Every insurance policy is replete with definitions and restrictions as the insurer attempts to narrow the scope of its liability. A vehicle owner seeking classic truck insurance will encounter more fine print than normal.
The Classic Car Club of America (CCCA) defines classic cars as those being built between 1925 and 1948, being high priced when new and being made in limited numbers; Packards and Dusenbergs, for example, would be included. There is not a similar lodestone for classic trucks, although some organizations consider vehicles 15 to 25 years old to be “classic”.
Do not confuse “classic” with “antique”. State laws generally define “antique” as older than 35, sometimes 25, years and offer lower license fees for antique cars if the owner seeks that designation. However, the state anticipates that an “antique” vehicle will be driven sparingly, perhaps as little as 1,000 miles annually; this accounts for the lower license fees. Insurance companies make a similar presumption as to driven mileage and adjust premiums downward, sometimes as low as $300 annually. In this regard, classic vehicles may receive the same premium treatment as antiques from an insurance company, but the vehicle would also have similar mileage restrictions; this would preclude everyday use of a truck. Thus a truck owner may wonder if seeking specialized insurance is worthwhile, or if standard coverage is a better choice.
Large insurance companies may ultimately not offer the best coverage for a classic truck owner because their underwriting departments do not deal everyday with a classic vehicle. The policies they do offer would include wording referring to a “collector” or “classic” vehicle, would require a garage or other shelter and would limit the annual mileage. And if the insurance company suspects that facts have been fudged, cancellation is quite likely to follow when coverage is most needed.
A boutique agency offering insurance coverage for collector cars should be considered. The people who work that narrow focus deal daily with the nuances of the trade, are accustomed to a different set of replacement value parameters and are more likely to give personalized attention to the truck owner. There will need to be an agreed upon value for the truck, the premiums are likely to be higher than those of a large insurance company and the owner’s driving history will receive closer scrutiny. There may even be a site inspection to verify existence of a garage. However, classic truck insurance is the only proper approach to guarantee peace of mind for a truck owner who owns a significant piece of motor vehicle history.