This article was reviewed by Andrew Flueckiger, a member of the Finder Editorial Review Board and certified insurance counselor and licensed insurance agent in five states.
If you proudly own a classic Porsche, Thunderbird, DeLorean or another classic, classic car insurance offers specialized protection for these valuable vintage cars. Classic car policies include agreed value coverage, special event insurance and enhanced roadside assistance to protect areas not covered by traditional policies, like your car’s full appraised value.
What are the best classic car insurance companies?
To bring you the best classic car insurance choices, Finder’s experts analyze companies’ customer and claims satisfaction scores, coverage, discounts and perks designed for classic cars. Our editorial team spends thousands of hours researching and analyzing hundreds of car insurance companies.
Use Progressive's handy online comparison and quote tools to find the right policy, or compare Progressive's price with competitors to find the best deal. Progressive also lets you bundle nearly any kind of auto coverage, including classic cars, bikes and boats.
Enjoy a wide range of discounts, including a usage-based discount if your car spends enough time being pampered instead of driven. Liberty Mutual also offers some of the best new and better car replacement programs for a new classic like a Mustang or Alfa Romeo.
Get personalized, one-on-one support with an auto specialist to repair your classic car to the manufacturer's specs. Plus, its perks include unlimited mileage for hobby driving, agreed value limits and 30 days of free coverage for new cars in your collection.
No mileage limit for hobby use
Repairs using original equipment manufacturer parts
Newly acquired car coverage
Car expert and dealer referrals
Up to $10 million in worldwide auto liability
High rates for low-value vehicles
No online quotes
States served
All 50 states
Roadside assistance
Optional
Pay schedule
12 months, 6 months
Claims methods
online
New car protection
No
Accident forgiveness
No
Classic car insurance runnerups
If our top picks don’t wow you, consider some alternatives to insure your classic car:
Heacock Classic. Classic policies designed for daily drivers, but you’ll face strict requirements for which cars and drivers qualify.
Grundy. No mileage limits or deductibles in most states, but Grundy doesn’t accept every driver and your claims process could be lengthy.
JC Taylor. Free coverage if you insure multiple cars with JC Taylor, though you’ll fill out a paper application and can’t get many coverage extras.
How much does classic car insurance cost?
Collector car insurance typically costs less than standard auto insurance since classic car owners tend to drive their vehicles less. These factors influence your exact costs:
Age. Drivers under age 25 have less experience on the road than older drivers, and the extra risk is reflected in young drivers’ high premiums.
Your make and model. A classic Jaguar is worth more than a Chevy truck, so the higher replacement value and theft rate will affect insurance.
Mileage. Someone who drives 30,000 miles a year will pay more for insurance than someone who drives less than 10,000 miles.
Parking. A street-parked car is more likely to get stolen or damaged than one kept locked in a garage.
Your address. Certain areas are prone to car accident claims, affecting your premium.
Your driving record. If you have a history of traffic offenses, accidents or insurance claims, expect to pay more than someone with a claim-free record.
Security. Vintage cars with antitheft devices are less of a target for thieves, lowering your insurance rates.
Modern classic car insurance rates
Compare average annual car insurance rates for 10 modern classic cars. Your car’s make, model, trim and year are the biggest factors that affect your actual rates.
Cut the cost of protecting your valuable classic with a little work before signing up for or renewing your policy.
Bundle other insurance. If you’re using a standard insurer, you may save if you buy homeowners or renters insurance from the same company.
Check with your car club. Belonging to a car club could lead to discounts from affiliated car insurers.
Combine cars. If you have several classic cars, see about insuring them all under one policy for savings.
Invest in security. An antitheft system and updated security for your garage could cut your premium.
Mind your miles. Not driving means not having as high of a risk for claims, which lowers your premiums.
Shop around. If you don’t like your rates, get quotes and compare coverage with other insurers, or negotiate a lower rate with your current insurer.
Store your car. If you’re not hitting the road or doing the show circuit for a while, store your car in a safe space and let your insurer know. You could get a low-mileage discount or a storage insurance policy that reduces coverage while your car is locked up.
What does classic car insurance cover?
Although the exact level of coverage available differs between insurers, you can generally find coverage for:
Agreed value. Agreed value determines your car’s worth and pays claims for that exact amount, unlike market value coverage.
Choice of mechanic. You have the freedom to take your car to your trusted classic car mechanic.
Lay-up periods. Many vintage cars spend time being laid up, maintained or cleaned, and classic car insurers factor this in to premiums.
Limited usage. Classic cars may qualify for mileage-based policies or low-mileage discounts if driven infrequently, but you may have to stick within set mileage limits.
Car shows, events or tours. Your policy usually covers you while you’re transporting to or driving in a classic car event, but let your insurer know about the event beforehand.
Medical reimbursement. If someone gets injured in or around your car at a show it’s featured in, their medical bills could be covered.
Modifications. Classic cars may get modifications or attachments over the years, but classic car insurance includes or easily adds coverage for these.
Salvage rights. If your classic car suffers a covered total loss, you can keep the unrepaired car and your insurance payout, rather than sending it to the salvage yard.
Spare parts. Covers damage or theft to spare parts like tires or other gear.
Vandalism or theft. Since classic cars could be targets for thieves, comprehensive coverage protects your ride from theft, vandalism and other damage.
What’s not covered with classic car insurance?
A list of general exclusions applies to all classic car insurance policies. Your claim will usually not be paid for:
Loss or damage that happens outside the US
Tire damage from braking, punctures or cuts
Mechanical, structural or electrical failures
Repairs to existing damage
Deterioration, rust, corrosion or wear and tear
Fixing faulty repairs, unless as part of a claim
Replacing lock barrels and coded keypads
Depreciation or the loss of value of your vehicle
Intentional loss or damage
Damage from the legal seizure of your vehicle
War, riot, civil unrest or nuclear activity
Any act of terrorism
Discharge of any pollutants from your car
Not securing your car after a breakdown, collision or theft
Damage to your standard daily driver, unless you have separate insurance
How is agreed value determined?
Classic car insurance policies insure your much-loved vehicle for an agreed value, also referred to as the guaranteed value, which is the amount that you and your insurer agree the car is worth when you apply for a policy. You’ll get paid this agreed-on amount if your vehicle is written off.
What am I covered for under an agreed value policy?
A guaranteed value policy provides coverage for:
The agreed value that you and your insurer set at the policy’s beginning
Modifications or accessories attached to your vehicle
Liability insurance on the roads and at shows
How do I get my car valued?
Car valuation services can appraise your car’s value to give to your insurer. Some services can provide valuations online for about $15 depending on the service.
You can include photos of your vehicle or a ratified value documentation from an owners club to help with the appraisal process. For vintage vehicles, insurers may require more documentation for modifications, accessories or car damage.
Details typically required for the appraisal:
Year
Make
Model
Vehicle Version
Body Type
Miles
What category does my classic car fall under?
Most major insurers only recognize your car as a classic if it’s used for special events and not driven frequently. Plus, most insurers recognize cars as classics or antiques at 25 to 30 years old, states the Insurance Information Institute.
There are three categories available for older cars — classic, vintage and veteran — and these classes are determined by your vehicle’s date of manufacture.
Classification
Age and specification
Classic
The Classic Car Club of America recognizes those manufactured between 1915 and 1948
In good working condition
Better condition than the average of other cars the same make and model year
Antique
The Antique Automobile Club of America specifies 25 years or older
Good working original or restored condition
Kit cars
Separate manufactured components or a replica or reproduction of a vehicle at least 25 years old
Street rods
Made before 1949
Vintage cars
Made between 1919 and 1930
Veteran vehicles
A retired military vehicle, often those that are made before 1919
Rare cars
Includes motorsport, tractors, military, motorcycles, modified classics and limited production vehicles
What if I have a classic car loan?
If you paid for your ride with a classic car loan, consider getting gap insurance. Gap insurance covers the difference between the car’s value and how much you owe on the loan if your car is totaled, stolen or destroyed.
Say your precious restored DeLorean is stolen, or classic VW is totaled. You’ll get reimbursed for the car’s value by your insurance, but you might owe money on your car loan due to interest or depreciation.Gap coverage pays back the difference, so you’re not stuck paying your bank back for a car that’s no longer fit to drive.
However, if you have an agreed value classic car insurance policy, you may not need gap insurance since your insurer will pay the full amount of your car’s worth that you agreed on when you originally purchased your policy.
Roslyn McKenna is an insurance expert who's driven to help people get a great deal on insurance to protect their families and finances. Roslyn earned a BA in writing and communications from Maryville College and has written professionally for more than a decade, showing up on Bankrate, MSN and Reader's Digest.
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