A Classic Car Owner’s Guide to Insurance: Everything You Need to Know

November 1, 2022

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You probably wouldn’t treat your classic car like any other set of wheels. You don’t use your vintage masterpiece or sports car for your morning commute or taking the kids to soccer practice. takes you on a trip down memory lane. You’ve put hours of work or thousands of dollars, usually both, into your beloved antique or vintage car. Whether it’s a ’77 Volkswagen Beetle or a ’65 Shelby Cobra, classic auto insurance protects all your hard work.

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A big difference between classic auto insurance and regular auto insurance is how the vehicle is used. Although classic car coverages have unique features, the basic idea of the coverage is simple. classic car insurance coverage includes:

Reading: How cheap is classic car insurance

bodily injury liability
liability for property damage
all risk insurance
collision insurance
medical payments
uninsured motorist coverage
underinsured motorist coverage

what makes a car classic?

According to Plymouth Rock, most insurance companies will define a classic, antique, or vintage car as a collector’s vehicle, which is considered to be of limited production, exceptional quality, or of particular historical quality. Owning a vintage car does not guarantee that you will qualify for classic car insurance. each insurance provider will have different requirements.

These are the most common requirements to take out classic car insurance:

your car is at least 25 years old or 20 years old with collectible value.
drives another car that is used for your daily commute or regular trips.
has and has maintained a clean driving record for the past 5-10 years.
You have no more than one at-fault accident or moving violation in the previous three years.
does not use the vehicle for racing.
limits the number of miles on the road.
Store your vehicle in a heated or fully enclosed garage.
new cars like corvettes or ferraris can be considered for classic car insurance depending on eligibility, says the zebra.

types of classic car coverage

Classic auto insurance is similar to regular auto insurance, except for several additional coverage options, including agreed-upon value coverage, tiered mileage plans, and parts coverage. Auto memorabilia like hood ornaments, collector plates, and other historic items can also be added to your policy, by 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. vintage cars generally hold or gain additional value over time. agreed value insurance means that if your collector car is totaled, you will be paid the amount the vehicle was worth when you first purchased the policy.
Tiered Mileage Plans: Because this car is not your primary vehicle, you may benefit from tiered or lower mileage plans. You may be able to waive a deductible and pay lower overall rates if you agree to limit the number of miles your car travels each year.
Replacement Parts Coverage: This coverage provides you with replacement parts when parts of your vehicle are stolen or damaged.
Worldwide Coverage: While your standard vehicle coverage is limited to the US. In the US, insurance companies often offer coverage outside the country as well. if you plan to travel abroad for car shows or events, you will still be covered with this option.
Multiline Discounts: You may 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 old car with the same company may result in lower overall rates. drivers, on average, save between $72 and $110 in insurance costs when combined.
auto show medical: Great for vintage and vintage cars, this insurance covers you if someone is injured at a show, car show, or event where your car is being featured.

classic car insurers

Not all companies offer coverage for classic cars. These are some of the best insurers that have coverage options for classic, vintage or collector cars, by donnelly and sproul:

hagerty insurance:hagerty is ideal for vehicles that are in the process of being restored. Hagerty offers above-average restoration coverage and parts coverage for a wide range of vehicles. hagerty is the preferred choice when restoring your car.
American Collectors: American Collectors have no minimum age requirements or mileage limits. offer restoration insurance and parts coverage up to $500. Like most classic car insurers, they do not allow pooling or regular use of the vehicle.
safeco:safeco is perfect if you have a classic car that you drive as your main vehicle. Safeco’s mileage limits are 10,000 miles per year, making it possible to use your old roadster as your primary mode of transportation. safeco’s limitations are its strict vehicle eligibility and 10 year old requirement.
state farm: state farm is a reliable supplier when it comes to regular vehicles. that changes with classic car insurance when you compare them to other options. Although they offer classic car insurance, they do limit mileage, have a minimum age of 10 years, and offer the lowest parts coverage at $500. state farm does not offer any restoration coverage or inflation protection and does not include other types of insurance.
american modern: american modern offers classic and collector car insurance for a wide range of vehicles. American Modern offers unlimited mileage programs, allowing collectors to drive regularly. American Modern also has the most coverage for parts and inflation protection, so you’re fully 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 a year. if you own an abnormally expensive vehicle, your rates may be higher. By contrast, regular auto insurance typically costs more than $1,000 a year. Insurance providers expect you to drive your car infrequently, keep it in good repair, and maintain a clean driving record. Because of this, the companies believe that classic car owners are less likely to file a claim than regular drivers.

Insuring your classic, vintage or project car is as easy as getting a quote. Use your car’s make, model, and year if your older vehicle doesn’t have a vin. start comparing quotes from reliable companies now.