Smart Auto Insurance Blog

If you had to leave GEICO auto insurance when they stopped offering their classic car insurance, you’re in luck because it is back.  The company issued a press release published on MarketWatch, “GEICO re-launches collector car insurance for classic car enthusiasts.”  This specialty insurance for classic and vintage cars is different from traditional car insurance, so some consumers had to take their auto insurance business elsewhere when GEICO wasn’t offering this type of coverage.

Now these consumers can bring their classic cars back to GEICO and reunite with the company or have all of their vehicles covered at the same company again.  The consumer and the auto insurance company agree on a specific value for the classic car at the beginning of the policy term.  This is the value paid out in the unfortunate loss of the classic car when the consumer’s claim is being settled.  Pre-determining the auto’s value up front makes it easier for both consumers and insurance companies when a claim is filed.

Other things are also covered when you purchase classic or vintage car insurance.  Parts may be lost or stolen and you may be more likely to need towing services on a classic car.  Since many auto owners show their classic cars, you can get coverage for a hotel stay if your vehicle breaks down more than fifteen miles away from where you live.  Some people only drive their classic cars on a very limited basis, so comparing classic auto insurance quotes is important to save money.  GEICO insures the full range of vehicles.  The addition of classic car insurance into their line-up will allow drivers to save money by insuring all of their vehicles with the same insurance company.

One Beacon Auto Insurance offers insurance products through their exclusive relationship with Hagerty and tailor policies for collectible autos as well as wooden boats.  Hagerty offers auto insurance for thousands of collector cars that are generally used for light driving, car shows or club events.  According to their website they offer a large variety of classic, stock, and safely modified cars.

You may be wondering if your classic car qualifies as a collectible.  Some items that may be covered include antique cars, new cars with limited production, modified cars, utility vehicles, retired commercial vehicles, motorcycles, raced cars, trailors, cars under restoration, military vehicles or tractors.  Some items generally not covered by this type of insurance include camping vehicles, cars used for daily use, commercial-used cars, motorcycles with performance modifications, any vehicle with nitrous components, and dune buggies.

If you are unsure if your car would qualify as a collectible car you can contact Hagerty to receive car insurance quotes.  It is possible you have a collectible car and don’t even know it.  It used to be said that any car 20-25 years old was considered a collectible but that is no longer the case.  Many cars from the 70s and 80s are not considered collectible but they might be if they are convertibles, 2-door sports cars, have a unique body, foreign sports cars or big block V8 engines.  Contact One Beacon or Hagerty to determine what category your car may fall into.