Classic Cars Have Reached the 1980s And Newer
There was a time classic and collector cars meant metal, fins and muscle. Now, in 2015, many classic vehicles have come off the assembly line in the 1980s, 1990s and even the 2000s. Hagerty Insurance, which specializes in collector car insurance www.hagerty.com, noted that it covers vehicles from the 1980s and newer if they meet certain criteria. That’s good news for collectors of newer vehicles that want a break on insurance rates. The company’s criteria includes limited or special edition models, exotics or imports, high-end sports cars and special interest vehicles.
These vehicles though probably don’t include the 1994 Honda Accord that goes from point A to point B. A collector car, as defined by Hagerty, must be in very good or better condition. It also must hold a minimum value of $5,000 for vehicles from the 1980s, $7,500 for those from the 1990s and $10,000 from 2000 and newer.
Also at least one regular use vehicle in the household must be no more than 20 years old if insuring a 1980’s vehicle, no more than 10 years old if insuring a 1990 - 2009 vehicle and no more than 5 years old if insuring a 2010 and newer vehicle.
The vehicle must also be used specifically as a collector car, i.e. it can’t be a daily driver. It must be used for club functions, exhibits, tours and pleasure driving. The vehicle must also be stored when not in use, like in a private garage or rental facility.
The Street, www.thestreet.com, recently published an article by Jason Notte that listed 10 “new” classic vehicles that would be covered under a collector car policy. Some of these vehicles include:
- 1989 - 94 Ferrari 348tb
- 1990 - 97 Mazda Miata
- 1987 - 93 Ford Mustang GT
- 1991 GMC Syclone / 1992 - 1993 GMC Typhoon
- 1991 Acura NSX
- 1984 - 1985 Cadillac Eldorado / 1984 - 1985 Buick Riviera
- 1993 - 1996 Mazda RX-7
- 1994 - 1996 Chevrolet Impala SS
- 1994 - 2001 AM General Hummer
- 1995 - 2000 Acura Integra Type R