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A Comprehensive Guide To Classic Car Insurance

Classic car insurance is not limited to old roadsters, antique pick-up trucks, and retro muscle cars. "Classic car" varies with the car insurance provider, including "modern classics" and even replicas of classic cars. So if you're a vintage car owner, a collector, an enthusiast or a hobbyist, or a classic car for a weekend pleasure cruise, here's what you need to know about traditional car insurance.

Classic car insurance would be cheaper than ordinary car insurance since you rarely drive a classic car. However, vintage vehicle owners will face certain drawbacks, including the parking lot and mileage limits. Classic car insurance costs, on average, are 36% lower than the regular car premium. Therefore, classic car insurance will cost you about $276 less a year than a typical car insurance policy.

What is a "Classic Car"?

Defining a "classic car" will inevitably vary depending on whom you ask. For example, the Classic Car Club of America (CCCA) describes a classic car as an automobile produced between 1915 and 1948. However, some people may use the word "classic car" as a catch-all expression to refer to a vintage, antique, collector, and other types of automobiles, even if they were manufactured after 1948, such as the 1961 Jaguar E-Type.

Your antique car insurance company would most likely not depend on the CCCA concept of a classic car. Instead, descriptions of what constitutes a classic car or any car will depend on the insurance policy.

Classic car: It is a motor vehicle that is ten or more years old and is rare or of historical interest, restored, maintained, or preserved by classical automobile hobbyists. Its value is considerably higher than the average of other cars of the same manufacturer and model year.

Antique car: It is a motor vehicle that is 25 or more years old and has been restored, preserved, or maintained by antique automobile hobbyists. The vehicle is kept mainly for exhibits, club events, parades, and other public interest functions. However, it also gets used for other purposes at times.

Replica: A replica of an antique or classic vehicle. If the car is 25 or more years old, it would be considered an antique.

Several car insurance companies specialize in antique and collector car insurance. In addition, many major insurers often sell it through a specialty affiliate. Specialty insurers may provide personalized plans and benefits a car hobbyist appreciates. However, large or conventional insurers may provide bundling discounts and conveniences that specialty insurers can't. That's why it's essential to shop around and pay attention to the details. Here are some of your choices.

Classic Car Insurance Companies

Company Annual Mileage Limit
American Collectors 2,500/5,000/7,500 miles per year mileage tiers
Condon Skelly It is determined by the policy. There is unlimited mileage available
Heacock 6,000 miles per year
Leland-West Unlimited. Rates will lower if you don't need it
Grundy Unlimited
Hagerty Unlimited
JC Taylor None. But, barely covers 2,500 miles every year
American Modern 1,000/3,000/6,000 or unlimited miles

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Car Insurance Companies With Classic Car Insurance

Company Annual Mileage Limit
Farmers Not known
American National 10,000 or unlimited
American Family None
State Farm 2,500
Safeco A typical annual mileage policy is 10,000 miles. Driving less than 5,000 miles per year will help you save money.

Car Insurance Companies With Partnerships

Company Annual Mileage Limit
Progressive (Hagerty) Unlimited
USAA (American Collector partner) 7,500

Types Of Cars Covered By Classic Car Insurance

Collector car insurance can cover a broad range of vehicles, depending on the insurer. Here are several forms of vehicles that could be eligible for classic car insurance:

  • Antiques
  • Classic cars
  • Classic military vehicles
  • Classic tractors
  • Customs
  • Exotics
  • Kit cars and replicas
  • Military vehicles
  • Modified vehicles, like hot rods, tuners, and lowriders
  • Motorcycles and scooters
  • Muscle cars
  • Race cars
  • Restorations in process
  • Retired commercial vehicles, like fire trucks
  • Trucks
  • 1980 and newer collector vehicles
Type Of Car Companies Providing Coverage
Classic Hot Rod American Modern, American Collectors, Safeco, Grundy, Hagerty, JC Taylor,
Restoration Car American Modern, American Collectors, State Farm, Hagerty
Replica American Collectors, American Modern, JC Taylor, Safeco, Grundy, Hagerty
Military Antique JC Taylor, Hagerty, American Modern
Kit Car American Modern, American Collectors, JC Taylor, Grundy

Types Of Cars Excluded From Collector Car Insurance

  • Daily use vehicles
  • Off-road or recreational vehicles
  • Commercial use vehicles

Coverage Of Classic Car Insurance

Bodily injury liability: Provides coverage for other drivers and their passengers if you are at fault for an accident.

Property damage liability: Offers coverage for other vehicles' repairs if you are at fault for an accident.

Collision: Protects your classic car from any damage irrespective of fault.

Comprehensive: Protects your classic car from environmental damage, theft, and vandalism.

Personal injury protection (PIP): It covers medical bills, lost wages, and death benefits for you and your passengers, irrespective of fault.

Medical payments (MedPay): Offers coverage for your and your passengers' medical bills.

Uninsured/underinsured motorist: Protects you in the event of an accident with a driver who has insufficient or no insurance.

Traveling collector coverage: Protects you against losses while you're on the road in your classic car, including trip interruption and parts coverage.

Cherished salvage coverage: In the event of a total loss, this coverage allows you to get the entire value of your car while still receiving the salvaged vehicle.

Evacuation expense coverage: This coverage pays if you need to evacuate your classic car due to an emergency, hurricane, or wildfire.

Disabled vehicle coverage: This policy form can include roadside assistance coverage, which usually pays for towing and distributing products such as fuel or gasoline. You may need to provide travel interruption insurance, which covers the expense of transportation, accommodation, and meals if your car breaks out of a certain distance from your house.

Automobilia coverage: This coverage pays for collectible pieces, such as hood ornaments, antique license plates, gas pumps, station displays, automotive books, and other items.

How To Get Classic Car Insurance

Age is not the only aspect that turns a car into a classic. If your antique automobile is kept together with duct tape and rust, you can not find crash coverage. Due to the insurance provider not always needing an appraisal, their credentials are extensive. Therefore, the applicant should meet some essential criteria.

Your auto classic insurance depends on various factors.

Basic Specifications For Your Classic Car

Age: An old car is a fascinating concept. Vehicles of different ages come with different premiums depending on the customer's age.

Condition: Insurers anticipate that classic cars should be kept in good shape. Some insurers can consider older vehicles while they under restoration.

Use: A collector car doesn't need to be your regular trip. Some government regulations encourage you to go to the office by car, while others explicitly ban this, even on occasion.

Storage: Some insurers demand that a vehicle needs to be parked in a garage. There are alternatives like carports and driveways, but your premium is likely to rise higher.

How To Get Eligibility For Classic Car Coverage

When it comes to classic car insurance, the age of the vehicle is one factor to consider. In addition, an insurer considers a few factors when deciding whether or not to give coverage. The following are some of the most often stated requirements for classic car insurance coverage.

An alternative daily driver: To guarantee that a classic car is driven infrequently, most auto insurance companies require drivers to purchase a commuter car for everyday use.

Provide protection: You should expect to park your classic car under a structure or in a garage.

No racing: Classic car insurance companies want your car to be as low-risk as possible, like conventional auto insurance companies. It means no racing – even if your classic car is a race car.

Driving experience: Insurance companies such as Hagerty require drivers to have at least ten years of driving experience before purchasing coverage.

Professional evaluations: Many auto insurance companies request that a classic car be appraised to establish an agreed value.

Genuine cars only: The majority of the classic car insurers will insure only authentic factory cars. You will not get coverage for replicas, street rods, or kit cars.

Driver Requirements

Driver age and experience are common requirements for classic car insurance. Insurers demand clean driving records for their collector vehicles. Applicants need to have no significant violations or injuries in the past three to five years. After that, it is proposed you can buy another car for personal use.

The Main Features You Need To Look For In Classic Car Insurance

If your car is a hot rod or a classic antique, it requires special care. Ask about these features as you search for classic car insurance to ensure the policy is as exclusive as your car.

Value agreed: If your daily car is totaled, standard car insurance typically covers the "actual cash value" at the point, which could be much less than you paid for the vehicle. This model doesn't work well for collector cars, which can boost their value over time.

Most classic car insurance is based on "agreed value," which means that you and your insurance agent negotiate in advance on what your car is worth. You are guaranteed to get that amount, minus your deductible, if the car is complete.

Some firms offer 'stated value,' which sounds similar to 'agreed value.' However, these policies might specify that if the car is totaled, you will get the value or actual cash value, whichever is less. Review the fine print to be sure if you want a guaranteed value.

Coverage of reconstruction: If you're bringing a rusty old car back to life, you're probably going to want insurance when you're rebuilding it. Several organizations are providing this coverage. You will need to increase your negotiated value along the way, as changes would make your car more valuable. Hagerty provides a "Vehicle Under Construction" package that does this for you, raising your assured value by 10% per quarter during reconstruction.

Coverage of spare parts: For anyone who knows how costly car parts can be, particularly for collectible cars, many classic car insurance policies provide a partial range. For example, American Modern, Heacock, and Leland-West are all offering $2,000 compensation for missing or stolen spare parts, with the option of purchasing more in some situations.

Flexible deductible: Some companies like American Modern have deductibles as high as $10,000, which may help you save money on your premiums for a car you plan to self-insure. In addition, companies like Grundy provide no-deductible insurance, which means you don't need to pay for repairs out of pocket.

Inflation guard: As the value of your car improves, often by 4% to 6%, this feature increases your protection levels at no additional cost. This benefit is available from American Collectors, American Modern, and Grundy.

Seeking Discounts And Savings On Classic Auto Insurance

Reliable collectible car coverage may be affordable, even though your dream wheels may have cost more than your regular trip. Classic auto insurance providers offer a wide range of discounts. Because classic cars are unique, it is crucial to buy the best coverage, rate, and bargains. When you compare collector car policies, ask the companies if you have these incentives and savings opportunities at your disposal.

  • Several companies offer discounts to insure more than one car, whether it's multiple classic cars or your collector car plus your regular trip. Some people provide exclusive discounts for collectors with extensive collections.
  • You can get a discount if you bundle your classic car insurance policy with other forms of coverage, such as homeowners' insurance or life insurance.
  • Unlimited mileage can sound fantastic, but a mileage limit policy may be cheaper if you don't drive a lot of your collector car.
  • While most businesses would encourage you to select a zero-deductible policy, a higher deductible means a lower premium.
  • Several businesses offer price breaks for anti-theft initiatives.
  • You can get a discount if you are a member of an official car club.
  • Doing an accident prevention course with American Modern will save you between 5% and 10%. Several other firms also provide safety education price breaks.
  • Suppose you drive your collector car only in the summer. In that case, some companies provide credit for the winter months or allow you to reduce your coverage while the vehicle is in storage.
  • Some firms offer incentives for moving from a rival insurer.

The bottom line is that the definition of a classic car and other vehicle types differs based on the insurer. Therefore, it's good to discuss your specific car with your insurance agent to determine what kind of coverage your vehicle is eligible for.

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Difference Between Regular Car Insurance And Classic Car Insurance

Classic car insurance includes some of the main advantages compared to everyday driver insurance or "regular" insurance. Therefore, premiums are 36% smaller on average than regular driver insurance. Your classic can be rated as a regular-use car with a daily driver insurance policy. You would be paid as though you were driving the vehicle every day.

Agreed value coverage means that the customer tells the insurers the value of their classic car. Regular auto insurance companies provide "actual cash value" or "stated value" coverage. It can depreciate the value of your vehicle during a claim, resulting in a lower payout than anticipated.

Classic car insurance allows you to use it flexibly—without set mileage limits. However, even if you have complete coverage with a standard auto insurance policy, there could be mileage and utilization limits to check how and when your classic is driven.

What Is The Best Insurance For Classic Cars?

No one insurer is ideally suited to any collectible vehicle. It's better to get classic car insurance quotes from various insurers and compare features. Here are some of the highlights we've noticed.

Before finalizing your classic auto insurance, it is a good practice to get classic car insurance quotes. When you go through various classic car insurance quotes, you will find the right rate for your classic car. If you are looking for car insurance for classic cars, you don't need to look further than the options below. The below classic vehicle insurances offer discounts and services based on customer feedback and survey.

Best For Regular Use Of A Classic Car: Safeco

Safeco offers regular-use coverage as an option for your classic car, with an annual limit of 10,000 miles.

Best For Classic Car Culture: Hagerty

Hagerty provides extras for drivers who enjoy classic car lifestyles. It would be best to insure your "car" — historic collectibles such as gas pumps, license plates, and hood ornaments. You can take a spin in someone else's retro beauty or let other drivers rent yours from Hagerty's DriveShare.

Best For Classic Cars Rising In Value: Grundy

Your collector car will increase in value over time. And you're going to want to keep up with your insurance. For most classic car insurance, you and your agent negotiate in advance about how much the car is worth, and that's the amount you'll get if the vehicle is stolen or totaled. Grundy's optional Motor Vehicle Policy adds a cushion: if your car's value has increased, you can get up to 150 percent of the insured number.

Best For Emergency Expenses Coverage: American Collectors

It would help if you were prepared for breakdowns and other risks while driving a decades-old car. Many classic car insurance plans provide towing and roadside assistance coverage. Still, American Collectors adds some striking gold and platinum extras to their "TLC plan." For example, suppose your vehicle gets stolen. In that case, the insurer can provide cash incentives for the details that will contribute to its return — $2,500 if you choose a gold plan and $5,000 if you have a platinum plan. These policies will also refund any non-refundable auto show and hotel fees if you miss a car show due to an accident or a technical failure. Suppose things ever go awry on the track. In that case, the Platinum Package also offers $5,000 in bail bond coverage and $1,000 in legal protection.

Best For Spare Parts Coverage: American Modern

American Modern is a good option when you've got an inventory of hard-to-replace pieces. This specialist insurer has the most extensive spare parts coverage of $2,000. It will protect your vehicle at the negotiated value and sell policies for luxury vehicles. When you come across a vehicle that you can't do without, the insurer will offer $50,000 in automatic coverage for 30 days. You may also pick the best mileage based on how you travel for fun 1,000 miles, 3,000 miles, 6,000 miles, or unlimited.

Best For Car Club Members: JC Taylor

Your car must be 25 years of age or older. There is no mileage cap, but they underwrite their policies with 2,500-mileage annual targets. The company sells plans for replicas, exotics, kit cars, and $750 in spare parts coverage.

JC Taylor is the choice for many club members like below:

  • Antique Automobile Club of America
  • AACA Museum
  • Cadillac & LaSalle Club
  • Classic Car Club of America
  • Classic Thunderbird Club International
  • Horseless Carriage Club of America
  • Model A Ford Club of America
  • National Woodie Club
  • Pierce-Arrow Society

Best For Classic Race Car Drivers: Heacock

Some drivers assume that classics and collectibles are for racing. Heacock provides racing car coverage for all those with the "need for speed." You will have flexible mileage restrictions, including roadside assistance, guaranteed flatbed towing, repair coverage, and a $0 waiver for claims.

Best For Classic And Traditional Insurance: State Farm

State Farm has its classic car plans, unlike most conventional insurance companies. The company offers you a chance to have policies on your house, yacht, daily vehicle, collectibles, and many others with one agent. In addition, the insurance company offers $500 in spare parts coverage, which requires you to insure cars that are just ten years old or older. You can get everything under one roof with a 24/7 claims service like a "good neighbor."

Best For AARP Members: The Hartford

AARP representatives and senior drivers can optimize discounts with The Hartford. Your car must be at least ten years old to have a policy. Hartford has one of the highest levels of customer support among insurance firms. They recognize that their customers want to talk to actual, live people to make this choice available. If you're already an AARP member or looking to become a member, you might want to get a quote.

Cheapest Classic Car Insurance For A Pleasure Drive

Company Mileage Allotted For A Pleasure Drive
American Family and Grundy Unlimited
Hagerty and JC Taylor Unlimited
American Collectors 2,500/5,000/7,500
Heacock 6,000
American Modern 1,000/3,000/6,000 or unlimited
American National 10,000 or unlimited

Auto Insurance Data Methodology

The auto insurance rates published in this guide are based on the results of research completed by Way.com’s data team. Using a mix of public and internal data, we analyzed millions of rate averages across U.S. ZIP codes.

Quotes are typically based on a full coverage policy average unless otherwise noted within the content.

These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes will differ. Given this, it’s important to go through our insurance steps form to find how much you can save with way.com

FAQ

How Much Is Classic Car Insurance?

On average, classic car insurance premiums are 36% lower than the regular car premium. According to customer data, traditional car insurance will cost you about $276 less a year than a standard car insurance policy.

Are Classic Cars Cheaper To Insure For Young Drivers?

No, because young drivers are seen as high-risk. As a result, their auto insurance rates are likely to be higher. Insuring classic cars is considerably more expensive, which adds to the dilemma.

What Is Considered A Classic Car For Insurance?

A car is 'Classic' if built between 1940 and 1970; it is usually between 20 and 40 years old. While one of the guidelines categorizes cars made between 1919 and 1925 as vintage cars, others consider cars manufactured between 1919 and 1930.

Who Is The Best Classic Car Insurance?

The following car insurers are considered the best: Safeco, Hagerty, Grundy, American Collectors, American Modern, J.C. Taylor, Heacock, State Farm, and The Hartford.

Can I Get Classic Car Insurance?

If you own a classic car and it falls under the prescribed parameters, you can get classic car insurance.

How Can You Insure An Antique Car?

  • If you have a classic car, it should meet the following parameters:
  • The car is at least 25 years old.
  • Have a good driving record and at least five to 10 years of experience driving.
  • Have no more than one at-fault accident or moving violation within the previous three years.

What Is A Classic Car?

A classic car is an older car, generally 20 years old or older, although definitions differ. The popular theme is an older car of great historical interest to be collectible and worth saving or repairing rather than scrapping.

What Is Considered An Antique Car?

An antique car is an antique vehicle. Narrower meanings differ depending on how old a car must be to apply. The Antique Automotive Club of America describes an antique car as over 25 years old. Later vehicles are also referred to as classic cars.

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