Classic Car Insurance in NJ: What Every Collector & Enthusiast Needs to Know
- Adam Overmyer
- Jul 8
- 4 min read
If you’ve put time, money, and love into a classic or exotic car, then protecting it with the right insurance isn’t optional—it’s essential. Whether it’s a 1969 Mustang, a 1990s Supra, or a Porsche that only comes out on weekends, or nice weather days, standard auto insurance just doesn’t cut it.
I’m Adam, founder of The Overmyer Insurance Agency in Cranford, NJ. I’ve helped car enthusiasts across New Jersey get the right protection for their classic, collector, and exotic vehicles. In this post, I’ll walk you through how classic car insurance works, what makes it different, how much it costs, and how to make sure your vehicle is covered properly. The Overmyer Insurance Agency specializes in classic and exotic car insurance and can help you find the right insurance company and coverage for your car.
What Qualifies as a Classic or Exotic Car?
In New Jersey, a “classic” car typically meets these criteria:
Usually 20+ years old
Limited-use (not your daily driver)
In good or restored condition
Garaged in a secure and enclosed structure
But it’s not just age that matters. Many newer vehicles—especially rare or high-performance models—can qualify for collector car insurance based on value, usage, and uniqueness.
Here are a few examples I’ve helped insure:
A 1990 Porsche 944 with only 18,000 miles
A Toyota Supra Turbo from the 90s
A fully restored 1969 Ford Bronco
A new McLaren 720S with under 2,000 miles a year
If your car is rare, well-maintained, or just means something special to you, you might be eligible for a policy that offers better coverage at a lower price.
Why Standard Auto Insurance Isn’t Enough
Most standard auto policies are designed for vehicles that lose value over time and are driven daily. If your collector car is damaged or totaled, your insurer will likely pay out based on depreciated value, not what your vehicle is actually worth.
Classic car insurance, on the other hand, offers:
Agreed Value Coverage – You and the insurer agree on the car’s value upfront. If it’s totaled, you get that amount—no depreciation.
Lower Premiums – Because these cars are typically driven less, insurers consider them lower risk.
Specialized Claims Handling – Adjusters understand the value of rare parts, restorations, and how these vehicles are used.
What Does Classic Car Insurance Cover?
A proper classic car policy can include:
Agreed value for total loss protection
Comprehensive and collision coverage usually with $0 deductibles
Liability coverage for bodily injury or property damage
Roadside assistance tailored for collector vehicles
Spare parts and restoration coverage
Coverage for transport and shows
Some carriers also offer:
Inflation guard to increase coverage as your car appreciates in value
Trailer coverage for vehicle haulers
Automobilia and tools coverage
Is Classic Car Insurance Just for Garage Queens?
Not at all. It’s perfect for cars that are:
Used occasionally for pleasure drives or car shows
Stored in a secure garage or storage facility
Not driven daily or used for commuting
That said, if your classic car is your everyday vehicle, a collector policy won’t be an option—you’ll need a standard auto policy instead. But for most weekend drivers, classic car insurance is a better fit.
How Much Does Classic Car Insurance Cost in NJ?
Premiums are based on your car’s agreed value, usage, and storage. Here are some typical examples for New Jersey drivers:
Vehicle Type | Agreed Value | Typical Annual Premium |
1970s Corvette | $40,000 | $350–$600 |
1990s Toyota Supra | $50,000 | $500–$800 |
Porsche 911 (1990s–2000s) | $80,000 | $800–$1,200 |
Exotic Car (Ferrari, etc.) | $150,000+ | $1,500–$3,000+ |
Compared to standard car insurance (especially for higher-performance models), classic car insurance can often be more affordable, since the car is driven less and better maintained.
Requirements to Qualify for Classic Car Insurance
Each insurance company has its own guidelines, but most expect:
A separate daily-use vehicle for commuting
Limited mileage, often under 3,000–5,000 miles per year
Storage in a locked garage or enclosed facility
A clean driving record
Some insurers offer mileage flexibility if you want to drive the car more frequently. The key is transparency—make sure your policy reflects how you actually use the vehicle.
Agreed Value Coverage: A Must-Have Feature
Here’s why agreed value matters so much:
Let’s say your 1989 Toyota Supra is insured for $50,000. If it’s totaled in an accident, you’ll get a check for exactly $50,000—no questions asked, no arguments over Blue Book values.
Compare that to a standard policy, which might pay out $18,000 based on depreciation, even if you just spent $25,000 restoring it. That’s a huge gap, and it’s why agreed value is a non-negotiable feature for any collector.
Can Newer Cars Qualify?
Yes! “Classic” doesn’t always mean old. Many of my clients insure modern collectibles like:
Porsche 911 (any generation)
Acura NSX
Dodge Viper
Limited-run Mustangs or Camaros
Corvette Z06 or ZR1
If your car is rare, low mileage, and well cared for, you may qualify—even if it’s only a few years old.
FAQ: Classic Car Insurance in NJ
Q: Is classic car insurance cheaper than regular auto insurance?Yes, in many cases. Because these cars are driven less and maintained more carefully, premiums tend to be lower—especially when compared to insuring an exotic car on a standard policy.
Q: How many miles can I drive per year?Most policies cap usage at 3,000–5,000 miles annually. Some insurers offer flexible mileage plans if you need more room to roam.
Q: What counts as a classic car in NJ?Generally, vehicles 20–25 years old qualify, but usage and condition matter more than age. Exotic and specialty cars may also qualify based on rarity and limited use.
Q: Can I drive my classic car every day?Not under a collector policy. These plans are for occasional pleasure use only. Daily drivers need to be covered under a standard auto policy.
Q: What if my car is totaled?With agreed value coverage, you receive the full insured amount with no depreciation applied—so long as your policy is properly structured.
Ready to Protect Your Classic or Exotic Car?
Your car isn’t just transportation—it’s a piece of history, a source of pride, and a vehicle you’ve invested in. At The Overmyer Insurance Agency, we help NJ drivers protect their classics with coverage that’s clear, fair, and tailored to how you actually use your car.
Whether you’re shopping for your first policy or want a second opinion on your current one, we’re here to help.
-Your Indie Agent Adam
908-476-8685
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