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5 Insurance Coverages You Should Consider For Your Classic Cars In Ohio

By May 8, 2018April 16th, 2019No Comments


Meet John.

John loves all things “mechanical” and all things “cars.”

So it’s no surprise that he is a proud owner of a Classic Car. To be more specific, he owns a 1931 Model “A” Ford Rumble Seat Coupe.



After graduating from college with a degree in Applied Mechanical Engineering, John acquired this used and wrecked 1931 Ford Coupe that had been stored in a barn for years.

Why? Because there was potential with a desire to bring it back to life.

He spent 5 years fixing it up and transformed it into this classic car.

So what started as a passion project and hobby in his garage became something much greater.

Today, John is an active member in Model “A” Ford Clubs and takes this 1931 classic on road trips across many states.

And of course, he also participates in local parades and classic car shows.

Let’s just say – he’s become quite the classic car enthusiast.

Which is why it’s so important for John to ensure he has the right insurance protection for his classic car.

Because let’s be honest, this “passion project” has become quite an investment.

So in order to secure the right classic car insurance coverage in Ohio, John works with his insurance agent to review his insurance program annually, taking into consideration how he plans to use his classic car for the coming year.

If John only plans to drive his classic car to car shows and in a few parades around Ohio, then his insurance policy will be limited to those circumstances.

But if John plans to drive his classic car around town on a regular basis or take it on a road trip, his insurance policy should reflect this.

Typically, John’s classic car insurance policy includes the following 5 coverages:

1) Agreed Value:

Agreed value pays for the classic car’s full-insured value in the event of a total loss, less his deductible. Upon writing the classic car insurance policy, the insurance company will agree on the value of the vehicle before actually issuing the policy. So in the event of a theft or loss, the insurance company will pay the agreed value.

2) Inflation Guard

Inflation guard will increase John’s classic car value on a yearly basis to compensate for inflation and appreciation. Because John’s classic car is expected to appreciate over time, his policy will automatically increase the value of the car by 2% each quarter, up to a maximum of 8% per year at no additional cost.

3) Spare Parts Coverage
To maintain and restore any or all parts of John’s classic car, he may need to order spare parts or specialized tools that aren’t necessarily found at the local auto shop. This coverage is relatively inexpensive and support some or all of the costs associated in purchasing a spare part / special tool for repair or maintenance purposes.

4.) Flexible usage

Flexible usage limits mileage ranging from 2,500 to 5,000 miles annually, not limited to parades.

5.) Year Round Storage

Consideration is to be taken for year-round storage on site or off site. If John plans to have his classic car sit in a garage all winter, things can go wrong. Over the winter months, the fuel in John’s classic car could go bad or the tires could flatten. Long-term, if John has his classic car sit for longer, he may experience more substantial and costly issues. Our recommendation: Keep it insured year-round!

Optional Classic Car Insurance Coverages

John also has the option to purchase additional classic car insurance coverages, such as:

  • Emergency towing in case of breakdown
  • Roadside assistance
  • Emergency lockout
  • Emergency travel expenses in case his classic car breaks down while away from home
  • Theft reward
  • Car show expenses, which pays for expenses associated with missing a car show due to a breakdown
  • Personal effects, which reimburses John for items that are vandalized or stolen when reported to the police

But no classic car insurance policy in Ohio is the same – simply because each classic car is different and unique.

So if you’re an Ohio classic car enthusiast like John, take the time and work with a trusted advisor to protect your investment.

Click here to contact one of our personal insurance advisors to help answer any questions you may have about insuring your classic car, and also help secure for you the right classic car insurance policy so you can cruise with peace of mind.