What is the Insurance Definition of an Antique?

Antiques are items that are considered to be of historical or cultural significance, and they can range from furniture to coins to stamps. When it comes to insurance, an antique is typically defined as a motor vehicle that is 25 years old or older. This type of vehicle is often referred to as a classic car, and it can be insured through a specialized policy purchased from an insurance agency that specializes in antiques and collectibles. Classic car insurance provides protection for your collection vehicle through liability, comprehensive, collision, and other specialized coverage. This type of insurance is beneficial because older cars tend to maintain or increase in value, so classic car insurance typically covers them up to an agreed value; regular auto insurance may not provide as much coverage. In order to qualify for classic car insurance, a car must usually be at least 10 years old and have some sort of historic interest.

Additionally, there may be other requirements such as age, experience, driving history, and access to another vehicle. The main advantage of classic car insurance is the agreed-upon value coverage, which means that you and your insurer agree on the value of your car based on an appraisal. When it comes to collections, you may need to look for insurance from an insurance company that specifically deals with collectors. Classic car insurance companies also offer the most common car insurance coverages such as liability protection, personal injury protection, and coverage for uninsured motorists, as well as comprehensive and collision coverage. It's important to note that there are some drawbacks to using classic car insurance such as mileage limits and only certain cars being eligible for a classic car insurance policy. Additionally, there may be services and features that are not available from a regular auto insurance company. A good starting point for finding the right provider is with your current auto insurance company, which may offer you a discount for insuring multiple vehicles.

Each state's insurance commissioner sets rules and regulations about how property insurance provides protection within that state.