Best Classic Car Insurance Companies For 2022

By Randy Luton | Last Updated: 12/28/2021

Key Insights

  • Classic car insurance is for drivers with cars that are manufactured between the era of the 1940s and 1970s.
  • Type of classic car insurance is different from standard car insurance coverage type.
  • There are a limited number of car insurance companies that provide coverage for classic cars.
  • Every insurance company has its own eligibility criteria for classic car insurance.
  • Drivers are required to check the guidelines of the company they are considering for insurance to check the eligibility in classic cars.

We all know the importance and value of a classic car. The standard car insurance policies do not cover the value of these cars and their parts. This is the reason that classic car insurance has become essential for people who drive these precious cars.

We understand the confusion and questions behind spending extra money on this insurance and hence we have created this blog. Our team of expert researchers and analysts has spent hours and days understanding different classic car insurance options from different companies.

This blog is written with the only objective: to help you understand the importance, benefits, cost, and everything else that a driver needs to know about classic car insurance. Let’s start with a quick introduction:

What Is Classic Car Insurance?

Classic car insurance is to provide insurance coverage to the cars that are tagged as classic, vintage or antique. The insurance provided by the company will cover the cost of repair, replacement, or theft of the car.

These cars have higher values as compared to other normal cars and hence the insurance coverage is different from the average car insurance. There are very limited car insurance companies that actually provide good coverage options for classic car insurance.

The value of car insurance is based on the value determined by an appraiser of classic cars. Car insurers connect with these appraisers to get the real value of the car and then they decide the coverage value of the policy.

Which Cars Fall Under The Category Of “Classic”?

The term “Classic car” can vary from company to company and state to state. Generally, the cars that are manufactured between the 1940s and 1970s are termed classic cars. As the laws related to these cars are different from standard cars; the exact year might vary. Some companies consider classic cars as vintage cars while some consider antique cars as classic cars.

So the definition of the classic car might vary. It is always advisable to get in touch with the company and clear the terms before investing your money.

Best Classic Car Insurance Companies

As we already know, the most important query that comes to our mind is which company to approach to buy classic car insurance? As mentioned above there is a limited number of insurance companies that provide coverage for classic cars. But out of these limited companies as well, we have to make sure we are selecting the right company as per our requirement and profile.

Below are some top classic car insurance companies in the USA that you can consider:

  1. Hagerty
  2. Grundy
  3. Safeco
  4. American Collectors Insurance
  5. American Modern

Hagerty

Hagerty Insurance company is popular for drivers that have restored classic cars and are car enthusiasts. The spare parts coverage options of the company are higher than average at the cost of $750. Plus there are no fixed mileage limits for the drivers.

Hagerty’s driveshare program allows drivers to drive another classic as well as vintage cars also it allows drivers to rent their classic cars to other drivers. The company even has a driver’s club that allows other classic car enthusiasts to connect and network. This club is open for all the drivers even for those who have not bought the policy from Hagerty.

Types of classic cars that are covered by Hagerty

  • Collector race cars
  • Antique and classic cars
  • Kits and replicas
  • Motorsports protection
  • Collector trailers
  • Vehicles under construction
  • Modified vehicles – like hot rods, tuners, and lowriders
  • Retired commercial vehicles
  • Collector motorcycles and scooters
  • Muscle cars
  • Classic trucks and utility vehicles
  • Antique tractors
  • Classic military vehicles
  • 1980 or newer collector cars

Classic car policy plans provided by Hagerty

  • Hagerty Plus: This policy is basically for emergency roadside assistance. You can get 24/7 services for lockouts, dead batteries, fuel deliveries, lockouts, and other emergencies.
  • Guaranteed Value Coverage: This coverage type is to provide a full value amount as per the car’s insured value in case of a total loss. You don’t have to pay any depreciation in this coverage. Even the deductible amount will be subtracted from the total amount of the covered loss.
  • Spare Parts Coverage: A limit of $750 is provided as per comprehensive coverage for the spare vehicle parts.
  • Flexible Usage: No fixed mileage restrictions for the occasional pleasure usage of the car.

Grundy

Grundy worldwide collector vehicle insurance is a subdivision of the Philadelphia insurance companies. Did you know the optional motor vehicle program of Grundy can provide you up to 150% of the insured value of the car?

The driver and the insurance company agree on the worth of the car in advance and the claim amount to be paid in case the car gets stolen or totaled. Based on these pre-agreed worth you will get the claim. There’s a catch with the application for Grunday’s classic car insurance policy; the driver must not have any DUI or more than two moving violations.

Types of classic vehicles that are covered by Grundy

  • Horseless Carriages
  • Fire Engines
  • Muscle Cars
  • Convertibles
  • Vintage Motorcycles
  • Sports Cars
  • Light Trucks
  • Exotics
  • Station Wagons/Woodies
  • Street Rods
  • Steam Automobiles
  • Custom Cars
  • Vintage Replicas
  • Kit Cars

Classic car policy plans provided by Grundy

  • Spare Parts Coverage: The driver can get up to $500 for spare parts in the case of classic cars. It can be accidental loss or direct loss.
  • No Mileage Limitations: Drivers are allowed to use their vehicle for exhibits, parades, and even in collector activities without any restrictions of the mileage.
  • Agreed Value Coverage: The driver can predetermine and finalize the value of the car and the insurance company will pay that amount in case of a complete loss. The best part? The driver will have to pay zero deductible.

Safeco

The company provides two options for mileage limitations. The first one allows the drivers to drive up to 10,000 miles per year and the second one has an unlimited mileage option. The company has a lot of restrictions for classic cars.

The car should be at least 10 years old and it does not cover racing cars, kit cars, and even unrestored vehicles. The positive side of the company is; it provides a 3 years discount to the drivers who have completed accident prevention courses.

Types of classic cars that are covered by Safeco

  • Muscle cars
  • Classic trucks and utility vehicles
  • Classic hot rod collection
  • Collector race cars
  • Antique and classic cars
  • Classic military vehicles
  • Retired commercial vehicles
  • Motorsports protection
  • Collector trailers
  • Vehicles under construction
  • Modified vehicles – like hot rods, tuners, and lowriders
  • Vintage tractors

Classic car policy plans provided by Safeco

  • Agreed Value Coverage: In case of complete loss, you will receive the claim as per the predetermined value of the car.
  • Diminishing Deductible: Drivers that have a clean driving record will get a $100 discount on the deductible on the annual policy renewal. This will continue till a maximum of 5 years hence you can get a discount of $500 on your deductible.
  • Limited Use Coverage: If you drive less than 5000 miles per year then you will get a special coverage option from the company.

Learn more about Safeco Auto Insurance

American Collectors Insurance

American collectors insurance company works dedicatedly for cars that come under the category of collectibles. It can be classic cars, antique cars, or vintage cars. The company creates custom policies as per the lifestyle of the collector including broader protection and flexible usage.

The policies of American Collectors company are tailor made that includes different deductible options from zero to 20% also different limits on liabilities as per the current standard policy on your car.

Types of classic cars that are covered by American Collectors:

  • Classic trucks and utility vehicles
  • Muscle cars
  • Collector race cars
  • Antique and classic cars
  • Classic military vehicles
  • Retired commercial vehicles
  • Motorsports protection
  • Collector trailers
  • Vehicles under construction
  • Classic tractors

Classic car policy plans provided by American Collectors:

  • Tiered Mileage Plans: Drivers can customize their classic car insurance policies based on their usage of the car.
  • Agreed Value Coverage: Just like all the other collector car insurance companies; American collectors also provide claims based on the predetermined value of the car in case of total loss.
  • Spare Parts Coverage: The drivers get up to $500 of coverage for damage or loss of spare parts with zero additional cost.
  • Collectors Discount Coverage: The company provides discounts for vehicles for high value (more than $250,000) this also includes multiple vehicle policies, garage security, and safety features.
  • CARE Plan Coverage: Drivers get emergency services like towing, roadside assistance, and other incidental coverage 24/7 as per the need of their classic car.

American Modern

Just like American Collectors, the company is popular for its dedicated collectible cars policies. American modern insurance company has been dealing with classic cars for 60 years and provides some of the most amazing coverages for the drivers.

The company also underwrites classic car insurance policies for GEICO auto insurance company as well.

Types of classic cars that are covered by American Modern:

  • Classic cars
  • Cobra replicas
  • Antique cars
  • Fire engines
  • Muscle cars
  • Street rod vehicles
  • Modified vehicles
  • Popular vintage replica vehicles
  • Kit cars
  • Exotic cars

Classic car policy plans provided by American Modern:

  • Freedom Mileage Coverage: The drivers get the option of either selecting annual mileage from 1000, 3000, 6000 or freedom mileage. The unlimited coverage of other companies is freedom mileage coverage in American modern.
  • Towing and Emergency Coverage: Drivers get 24/7 emergency service coverage for towing, roadside assistance, jump start dead batteries, etc.
  • Agreed Value Coverage: Drivers get the advantage of deciding the value of their car in advance. At the time of total loss, the driver will get the claim based on this pre decided value of the car.

Am I Eligible For Classic Car Insurance?

The eligibility factors for classic car insurance differ from company to company. As each company has its own rules for classic car insurance drivers, it is always better to clear the terms before investing your money.

Below is the general eligibility for every driver, collector, or classic car enthusiast to buy a class car insurance:

  • The car should be at least 35 years old (The manufacturing year should not be more than 1970).
  • The car owners should have their own safe garage space. Where they can keep their classic car(s) safe from theft or vandalism.
  • The driver must have a clean driving record with zero accidents or violations
  • There must be an alternate vehicle available with the driver. There should not be a complete dependency on the classic car.
  • Proof of regular maintenance of the car. Classic cars need special maintenance as their spare parts are not available everywhere.
  • Good condition of the car. As mentioned above classic cars are worth huge value hence the insurance company checks the condition of the car before insuring it.

How to Save on Classic Car Insurance?

There are some ways by which you can reduce the cost of your classic car insurance:

  1. Complete a defensive driving course to get some discounts.
  2. Make sure your car is stored in a safe, enclosed, and secure garage. Also, add waterproofing and anti-theft elements in the garage.
  3. Increase the safety of your car by adding automatic seatbelts, airbags, anti-lock brakes, and electronic safety controls.
  4. Join an auto club that provides discounted rates to the members.

What’s the difference between Classic Car Insurance and Regular Auto Insurance?

Let’s understand the difference between our classic car insurance vs standard car insurance with two practical factors:

  • Claim Value At A Total Loss: In a standard car insurance policy, the value of the claim after a car is totaled depends on the actual cash value of the car. ACV is determined by the value of the car at the present day which decreases with time.
    While in classic car insurance, the value of the claim in case the car gets totaled depends on the predetermined value of the car. The driver and the insurance company decide the value of the car and based on that the owner gets the claim.
  • Vehicle Usage: In a standard car, the driver can use the vehicle without any restrictions. There are no maximum mileage limits.
    In classic cars, the driver has to follow a mileage limit which is generally 1000, 3000, or 6000 miles per year.

FAQs About Classic Car Insurance

How Much Is Classic Car Insurance?

The cost of classic car insurance depends on a lot of factors like the brand of the car, the age of the car, availability of spare parts, etc. The average classic car insurance will cost around $1200 per year.

What Is Classic Car Insurance?

Classic car insurance is for drivers, collectors, and car enthusiasts who have cars that value a lot more than any standard car. This coverage is specifically for classic cars only and the cost of the claim amount also depends on the predetermined value of the car.

How Old Does A Car Have To Be Considered A Classic For Insurance?

Just like the definition of classic car insurance; the age of the car also varies from company to company. Some companies consider 25 years old cars as classic cars while others consider at least 35 years old cars as classic cars. On average; we can say the age of a car should be around 30 years, then only it will be considered as a classic car.

Who Has The Best Classic Car Insurance?

There are a lot of car insurance companies that provide classic car coverage. The top options that any driver can consider are America Modern, Hagerty, Grundy, and American Collectors.

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Editorial Guidelines: The above is meant as general information to help you understand the different aspects of auto insurance. This information does not refer to any specific auto insurance policy. Coverages and other features vary between insurers, vary by state, and are not available in all states. References to costs of coverages/repair, average or typical premiums, amounts of losses, deductibles, etc., are indicative and may not apply to your situation. We encourage you to speak to our insurance representative and to read your policy contract to fully understand your coverages.

Randy Luton is the Founder and CEO of RateForce. He is passionate about InsurTech services and has in-depth knowledge about the auto insurance sector of the USA.