Compare the best classic car insurance companies, including Hagerty and Grundy, to find the right fit for you.
A classic car is an item that will be treasured for many years. You can show off your classic car at a car show, or restore it yourself in your garage. Classic car insurance is the best way to protect your investment.
Because your valuable possession spends less time on the roads, classic car insurance is also called collector car insurance or antique vehicle insurance. It usually comes with limitations like mileage restrictions or rules about where to park your vintage car.
The best classic car insurance companies
There is no one insurer that will be best for all collectible cars. A Model T may not have the best coverage, but a Model T might be right for you. The way you drive your car also plays a major role in the type of insurance you need.
Many specialty agencies specialize in collector and classic car insurance. However, many large-name insurers offer it through specialty partners. While specialty insurers may offer perks and policies that a car enthusiast appreciates, traditional or large insurers might not offer the same discounts and conveniences. That’s why it’s smart to get car insurance quotes from several companies and compare features.
These are the standouts that we discovered.
Safeco is the best for classic cars that are used regularly:
Most collector car insurance policies prohibit you from driving your vintage car to work every single day. The only exception is for pleasure driving, Sunday afternoon drives or trips to car shows. Safeco also offers regular-use coverage for classic cars, with a limit of 10,000 miles per year.
Classic car insurance policies restrict the use of classic cars to pleasure rides. Other companies offer a variety of mileage options, including:
Hagerty is the best for classic car accessories:
Hagerty offers additional coverage for classic car owners. Insurance can be purchased for your “automobilia”, which includes historic collectibles such as gas pumps, license plates, and hood ornaments. Hagerty’s DriveShare program allows you to take a ride in a vintage car or let other drivers rent it. You can also join the Drivers Club to connect classic car enthusiasts. Even if you don’t have Hagerty insurance, you can still join the club.
Grundy is the best for classic cars that are increasing in value:
You might see your collector car become more valuable over the years, so you will want to make sure that your insurance covers it. Classic car insurance covers you and your insurer in advance. This is the value of your car and the amount you will get if it is stolen or destroyed. Grundy’s optional Motor Vehicle Program provides a cushion. You can get up 150% of your insured amount if the car’s worth has increased.
HONORABLE MENTION – AMERICAN COLLECTORS
American Collectors policies include inflation protection up to 6% with no extra premium
American Collectors is the best for emergency coverage
You need to be ready for any breakdowns or other dangers when driving an older vehicle. While many antique car insurance providers offer roadside assistance and towing coverage, American Collectors offers some unique extras in its Towing & Labor for Collectors Plan.
For example, if your vehicle is stolen, the insurer will pay a reward of $2,500 for information leading to the return of the vehicle. If you choose the platinum plan, you’ll get $5,000. These plans will also reimburse certain non-refundable hotel and car show fees for any missed car shows due to an accident or mechanical breakdown. The platinum plan provides $5,000 coverage for bail bond, and $1,000 for legal defense if things go wrong. The benefits offered vary from one state to the next.
Insurance companies that insure classic cars
These are only a few of the classic car insurance carriers that are available. To ensure you get the best possible insurance, it is important to pay close attention to all details when you shop. Here’s a list that outlines all of the options available to you.
Do I qualify for classic car insurance?
Age alone doesn’t turn a car into a classic. Collector car coverage may not be available if your vehicle is held together with rust and duct tape. While classic car insurance companies may not always require an appraisal, they do have requirements that you and your vehicle must meet.
Although requirements vary from one company, here are some guidelines.
Qualifications for the car
Age. For an auto insurer to consider a car a classic, it must be between 10 and 20 years old. A car that is 25 years old will be considered an antique. There are different age requirements for companies. A new car won’t be eligible for collector car insurance unless it is an exotic vehicle such as a Ferrari, Lamborghini, or reproduction Shelby Cobra.
Condition. Insurance companies expect classic cars to be in good condition. Heacock Insurance, for example, says that classic cars must show pride of ownership.
Use. The collector car is not meant to be your daily driver. While some policies allow occasional use of a collector car, others prohibit you from driving your vehicle to work or running errands while it is being repaired.
Storage. Your classic car insurance usually requires that your vehicle be stored in a locked garage. Although some companies may offer alternatives such as a driveway or carport, your premium will likely be higher.
Qualifications for driver
Experience and age. Collector car insurance usually requires that drivers are at least 25 years old and have 5-10 years driving experience.
Driving record. For anyone driving a collector car, insurance companies want to see a clean driving record. Many insurers require that applicants have not been involved in major accidents or violations within the last three to five years.
Additional car. A separate vehicle is required by most companies for your regular use.
Classic car insurance
No matter if your baby is a hot rod, or an antique classic, it deserves special attention. Ask about these features when you are looking for classic car insurance.
Agreed value. Regular car insurance usually pays the “actual cash worth” of your car if it is totaled. This can often be less than what you paid for the car. This model is not suitable for collector cars as they can appreciate in value over time. So most antique car insurance is based upon “agreed value,” or “guaranteed value,” which means you and your insurance company agree in advance on what your car is worth, and you’re guaranteed to get that amount, minus your deductible, if the car is totaled.
Many companies offer “stated values,” which sound similar to “agreed price.” However, these policies could state that, in the event your car is destroyed, you will get either the stated or actual cash value. To be certain that you get a guaranteed value, read the fine print.
You will need to have coverage for restoration. You’ll need insurance if you plan to restore an old vehicle. This coverage is offered by many companies. As your vehicle’s value increases, you may need to increase the agreed value. Hagerty’s Vehicle Under Construction plan will do this for you. It will increase your guaranteed value by 10% every quarter during restoration.
Parts coverage. Parts coverage is available on many classic car insurance policies. Anyone who works with cars will know how costly parts can be. American Modern, Heacock, and Leland-West provide $2,000 coverage for stolen or lost spare parts. Some cases allow you to purchase more.
How to save money on classic car insurance
Even though you may not have the money to buy your dream car, solid collectible car insurance can still be affordable. There are many discounts available from classic car insurance companies.
Ask the companies to inform you about any discounts or savings that are offered when you compare collector car policies.
- You can insure more than one vehicle. Many companies offer discounts when you insure more than one vehicle, such as classic cars or collector cars. Many companies offer discounts to enthusiasts who have large collections.
- You can have more than one policy. Combining your classic car policy and other types of coverage like life or homeowners insurance can result in a discount.
- Fewer miles. Although unlimited mileage sounds great, it might not be the best option if your collector car isn’t used a lot. A policy with a mileage limit may be more affordable.
- Higher deductible. While many companies offer zero-deductible policies, some will allow you to choose one. However, a higher premium means a higher deductible.
- Anti-theft devices. Many companies offer price breaks for anti theft measures. American Modern offers discounts ranging from 5% to 20 percent.
- Car club membership. You may be eligible for a discount if you are a member of an approved club.
- Safety driving course. American Modern can help you save 5% to 10% by taking an accident prevention class. Safety education is also offered by several other companies.
- Early bird. You may be eligible for a discount if you renew your policy before it expires.
NerdWallet’s car insurance comparison tool can help you check quotes from multiple insurers. Although the tool is focused on traditional car insurance, it can also provide classic car insurance quotes. Contact the agencies directly to get quotes from specialty agencies not listed here.
Many people ask questions about classic car insurance
What is the difference between regular and classic auto insurance?
An insurer will likely cover your “actual cash value,” which is the actual car’s current value at the time of a collision. Antique car insurance typically covers the “actual cash value”, which is the amount that you and the insurer agree to before the policy begins. Many classic car insurance policies include storage restrictions and mileage restrictions.
What is the age of a classic car?
A car can be considered a classic car if its age is between 10 and 20 years. An antique car can be 25 years old or more. You may also be eligible for a newer exotic car, such as a Ferrari. The requirements for each insurer are different.
What is the maximum mileage you can put on a classic vehicle?
There are many carriers that offer mileage plans for pleasure driving. These range from 1,000 miles to unlimited. Most classic car insurance companies will not insure cars that are used daily, regardless of their mileage limits. If you want to drive your classic car on a regular basis, consider Safeco, which allows up to 10,000 miles annually for personal driving.
Which classic car insurance policy is the best?
There is no one company that offers the best classic car insurance. To choose a good carrier, shop around and compare car insurance rates, features and perks.
Is it cheaper to insure a classic vehicle?
Generally, you can expect classic car insurance to be 36% cheaper on average than a standard policy, according to Progressive. The amount you save depends on many factors, including your location and the make and model of your car.