A classic car is a true collector’s item. Whether you’re proudly driving your antique beauty to a car show or painstakingly restoring it in your garage, you’ll want to find the best classic car insurance companies to protect your investment.
Classic car insurance, also known as collector car insurance or antique car insurance, is often cheaper than an ordinary auto policy since your prized possession generally spends less time on the road. But it typically comes with limits like mileage restrictions and rules about where you park your vintage vehicle.
Best classic car insurance companies
No single insurer is best for every collectible car. The ideal coverage for a Model T might not be the right fit for a muscle car, and the way you use your vehicle makes a big difference in the insurance you need.
Several specialty agencies focus on classic and collector car insurance, and many big-name insurers also offer it — often through a specialty partner. Specialty insurers might offer customized policies and perks a car hobbyist appreciates, but large or traditional insurers might offer bundling discounts and conveniences the specialty insurers can’t. That’s why it’s smart to get car insurance quotes from several companies and compare features.
Here are some standouts we found.
Best for regular use of a classic car: Safeco
Driving your vintage car to work every day is a no-go for most collector car insurance policies. You’re limited to pleasure use, such as Sunday afternoon drives and trips to car shows. If that’s too restrictive for you, Safeco offers regular-use coverage as an option for your classic car, with an annual limit of 10,000 miles.
However, most classic car insurers restrict use to pleasure rides only. Mileage options from some other companies include:
Annual mileage allowed for pleasure use
American Family, Grundy, Hagerty and J.C. Taylor
1,000, 3,000, 6,000 or unlimited
Best for classic car extras: Hagerty
Hagerty offers extras for drivers who love the classic car lifestyle. You can insure your “automobilia” — historic collectibles like gas pumps, license plates and hood ornaments. You can take a spin in someone else’s vintage vehicle or allow other drivers to rent yours through Hagerty’s DriveShare program. Or you can join the company’s Drivers Club, with events and forums to help classic car enthusiasts connect. You can join the club even if you don’t buy insurance from Hagerty.
Best for classic cars rising in value: Grundy
Your collector car may become more valuable over time, and you’ll want your insurance to keep up. With most classic car insurance, you and your insurer agree in advance on how much your car is worth, and that’s the amount you’ll get if the car is stolen or totaled. Grundy’s optional Motor Vehicle Program adds a cushion: You can get up to 150% of the insured amount if your car’s value has gone up.
HONORABLE MENTION: AMERICAN COLLECTORS
Policies from American Collectors include inflation protection of up to 6% for no additional premium.
Best for emergency expenses coverage: American Collectors
When driving a decades-old vehicle, you need to be prepared for breakdowns and other hazards. Many antique car insurance companies offer coverage for towing and roadside assistance, but American Collectors adds some notable extras in the gold and platinum levels of its Towing & Labor for Collectors Plan.
If your vehicle is stolen, for instance, the insurer will offer a cash reward for information leading to its return — $2,500 if you have the gold plan, $5,000 if you chose the platinum plan. Those plans also will reimburse some nonrefundable car show and hotel fees if you miss a car show because of an accident or mechanical breakdown. If things really go awry on the road, the platinum plan even provides $5,000 of coverage for bail bond and $1,000 for legal defense. Benefits vary by state.
Classic car insurance companies
The companies above are just some of the carriers available for classic car insurance. It’s important to pay attention to the details as you shop to make sure you get the best insurance for you. To that end, here’s a more exhaustive list of our options.
Specialty agencies and companies selling classic car insurance
Traditional insurers that also sell classic car insurance
Traditional companies with specialty partnerships for classic car insurance
American Modern partners:
American Collectors partner:
* USAA is available only to active military members, veterans and their families.
Am I eligible for classic car insurance?
Age alone doesn’t turn a car into a classic. If your historic vehicle is held together by rust and duct tape, you may have trouble finding collector car coverage. Although classic car insurance companies don’t always require appraisals, they have qualifications you and your car must meet.
Requirements vary from one company to the next, but here’s an idea of what you can expect.
Qualifications for the car
Age. Auto insurers typically require a car to be 10 to 20 years old to be considered a classic and 25 years old to be an antique. Companies have different age requirements, but a new car generally won’t qualify for collector car insurance unless it’s an exotic vehicle like a Ferrari, a Lamborghini or a reproduction Shelby Cobra roadster.
Condition. Insurers expect classic cars to be well-maintained. For example, Heacock Insurance says vehicles “must show pride of ownership.”
Use. A collector car isn’t intended to be your daily ride. Some policies allow occasional use, while others strictly forbid running errands in your classic car or driving it to work while your regular vehicle is in the shop.
Storage. Classic car insurance typically requires your vehicle to be kept in a locked garage. Some companies will consider alternatives like a carport or driveway, but your premium is likely to be higher.
Qualifications for the driver
Age and experience. Collector car insurance typically requires drivers to be at least 25 years old or have five to 10 years of driving experience.
Driving record. Insurers want to see a clean driving record for anyone behind the wheel of a collector vehicle. Many require applicants to have no major violations or accidents in the past three to five years.
Additional car. Companies typically require you to own a separate vehicle for regular use.
Shopping for classic car insurance
Whether your baby is a hot rod or a classic antique, it needs special treatment. When you shop for classic car insurance, ask about these features to make sure the policy is as unique as your car.
Agreed value. If your everyday car is totaled, regular car insurance typically pays the “actual cash value” at the time, which can be much less than you paid for the vehicle. That model doesn’t work well for collector cars, which can increase 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.
Some companies offer “stated value,” which sounds similar to “agreed value.” But these policies may say that if your car is totaled, you’ll get the stated value or actual cash value, whichever is less. If you want a guaranteed value, check the fine print to be sure.
Restoration coverage. If you’re bringing a tired old vehicle back to life, you’ll probably want insurance while you restore it. Several companies offer this coverage. You may need to increase your agreed value along the way as improvements make your car more valuable. Hagerty offers a Vehicle Under Construction plan that does this for you, boosting your guaranteed value 10% per quarter during restoration.
Spare parts coverage. Anyone who tinkers with cars knows how expensive auto parts can be, especially for collectible vehicles, so many classic car insurance policies offer parts coverage. For example, American Modern, Heacock and Leland-West all provide $2,000 of coverage for lost or stolen spare parts, with an option to buy more in some cases.
How to save on classic car insurance
Solid collectible car coverage can be affordable, even though your dream wheels may have cost more than your daily ride. Classic car insurance companies offer a wide variety of discounts.
As you compare collector car policies, ask the companies if these discounts and savings opportunities are available to you.
More than one car. Several companies offer discounts for insuring more than one car, whether it’s multiple classic vehicles or your collector car plus your everyday ride. Some have special discounts for enthusiasts with large collections.
More than one policy. You may get a discount if you bundle your classic car policy with other types of coverage, like homeowners insurance or life insurance.
Fewer miles. Unlimited mileage may sound great, but if you don’t drive your collector car much, a policy with a mileage limit might be cheaper.
Higher deductible. Although several companies will let you choose a zero-deductible policy, a higher deductible means a lower premium.
Anti-theft devices. Several companies give price breaks for anti-theft measures. At American Modern, for example, these discounts range from 5% to 20%.
Car club membership. If you’re part of an approved car club, you may get a discount.
Safe driving course. Taking an accident prevention course can save you 5% to 10% with American Modern. Several other companies also offer price breaks for safety education.
Early bird. Some companies offer a discount for renewing your policy before it expires.
WealthyUpdates’s car insurance comparison tool can help you check quotes from multiple insurers. While the tool focuses on traditional car insurance, you can get classic car insurance quotes from some of these companies. To get quotes from specialty agencies that don’t appear here, contact the agencies directly.
Classic car insurance frequently asked questions
What’s the difference between classic car insurance and regular auto insurance?
On a regular auto policy, an insurer would likely cover the “actual cash value,” or the amount your car is worth at the time of a crash. But antique car insurance usually pays the “agreed value,” or the amount you and the insurer agree on before the policy starts. Classic car insurance also commonly comes with mileage restrictions and storage requirements.
How old is a classic car?
A car is generally considered a classic car if it’s at least 10 to 20 years old and can be considered an antique if it’s 25 years or older. Newer exotic cars such as Ferraris may also qualify. These requirements vary by insurer.
How many miles can you put on a classic car?
Many carriers offer different mileage plans for pleasure driving, generally ranging from 1,000 miles up to unlimited. Regardless of your mileage limit, most classic car insurance companies won’t insure a car meant for daily use. 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.
Who has the best classic car insurance?
No one company has the best classic car insurance for everybody. To choose a good carrier, shop around and compare car insurance rates, features and perks.
Is a classic car cheaper to insure?
Generally, you can expect classic car insurance to be 36% cheaper on average than a standard policy, according to Progressive. However, the amount you save will vary based on factors like your location and car make and model.