Classic car insurance types

Classic car insurance is a broad term covering the spectrum of insurance options for non-regular, collectible or prestige (also called ‘exotic’) car owners.

Types of classic car insurance

As vehicles 15 years or older are generally considered ‘classic’ but have a variety of specific types, classic car insurance in Australia can be divided into four categories:

• Veteran Car Insurance – for car enthusiasts who own automobiles made between 1905 and 1919.
• Vintage Car Insurance – covers cars made between 1919 and 1930.
• Prestige Car Insurance – for high-end European or UK-made sports cars, or ‘supercars’ associated with ‘status’ owners.
• American Classic Insurance – covers the owners of US-made ‘muscle cars’ usually manufactured before the late 1970s-early 1980s, such as the older Chevrolet Camaro, Ford Mustang and Pontiac Trans Am models.

Types of classic car insurance policies and extras

While the above classic car insurance types mostly share features with comprehensive car insurance, there are alternatives which you might consider before you buy. They are:

• Third party property damage. This is a common type of car insurance policy in Australia, covering damage to other people’s property and legal costs, but not damage to your own vehicle in case you damage someone else’s car and/or property.
• Third party fire and theft. This policy is essentially third party property damage plus cover for fire and theft damage to your car.

You and your policy provider can also agree to insure your car for a certain amount as opposed to insuring it for its current market value. This is called agreed value cover.

Agreed value cover usually provides greater level coverage for your vehicle. However, it is also commonly associated with a more expensive premium.

When you’re comparing various car insurance policies and working out the level of additional cover you can get for your vehicle, ensure you read through the Product Disclosure Statement (PDS) of each individual policy before you make your purchase.