 years old. A vehicle becomes an antique once it’s over 50 years old.
Again, these are simply rules of thumb—the insurance company you’re considering may have different definitions. Some insurance companies will consider your vehicle eligible for “classic” status at 19 or even 10 years old if it’s a historically significant model.
Pretty much every insurance company will require that you have your classic car stored in a safe place. Some may require you to have a completely enclosed space, such as a garage or a storage unit. However, you may be able to use spaces like carports and even driveways if you talk to your insurance agent about your situation.
Generally, a classic or antique car should not be the vehicle you use for daily drives. Adding more miles to your vehicle adds to its wear and tear, potentially leading to you needing to use your insurance plan. Insurance companies prefer to avoid situations that could result in expensive repairs. In fact, many auto insurance companies have mileage limits on the classic cars they cover. That should be something you ask about if you plan on driving your classic car often.
You can use this starter guide to help you find the best rates on classic car insurance in NJ. There is no one-size-fits-all classic car insurance company, so there isn’t one company we can recommend that will suit all drivers with a classic car. But with a little asking around and research, getting your classic car insurance in NJ without breaking the bank can be easy.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.