When it comes to insurance for classic cars, standard car insurance can provide some coverage, but it might not cover the full value of the automobile, according to Allstate. This is because standard policies consider age, mileage and depreciation when determining a car's value. If a classic car has been restored or customized it might be worth more than its depreciated value, so regular car insurance might not cover the true cost to repair the vehicle after an accident. Since standard auto policies don't take into account the collectability and artisanship of these autos, gearheads and other auto enthusiasts might want to consider classic car insurance. While classic car insurance offers coverages similar to standard auto policies, the way it determines value differs. Unlike a standard policy, which is based on the actual cash value of the car (including depreciation), a classic car policy covers the vehicle for an amount that the owner and insurer agree to. If a classic car increases in value over time, the coverage limits can be adjusted. According to Hagerty Insurance, policies designed for classic cars tend to offer lower annual premiums compared to standard policies. However, there are some caveats to classic car insurance. For example, cars insured with a classic car policy usually can't be used as a daily driver and mileage restrictions might be applied. Further, some insurance companies might want proof that the car is stored properly and the policyholder has another vehicle for daily driving. The above slideshow lists affordable classic cars, according to experts at HotCars. Each of the vehicles featured on the list sells for $15,000 or less as of Jan. 3, 2023, based on price estimates from The Hagerty Group, LLC. Related: |

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