Classic Auto Insurance (2024)

Written by:

Dash Lewis, Writer

Written by: Dash Lewis Content Writer

02/29/2024 08:54 PM

Key Points:

• Classic car insurance is for vehicles that meet the age and mileage requirements.
• This type of coverage is typically less expensive than standard auto insurance because classic and antique cars aren’t driven often.
• Based on our methodology, Grundy Insurance is our top pick for classic auto insurance.

Choosing the right classic auto insurance company is important. You want to work with an insurer that knows classic cars, can help source replacement parts, and that understands what comes with buying and owning a vintage car.

Our team has spent hundreds of hours researching the best car insurance providers on the market today, and in this article, we’ve focused on the best classic car insurance companies. Read on to learn more about classic auto insurance, in addition to five classic auto insurers that are worth getting quotes from.

What Is Classic Auto Insurance?

Classic car insurance is specialized insurance that fully covers a classic car’s value. Drivers and insurers agree on a coverage amount reflecting this actual cash value, but the amount can be adjusted if the car appreciates over time. Classic car insurance is often cheaper than standard car insurance because classic cars are usually not driven often, which reduces the chance of an accident.

Your vehicle needs to meet certain eligibility requirements in order to qualify for a classic auto insurance policy. In addition, these insurance policies often have annual mileage restrictions, as these vehicles aren’t meant for everyday use. If you plan on using your classic car as an everyday vehicle, you’ll need to consider other insurance options.

What Does Classic Auto Insurance Cover?

While coverages can vary between providers, here are the standard options that can come with a classic car insurance policy:

• Liability: Covers medical expenses for other drivers, their passengers, and damage to other cars when you cause an accident.
• Collision: Covers damage to your vehicle from an accident, regardless of who’s at fault.
• Comprehensive car insurance: Covers damage to your vehicle from events such as floods, theft, or vandalism.
• Medical coverage: Medical payments (MedPay) and personal injury protection (PIP) cover your medical bills, lost wages, and death benefits, no matter who was at fault.
• Uninsured/underinsured motorist: Covers property damage and injury caused by someone with too little or without insurance coverage.

Even though your classic car insurance policy covers many of the same things that a standard policy does, your insurance rates will likely be much lower. Classic cars are usually driven less, which makes them less of a risk for insurance providers. Additionally, a classic or luxury car is often more valuable than the average vehicle. Because of this, coverage levels for classic car owners can be higher than coverage for regular drivers.

Classic Auto Insurance Perks and Add-Ons

Classic cars can be considered an investment. That’s why most companies also offer extra coverage options that go beyond the standard car insurance policy to offer peace of mind.

• 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 guaranteed value in the event of a covered total loss.
• Rising value: Classic vehicles typically appreciate as time goes on. If your car is totaled, it may be worth more than the original agreed value amount. To account for this difference, many classic car insurance companies will allow the agreed upon value to grow with time.
• Regular use coverage: Most classic auto insurers place limits on how much you drive, but you can get away with extra miles from a few companies. However, those miles have to be used for occasional pleasure, auto shows, or car club events. It’s rare to find classic coverage that lets you use the car as your everyday vehicle.
• Coverage during restoration: Many classic car insurance companies also provide coverage when your car is being restored. If you’re doing the restoration work, some companies provide coverage for your tools.
• Spare parts coverage: This allows you to cover spare parts that are meant for your car. Some companies also cover automobilia like classic signs, tractor memorabilia, and vintage gas pumps.
• Roadside assistance: Many classic auto insurers offer roadside assistance plans that 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 look around at other classic cars.
• Auto show medical reimbursem*nt: Some companies will reimburse you for medical costs from injuries that occur while driving to or from an auto show.

Does Your Car Qualify For Classic Car Insurance?

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 a classic auto insurance provider. It’s good to keep in mind that 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 vehicle.
• You can insure a new car as a classic if it’s a historical reproduction model, hot rod, or an exotic car.
• The car should’ve been restored or preserved, or you should be in the process of restoring it.
• You can’t use your classic car for daily driving. Collector or classic car insurance agencies usually require that you mainly use the car for special events, such as car shows, plus a few days of pleasure driving per month.
• Your car should spend its downtime in a garage, not on an open driveway where it’s more susceptible to wear and tear.

The Best Classic Auto Insurance Companies

We’ve taken a closer look at the industry standing, availability, coverage, average costs and discounts, customer service, and technology offered by dozens of auto insurance companies, and have found that the auto insurance providers below uphold our standards for the best classic car insurance companies.

Grundy Insurance

Founded: 1947
Availability: 50 states
Better Business Bureau (BBB) rating: B-

Grundy Insurance has specialized in classic auto protection for over 75 years, and is available in all 50 states. Its vintage car insurance policy covers most vehicles that are at least 25 years old, plus exotics and muscle cars of all model years. In addition, it’s one of the classic auto insurers that offers unlimited miles, as long as you and all licensed drivers in your home have a different vehicle for everyday use.

Grundy offers classic auto coverages such as agreed value, comprehensive, collison, liability, and uninsured/underinsured motorist. It also offers perks such as spare parts inventory coverage, trip interruption coverage, and towing and labor provisions. You can easily obtain a quote through its website, though costs for coverage will vary depending on the kind of classic car you’re looking to insure.

Hagerty

Founded: 1984
Availability: 50 states
BBB rating: A+

Hagerty auto insurance is another choice that stands out among classic auto insurance providers, with an A+ rating from the BBB and 4.2 stars out of 5 on Trustpilot. Progressive and Nationwide, two well-known and reputable insurers, have partnered with Hagerty to insure their customer’s classic cars, which adds to its credibility in the industry as a classic auto insurer.

One of Hagerty’s perks is its specialists who can track down hard-to-find parts to repair your car, such as replacement original equipment manufacturer (OEM), new old stock (NOS), or like kind and quality (LKQ) parts. In addition to its classic auto insurance, Hagerty offers insurance for motorcycles, military vehicles, and vintage camper trailers.

Another nice thing about a Hagerty auto insurance policy is that you have the option to buy your car back in the event of a total loss and rebuild it yourself. In addition, 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.

State Farm

Founded: 1922
Availability: 50 states, but not accepting new customers in Massachusetts or Rhode Island
BBB rating: C-

State Farm auto insurance is one of the few traditional insurers that also covers collector vehicles 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 for both your everyday vehicle and your classic car. State Farm earns 4.7 out of 5 stars in our review of the top car insurance companies in the market, and it ranked well above average in J.D. Power’s 2023 U.S. Auto Claims Satisfaction Study℠.

State Farm covers your collectible 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 other policies, such as your regular auto insurance policy or even a homeowners or life insurance policy, and receive a discount.

Heaco*ck Classic Auto Insurance

Founded: 1989
Availability: 48 states (not available in Alaska or Hawaii)
BBB rating: A+

Heaco*ck Classic Insurance offers insurance for antique, classic, collectible, and exotic luxury vehicles. It claims to save customers on average 40% versus standard car insurance, and customer reviews praise the company’s professionalism and competitive pricing.

Heaco*ck’s classic auto insurance policies are underwritten by American Modern Insurance. Coverages offered include agreed value, liability, complimentary roadside assistance, and $2,000 in spare parts coverage. In addition, appraisals aren’t required during your evaluation for coverage.

American Collectors Insurance

Founded: 1976
Availability: 50 states
BBB rating: A

American Collectors Insurance offers policies for classic, custom, imported, and collectible cars, with a unique multi-tier protection program available to policyholders. Its Collectors Auto Reimbursem*nt Endorsem*nt (CARE) plan provides coverages such as car show expense and cosmetic damage reimbursem*nt, roadside assistance, and more.

American Collectors Insurance is accredited by the BBB and holds an A rating. Reviews for this classic auto insurer are largely positive across the board, praising the company’s fast response times, fair prices, and excellent customer service.

Classic Auto Insurance Reviews: Our Take

If you have a beloved classic car that you’d like to protect, it’s worth looking into obtaining a classic auto insurance policy. It’s often cheaper than a standard insurance plan, and comes with unique extra coverages like spare parts coverage and agreed value coverage.

However, keep in mind that factors such as your age, vehicle make and model, and driving history can affect your premium, so what’s best for your neighbor might not be best for you. We encourage you to get car insurance quotes from multiple providers, comparing coverage and rates so that you can purchase the best policy for your needs.

Classic Auto Insurance Reviews: FAQ

Below are some frequently asked questions about classic auto insurance:

How We Rate Auto Insurers

Our review team extensively researches auto insurance providers to deliver informed and unbiased assessments of leading companies. We evaluate several key rating factors that are important to consumers to determine which providers are the best in the industry:

• Reliability: It’s important that an auto insurer is able to meet its claims obligations. Companies with a strong financial strength rating from AM Best score best in this category. Established insurers with a long history of reliable service also receive positive marks.
• Availability: Insurance companies that offer wider availability to consumers in terms of state availability and few eligibility requirements are more likely to meet consumer needs.
• Coverage: To determine our coverage score, we look at the number of coverage options available as well as coverage limits and deductible options. Our ratings also take into account additional services and benefits like roadside assistance.
• Pricing: Cost can be difficult to compare between insurers because so many factors impact annual premiums. The cheapest insurer for one driver may not be the cheapest for another. To determine our cost score, we look at insurance rate estimates generated by Quadrant Information Services, discount opportunities, and consumer reports.
• Service: We comb through customer reviews on sites like the Better Business Bureau (BBB) to learn about customer experiences. Insurers with a low volume of complaints score well in this area. We also consider the claims process, giving higher ratings to car insurance providers that offer a smooth experience.
• Technology: Providers with an online quote tool, easy-to-use claims app and a usage-based insurance app score best in this category.

*Data accurate at time of publication.

Dash Lewis Content Writer