Iowa Classic Car Insurance Policies

Owners of classic and collectible cars in Iowa need to be aware of the financial responsibility laws that apply to auto insurance while operating any passenger auto in Iowa.  While insurance for classic cars can be specialized due to the unique nature of these vehicles, the same laws apply to classic cars as for any other cars on the road when it comes to minimum liability limits.

In Iowa, there is a minimum liability coverage required of at least $20,000 per person and $40,000 per accident in total.  There is also a requirement that you maintain at least $15,000 in property damage coverage. These limits are designed to pay others that may be injured or who may suffer property damage as the result of an accident caused by you.  Claims of this type can be quite costly so it is important that adequate coverage is maintained in these areas.

A quality auto insurer that provides classic car insurance should be able to insure many types of pleasure-related cars such as antique cars and trucks, exotic cars, muscle cars and street rods to name a few.  You may also have similar needs for antique or classic motorcycles.

One of the more common characteristics of a classic car auto policy involves the way in which a classic car is valued.  Under a standard auto policy that most passenger auto owners would purchase, the policy will pay to repair or replace a damaged vehicle for the market value only.  Under a classic car policy, there is an agreed value provision that establishes the value of the car before any loss occurs.  In the event of a total loss, it is this limit that will apply to the loss.

Another common characteristic of classic car insurance policies is a discount system for cars that are not regularly driven.  This feature is customized to each policyholder and will provide a premium reduction as long as the car’s mileage is kept under a certain level each year.  In some cases, there are incremental amounts that apply to the mileage records, creating a tiered effect to the discounting method.  Additionally, it is not uncommon for these policies to offer varying deductible levels, and in some cases you may even be able to purchase a policy that has a “no-deductible” provision.

The minimum limits stated above are not recommendations as to an amount of insurance coverage to buy, but they are merely the legal minimum requirement.  As a rule, you should purchase as much liability insurance coverage as you can reasonably afford in order to properly protect your financial assets from claims made by others who may be injured in an accident.

It is important to consult a seasoned insurance professional when it comes to making important decisions about your classic car insurance policy, and ideally you should seek the services of an agent experienced in writing classic car insurance.  You will need to make sure that your policy is in compliance with Iowa auto insurance laws, but more importantly you will need to make sure that your financial interests are protected.

The Phoenix Insurance specializes in classic car insurance. We’re car fanatics and know exactly what it means to want to protect your passion. Give us a call, we can help protect what moves you.

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