You probably wouldn't treat your classic car like just any other set of wheels. You don't use your antique showpiece or muscle car for your commute in the morning or to take the kids to soccer practice. It takes you for a trip down memory lane. You've put hours of work or thousands of dollars, usually both, into your beloved vintage or antique car. Whether it's a '77 Volkswagen Beetle or a '65 Shelby Cobra, classic car insurance protects all your hard work.
A big difference between classic car insurance and everyday car insurance is how the vehicle is used. While classic car coverages have unique characteristics, the basic idea of coverage is simple. Classic car insurance coverage includes:
- Bodily injury liability
- Property damage liability
- Comprehensive insurance
- Collision insurance
- Medical payments
- Uninsured motorist coverage
- Underinsured motorist coverage
What Makes a Car Classic?
Per Plymouth Rock, most insurance companies will define a classic, antique, or vintage car as a collectible vehicle, considered to have a limited production, exceptional quality, or has a particular historical quality. Owning a vintage car doesn't guarantee you'll qualify for classic car insurance. Each insurance provider will have different requirements.
These are the most common requirements to get classic car insurance:
- Your car is at least 25 years of age or 20 years old with collectible value.
- You drive another car that is used for your commute or regular travel.
- You have and have maintained a clean driving record for the previous 5-10 years.
- You have no more than a single at-fault accident or moving violation in the previous three years.
- You do not use the vehicle for racing.
- You limit the number of on-the-road miles.
- You store your vehicle in a climate-controlled or fully closed garage.
- New cars like Corvettes or Ferraris may be considered for classic car insurance based on eligibility, says The Zebra.
Types of Classic Car Coverage
Classic car insurance is similar to regular car insurance except for several additional coverage options, including agreed value coverage, tiered mileage plans, and spare parts coverage. Automobile memorabilia, such as hood ornaments, collector license plates, and other historical items, can also be added to your policy, per Geico.
These are the most common coverages added to classic car insurance policies, according to ValuePenguin:
- Agreed value: While regular vehicles depreciate over time, classic cars won't necessarily lose value as they age. Antique cars usually maintain or gain additional value over time. Agreed value insurance means that if your collectible car is totaled, you will be paid out the amount the vehicle was worth when you first took out the policy.
- Tiered mileage plans: Because this car is not your primary vehicle, you can benefit from lower or tiered mileage plans. You may be able to forgo a deductible and pay lower overall rates if you agree to limit the number of miles you put on your car every year.
- Spare parts coverage: This coverage provides you any backup parts when parts of your vehicle are stolen or damaged.
- Worldwide coverage: While your standard vehicle's coverage is confined to the U.S., insurance companies often offer coverage outside of the country as well. If you plan on traveling abroad for car shows or events, you will still be covered with this option.
- Multiline discounts: You can qualify for multiline discounts if you have more than one type of insurance with the same insurance provider. If you have a boat or homeowners policy, adding your vintage automobile with the same company may result in cheaper overall rates. Drivers, on average, save between $72 and $110 on insurance costs when bundling.
- Auto show medical: Great for vintage and antique cars, this insurance covers you if someone injuries themselves at an exhibit, car show, or event your car is featured at.
Classic Car Insurers
Not every company provides classic car coverages. Here are some of the best insurers that have coverage options for classic, antique, or collectible cars, per Donnelly and Sproul:
- Hagerty Insurance:Hagerty is great for vehicles currently undergoing restoration. Hagerty offers restoration coverage and above-average spare parts coverage for a broad range of vehicles. Hagerty is the preferred option when restoring your car.
- American Collectors: American Collectors have no minimum age requirement or mileage limits. They offer restoration insurance and spare parts coverage up to $500. Like most classic car insurers, they do not allow bundling or regular use of the vehicle.
- Safeco:Safeco is perfect if you have a classic car that you drive as your primary vehicle. Safeco's mileage limits are 10,000 miles annually, making it possible to use your vintage roadster as your primary mode of transportation. Safeco's limitations are its strict vehicle eligibility and 10 year age requirement.
- State Farm: State Farm is a trusted provider when it comes to normal vehicles. That changes with classic car insurance when you compare them with other options. Though they offer classic car insurance, they limit mileage, have a 10-year minimum age, and offer the lowest spare parts coverage at $500. State Farm doesn't offer any restoration coverage or inflation guarding and will not bundle other insurance types.
- American Modern: American Modern provides classic and collector car insurance for an extensive array of vehicles. American Modern offers unlimited mileage programs, allowing collectors to drive regularly. American Modern also has the largest spare parts coverage and inflation guard, so you are totally covered even as your car's value increases.
The Cost of Classic Car Insurance:
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. Insurance providers expect you to drive your car infrequently, keep it well maintained, and keep a clean driving record. Because of this, companies believe classic car owners are less likely to file a claim than regular drivers.
Getting your vintage, antique, or project car insured is as easy as getting a quote. Use your car's make, model, and year if your antique vehicle does not have a VIN. Start by comparing quotes from trusted companies now.
Car Insurance by City & State
Looking for classic car insurance in your city or state? Check out these guides for more information:
- Philadelphia, PA
- Buffalo, NY
- Milwaukee, WI
- Decatur, GA
- Fargo, ND
- California
- McKinney, TX
- Tallahassee, FL
