Classic car insurance does more than get your car from point A to point B.
Choosing the right classic auto insurance company is important. Even though your classic has four wheels and a windshield, there’s a lot that sets it apart from a daily driver. You want to know that your baby will be protected and covered for its full value. Also, you want to work with people who know classic cars, who can help source parts, and who understand the unique situation of buying and owning one.
We’ve researched the top car insurance companies on the market today, and in this article, we’ve focused on classic auto insurance providers. Whether you have a 1963 Ford Thunderbird or a vintage Acura NSX, the right coverage matters.
Start by getting matched with the best classic car insurance company available in your area:
In this article:
- What Qualifies As A Classic Car?
- Driver Requirements
- Where Can You Buy Classic Auto Insurance?
- Comparison Of Classic Auto Insurance Companies
- Classic Auto Insurance Standard Coverage Options
- Extra Perks To Look For
- Try State Farm For Reliable Classic Car Insurance
- Try Grundy For Cars Increasing In Value
- Classic Auto Insurance With Progressive And Hagerty
- Frequently Asked Questions
What Qualifies As A Classic Car?
Now, just because you have an old car doesn’t mean it's a classic. Below are a few general requirements that your car must meet to be insured by one of these providers. Keep in mind, the requirements can vary between providers.
- Your car needs to be at least 10 to 20 years old. If it’s at least 25 years old, it may be considered an antique.
- You can insure a new car as a classic if it is a historical reproduction model, hot rod, or an exotic car.
- The car should have been restored or preserved, or you should be in the process of restoring it. If it has been sitting in a field for the past 40 years, it’s just old.
- You can’t use your classic car as a daily driver. Classic or collector car insurance usually requires that you mainly use the car for special events, plus a few days of driving per month. Common yearly mileage limits are 3,000 and 6,000 miles.
- Your car should spend its downtime in a garage, not on an open driveway.
You might also need to meet some requirements as the driver to get a classic auto insurance policy. The main thing most companies want to see is that you have another vehicle to use as your daily driver, and you have insurance on that vehicle. Likewise, if you have children or other family members living with you, each of them needs a daily driver and insurance as well.
Classic auto insurance companies also like to see clean driving records for anyone who could drive the car. Additionally, you may be required to have at least 10 years of driving experience or be at least 25 years old. Some classic car insurance companies give out discounts for being a mature driver.
Where Can You Buy Classic Auto Insurance?
There are a few types of providers of classic car insurance. When shopping around, you’ll find these specialty insurers cover classic cars:
- American Collectors
- American Modern
- Condon Skelly
- J.C. Taylor
You’ll also find larger, traditional insurance companies that offer classic auto insurance on their own or by partnering with a specialty company:
- American Family
- The Hartford
- Liberty Mutual
- State Farm
Comparison Of Classic Auto Insurance Companies
|Coverage||Est.||Customer Service/Reputation||Highest mileage plan||Rising value||Roadside Assistance
|American Collectors||1976||5 stars on Trustpilot||7,500||Up to 6% more?||Yes||$500|
|American Modern||1965||A+ on BBB with 1.5 stars||Unlimited||Not specified||Yes||$2,000|
|Grundy||1947||4.7 stars on Trustpilot||Unlimited||Up to 150% of agreed value||Yes||$500|
|Geico (American Modern, Assurant)||1936||78/100 on Consumer Reports||Not specified||Not specified||Yes||Not specified|
|Hagerty||1984||4.9 stars on Trustpilot||Unlimited||Not specified||Yes||$750|
||1922||4.8 stars on Trustpilot||6,000||Revaluations available||Yes||$2,000|
||1937||75/100 on Consumer Reports||Unlimited||Not specified||Yes||Not specified|
|State Farm||1922||78/100 on Consumer Reports||Not specified||Not specified||Yes||$500|
Classic Auto Insurance Standard Coverage Options
While coverages can vary between providers, here are the standard options that can come with a classic auto insurance policy:
- Liability: Covers medical expenses for other drivers and damage to other cars when you cause an accident
- Collision: Covers damage to your vehicle from an accident
- Comprehensive: Covers damage to your vehicle from other events like floods or vandalism
- Medical coverage: Medical payments (MedPay) and personal injury protection (PIP) cover your medical bills no matter who was at fault
- Uninsured/underinsured motorist: Covers property damage and injury caused by someone without insurance (or without enough)
Even though your classic auto insurance policy covers many of the same things that a standard policy does, your insurance rates can be much lower. That’s because you’ll usually drive the car a lot less, and that makes it less of a risk for insurance carriers. To find the cheapest classic car insurance, you should get quotes from multiple companies.
Also, your classic or luxury car can be much more valuable than the average daily driver. Because of that, coverage levels for classic car owners can be higher than coverage for regular drivers. For example, it’s not uncommon for a policy to cover $1 million in collision or liability. That’s good to have because an accident during a parade or auto show can cause a lot of damage in a short amount of time.
Extras Perks To Look For
Owning a classic car is a unique situation. That’s why most companies also offer extra coverage options that go beyond the standard car insurance policy.
- Agreed value coverage: Collector car insurance companies will come to an agreement with you on the value of your car. You’ll be reimbursed for that full amount in the event of a total loss, instead of market value.
- Rising value: Often, classic vehicles appreciate as time goes on. So, if your car is totaled, it may be worth more than the original agreed value amount. To account for this, many classic auto insurance companies will allow the agreed upon value to grow with time. American Collectors calls this Inflation Guard, and it allows the value to increase up to 6 percent automatically. Grundy will even reimburse you up to 150 percent of the agreed upon value.
- Regular use coverage: Most classic auto insurers place limits on your driving, but you can get away with extra driving from a few companies. For example, Hagerty and Grundy both allow unlimited miles per year, but those miles have to be used for pleasure, auto shows, or car club events. It’s rare to find classic coverage that lets you use the car as a daily driver, but Safeco has an option to do this.
- Coverage during restoration: Many classic auto insurance companies also provide coverage when your car is being restored. If you’re doing the work, some companies provide coverage for your tools.
- Spare parts coverage: Under this option, you can cover spare parts that are meant for your car. Some companies like Hagerty also cover automobilia like classic signs, tractor memorabilia, and vintage gas pumps.
- Roadside assistance: Lots of companies offer roadside assistance, but it works differently with classic car insurance policies. Sure, it’s OK to tow a Toyota or other daily driver with a wheel-lift tow truck, but you don’t want to do that to your 1960 Porsche 356. Instead, most classic car roadside assistance programs either guarantee flatbed towing or allow you to request it.
- No attendance clause: With this coverage option, you don’t have to be in or around your car for it to be protected. For example, if you take it to an auto show, it will still be protected while you go check out the other cars.
- Auto show medical reimbursement: Some companies will reimburse you for medical costs you incur while driving to or from an auto show. For example, Hagerty will cover up to $10,000 in medical payments for injuries that happen in this way.
Try State Farm For Reliable Classic Car Insurance
State Farm is one of the few traditional insurers that also covers classic cars on its own – it doesn’t partner with another company. That means you’ll talk to your own State Farm agent and only deal with one company when you need service. State Farm earned 4.5 out of 5 stars in our review of the top car insurance companies in the market, and it was one of the top five companies on J.D. Power’s 2019 U.S. Auto Claims Satisfaction Study.
State Farm covers your classic up to the agreed upon value to protect against depreciation, and it offers $500 in spare parts coverage. Also, the company has agents available 24/7, so you can always talk to a real person when you call in. Another perk of using State Farm is that you can bundle your classic auto policy with your standard policy and save money.
Most Popular Car Insurer in the U.S.
Most popular auto insurance company that services over 83 million policies.
Try Grundy For Cars Increasing In Value
Grundy has great classic car insurance reviews. In addition to having a 4.7 rating on Trustpilot, Grundy is BBB accredited with an A+ rating. Grundy’s classic auto insurance policy covers most vehicles at least 25 years old, plus exotics and muscle cars of all model years.
Grundy is part of Philadelphia Insurance Companies (PHLY), which is also the underwriter for its classic car policies. To file a claim, you have to go to the PHLY website and fill out a form. A representative will contact you within 24 hours with the next steps.
We think Grundy is the best choice if you have a car that is appreciating in value quickly. The company can pay up to 150 percent of your cars agreed upon value, and you can also adjust the value periodically. Additionally, Grundy provides trip interruption up to $600, which is nice to have.
Classic Auto Insurance With Progressive And Hagerty
Hagerty is another choice that stands out when looking at classic car insurance reviews. It has an A+ rating from the BBB in addition to its 4.9 stars on Trustpilot. Progressive uses Hagerty to insure classic cars, so you’ll get the same policy and perks no matter which company you choose.
Hagerty has specialists who can track down hard-to-find parts to repair your car. Specifically, the Hagerty Carcierge can help you find replacement original equipment manufacturer (OEM), new old stock (NOS), or like kind and quality (LKQ) parts. That’s important because the value of your car depends on the authenticity of its parts.
Another nice thing about a Hagerty policy is that you have the option to buy your car back in the event of a total loss and rebuild it yourself. Speaking of repairs, with Hagerty, you can either have your car repaired at a shop of your choice, or you can do the repairs yourself and claim the insurance benefits.
Frequently Asked Questions
What is the best classic car insurance company?
There’s no one-size-fits-all classic car company, so the best one for you might not be the best one for someone else. If you have a car that is appreciating rapidly in value, Grundy would be the best choice. If you want to drive your car for day-to-day errands, Safeco would be the best choice. With State Farm, you can bundle your classic and standard auto insurance.
What is classic auto insurance?
Classic auto insurance is insurance specifically made for valuable vintage and antique vehicles. Plans usually cover standard options like liability and collision, but they also offer extras like spare parts coverage and guaranteed flatbed towing.
Is it expensive to insure a classic car?
Classic auto insurance is usually less expensive than regular car insurance. That’s because companies expect you to drive the vehicle infrequently, house it in a garage, and be a responsible driver. If you want to use a classic car as a daily driver, that insurance would be more expensive.
How old does a car have to be to qualify for classic car insurance?
The age requirements for classic auto insurance vary by company. For example, Geico and Grundy require cars to be at least 25 years old, while State Farm and Safeco require cars to be at least 10 years old.