Classic Car Insurance | Premier One (2024)

FAQs

What is the best car insurance company for classic cars? ›

American Modern is our No. 1 pick for classic car insurance, as it is known for its comprehensive spare parts coverage. Safeco is a good choice for daily drivers, and Hagerty is known for covering restoration projects. Classic car insurance specializes in protecting collectible or antique vehicles.

Classic car insurance is usually much cheaper than regular car insurance. According to Baily Insurance Agency, a classic car policy costs around $200 to $600 annually. If you own an abnormally expensive vehicle, your rates may be higher. In contrast, regular car insurance usually costs over $1000 per year.

A Third-Party Car Insurance Policy is mandatory, be it a new or old car. But you can consider buying the Comprehensive Insurance Policy for your old car as it provides all-round coverage for your car.

Hagerty is backed by Progressive. Rather than sell its own classic car insurance, Progressive offers policies through Hagerty. Nationwide has also partnered with Hagerty to offer classic car insurance to customers.

Classic car insurance requirements

Usage: A classic vehicle can't be the car you use daily. Storage: It's preferred that your classic car be stored in a private garage, pole barn, or storage unit, but there may be considerations for carports, driveways, parking garages, and car hauling trailers.

It's usually worth dropping full coverage on an older car if its value is less than a few thousand dollars, as long as there's no loan on it. The more your car depreciates, the less you'll get from the insurance company after an accident or theft.

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A classic car insurance policy may have some or all of the following restrictions: Low annual mileage: The more you drive, the more likely you are to get in an accident. So classic car insurance companies will often set a limit that usually ranges from 3,500 to 10,000 miles per year.

Classic cars fluctuate in value, but they can appreciate over time rather than depreciate like a modern car does.

While vehicles will generally depreciate in value with age, the parts that make them up can increase instead. Having an older car with expensive parts results in more expensive repair costs if the vehicle is ever involved in an accident or requires replacement parts.

Is it worth getting insurance on an old car? ›

As your car ages, it becomes cheaper to replace in the case of a total loss, so you may not need those optional coverages. Compare your car's depreciated value to the combined cost of the deductible and comprehensive and collision coverage to determine if it makes sense to drop these coverages.

One of the largest factors in your premium is also your vehicle itself—particularly the age of the car. While it might not seem logical since the value of your car is not increasing as it gets older, your insurance premium can continue to go up.

Our analysis found that American Collectors, American Modern and Leland-West are the best classic car insurance companies.

Yes, insurance is often cheaper for antique cars. This is primarily due to factors such as their limited usage, secure storage, and the nature of agreed-value policies. However, various other considerations can influence these costs.

Though the exact definition of “classic car” differs by state, the Car Club of America classifies this type of vehicle as a “fine” or “distinctive” automobile assembled between 1915 and 1948. California describes a “classic car” as a vehicle that is at least 25 years old.

We only insure antique and collectible cars, so we can offer better coverage at a significantly lower price than daily driver insurers.

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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.