Classic cars are more than just a set of wheels, and they deserve the highest level of coverage possible. To find the ideal classic car insurance and the lowest rates, start by verifying that your car is actually a classic. Was it built before 1979? If so, make sure you explain this to anyone you talk to when you get an insurance quote. While traditional automobile insurance considers depreciating value, collectible cars need enough coverage to recoup whatever you’ve invested in the maintenance and restoration of the vehicle.
To get the most affordable rate on the full coverage you need, consider unbundling your classic car from your other vehicle. Additionally, be prepared to answer questions about your classic car’s housing and usage. Shop around and call insurers directly or via an online car insurance quote tool that can give you an estimate of the type of premiums you can expect to pay. Read on to learn more about some of the top classic car insurance options available.
Top Classic Car Insurance Companies
From big-name insurers with specialty policies to small businesses that focus on the classic car niche, you can choose from a variety of classic car insurance companies, each of which has unique strengths. We compiled a list of some of highly rated classic car insurance companies to give you a starting point on the road to getting the insurance coverage you need.
The choice for collectors who want an easy qualification process, Grundy insures a variety of antique and collector vehicles, including muscle cars, street rods, horseless carriages, vintage motorcycles and more — all without any age restrictions on the vehicle. To qualify for coverage with Grundy, you need to have a good driving record with a maximum of two tickets, no DUIs in the past three years and no more than one at-fault accident. Additionally, you must keep your collector vehicles in a locked garage when you’re not using them.
If you want to use your classic car for more than just the occasional drive, Safeco Insurance is the option for you. Safeco’s “Go Ahead and Drive” feature is what makes it stand out. The insurer allows you to drive up to 10,000 miles every year with its option for regular use. Other popular options include:
- Roadside Assistance: This add-on tows you to the nearest repair shop, changes flat tires and delivers fuel when you need it
- Emergency Assistance: This option provides roadside assistance in addition to lodging and taxi fare if your car breaks down away from home
- Diminishing Deductible: If you’re a safe driver and want to save money in the future, you can reduce your policy by $100 per year, up to $500 in five years, by remaining claim-free
American National is one of the top options for street rod enthusiasts. The insurer provides a 10% discount for members of the National Street Rod Association. It also offers a collector’s discount that increases your available insurance discounts up to 85% depending on the number of vehicles you insure. Additionally, American National allows annual mileage of up to 10,000 miles, with the option for a no-limit mileage policy if you drive your collectible more frequently.
State Farm is one of the top auto insurers in the country, with a history that dates back to 1922 and superior financial strength you can count on. State Farm covers antique automobiles that are 25 years old or older and classics that are 10 to 25 years old. Coverage options include liability, medical payments, loss of earnings, emergency road service and uninsured motor vehicle protection. Other benefits include:
- Agreed Upon Value: when you sign up for insurance with State Farm, you and your agent agree on the value of the car. In the event of a total loss, the insurer pays the agreed value instead of the book value
- As much as $500 in spare part coverage
- 24-Hour Good Neighbor Service: This allows you to speak to a representative at any time of day
If you’re in the middle of restoring your classic car, Hagerty has the insurance you need. While many insurers only cover classics that are already restored, Hagerty’s “vehicle under construction” coverage increases the insured value of your car by 10% every quarter to pace itself with the restoration work. This option also provides $750 in coverage for access to towing specialists and automotive tools. Additionally, the “Spare Tools and Parts” coverage protects all of the pricey restoration tools and parts that you stock.
American Modern Insurance Group
If you’re looking for comprehensive coverage that includes spare parts, American Modern Insurance Group is the option for you. This insurer offers many coverage types, including:
- Agreed Loss Settlements: The insurer pays more than the depreciated value based on an agreed upon value
- Mileage Plans: This coverage depends on how much you drive. The insurer has 1,000-mile, 3,000-mile, 6,000-mile and no-limit plan
- Liability Charge: American Modern charges a flat rate for all the vehicles on your policy
- Spare Parts: This coverage reimburses you up the $2,000 for stolen or lost spare part
- Towing: This added feature pays up to $75 per incident
- Pet Coverage: If your pet enjoys your classic car as much as you do, this coverage pays up to $750 in medical expenses if your pet is injured in the car
American Modern Insurance offers a variety of discounts that can save you up to 45% on your premiums. Examples include belonging to a car club, taking an accident prevention course and having an anti-theft device.
American Collectors Insurance
Several features set American Collectors Insurance apart, including its zero-deductible plans and its “Real Person” guarantee, which ensures that you can talk to a licensed professional during business hours without long wait times and complicated menus. Additionally, its TLC Plan provides extra peace of mind at three coverage levels, which offer everything from emergency towing to lockout protection.
To qualify for insurance with American Collectors, you need to have at least five years of driving experience, a driving record with no more than one at-fault accident or moving violation in the past three years and a regular-use vehicle for each licensed driver living in your house. For your vehicle to qualify, you must drive it on a limited basis and keep in a locked garage.