Explore the Best Car Insurance for Classic Cars
When it comes to owning a classic car, enthusiasts know that it’s not just about transportation—it’s about preserving a piece of history, celebrating craftsmanship, and reliving the golden era of automotive design. However, with the privilege of owning a vintage vehicle comes the responsibility of safeguarding it against the uncertainties of the road and beyond. This is where specialized classic car insurance comes into play. Unlike standard auto insurance, classic car insurance offers tailored coverage that addresses the unique needs of vintage vehicle owners, from agreed value coverage to flexible mileage plans and specialized repair options. In this article, we explore the best classic car insurance options available in 2024, ensuring your prized possession receives the protection it deserves while you enjoy peace of mind.
Understanding Auto Insurance for Classic Cars
Before diving into the search, it’s crucial to understand what makes classic car insurance different from standard auto insurance. Classic car insurance typically includes:
- Agreed Value Coverage: Unlike standard policies that pay out the actual cash value (depreciated value) of the car at the time of loss, agreed value policies pay a pre-determined amount agreed upon by the insurer and the car owner.
- Usage Limitations: Policies often include mileage restrictions and usage limitations (e.g., not using the car as a daily driver) to qualify for coverage.
- Special Coverage Options: These may include coverage for spare parts, tools, and even coverage while the car is being restored.
- Flexible Policies: Options for inflation guard, roadside assistance specialized for classic cars, and coverage during car shows or exhibitions.
7 Best Classic Car Insurance Companies
American Collectors
Overview: American Collectors Insurance is renowned for offering flexible policies tailored to the needs of classic car enthusiasts. They provide agreed value coverage, ensuring that the car owner receives the full insured amount in case of a total loss.
Coverage Options: The company offers a wide range of coverage options, including spare parts coverage, inflation guard, and even coverage for restoration work.
Customer Service: Known for their friendly and knowledgeable staff, American Collectors has a strong reputation for customer service.
Affordability: Competitive pricing with policies typically starting around $100 to $200 annually, depending on coverage and vehicle specifics.
American Modern
Overview: American Modern specializes in collector car insurance and offers comprehensive policies designed for vintage vehicles. They provide agreed value coverage and have a straightforward claims process.
Coverage Options: American Modern offers a variety of add-ons, including roadside assistance, spare parts coverage, and coverage for classic motorcycles and boats.
Customer Service: They have a strong customer service team that is accessible and helpful.
Affordability: Offers competitive rates with policies typically ranging from $150 to $300 annually, depending on the specifics of the car and coverage.
Leland-West
Overview: Leland-West is a niche provider specializing in classic and collector car insurance. They are known for their personalized service and attention to detail.
Coverage Options: Offers agreed value coverage, roadside assistance, and generous mileage allowances. They also cover cars in storage and during restoration.
Customer Service: Excellent customer service, with a focus on providing personalized solutions for each client.
Affordability: Offers competitive rates, with premiums generally starting around $150 to $250 annually.
Chubb insurance
Overview: Chubb is a global insurer with a strong reputation in the high-net-worth market. They offer exceptional coverage for classic cars, including agreed value and worldwide coverage.
Coverage Options: Comprehensive coverage options, including liability, medical payments, uninsured motorist, and coverage for spare parts and automobilia.
Customer Service: Known for their excellent claims service and customer support, Chubb is a reliable choice for high-value classic cars.
Affordability: Premiums are higher, typically starting around $300 to $500 annually, reflecting the extensive coverage options and superior service.
Hagerty insurance
Overview: Hagerty is one of the most well-known names in classic car insurance. They are experts in the field and offer a wealth of resources for classic car enthusiasts.
Coverage Options: Agreed value coverage, specialized coverage for modified vehicles, roadside assistance, and a network of classic car experts.
Customer Service: Highly regarded for their customer service and support, Hagerty offers a smooth claims process.
Affordability: Competitive pricing with various discounts available, typically ranging from $150 to $250 annually.
Condon Skelly
Overview: Condon Skelly has been providing classic car insurance for decades and is known for its expertise in the field. They offer personalized service and a range of coverage options.
Coverage Options: Agreed value coverage, roadside assistance, and coverage for a wide range of vehicles, including motorcycles and antique trucks.
Customer Service: Condon Skelly is praised for its knowledgeable and helpful staff.
Affordability: Competitive rates, typically starting around $100 to $200 annually.
Heacock Classic
Overview: Heacock Classic specializes in classic and collector car insurance. They offer comprehensive coverage tailored to the needs of classic car owners.
Coverage Options: Agreed value coverage, roadside assistance, and options for high-value collections.
Customer Service: Known for excellent customer service and a personalized approach.
Affordability: Offers competitive pricing with premiums generally ranging from $150 to $250 annually.
Tableau Rating
| Insurance Company | Coverage Options | Customer Service | Affordability | Price Range | Overall Rating |
|---|---|---|---|---|---|
| American Collectors | 9/10 | 8/10 | 9/10 | $100 – $200/year | 8.7/10 |
| American Modern | 8/10 | 8/10 | 8/10 | $150 – $300/year | 8.0/10 |
| Leland-West | 9/10 | 9/10 | 9/10 | $150 – $250/year | 9.0/10 |
| Chubb | 10/10 | 9/10 | 7/10 | $300 – $500/year | 8.7/10 |
| Hagerty | 9/10 | 9/10 | 8/10 | $150 – $250/year | 8.7/10 |
| Condon Skelly | 8/10 | 8/10 | 8/10 | $100 – $200/year | 8.0/10 |
| Heacock Classic | 9/10 | 8/10 | 8/10 | $150 – $250/year | 8.3/10 |
Cheapest Classic Car Insurance in 2024
1. American Collectors Insurance
Overview: American Collectors Insurance is known for its affordable rates and comprehensive coverage options. They offer agreed value coverage and customizable mileage plans, making it a popular choice for budget-conscious classic car owners.
Key Features:
- Agreed Value Coverage: Protection for the full value of the car as agreed with the insurer.
- Flexible Mileage Plans: Options to select mileage based on usage, which can reduce costs.
- Inflation Guard: Automatically adjusts coverage to account for inflation.
- Estimated Cost: Starting at around $100 per year for a vehicle valued at $10,000.
2. Grundy Insurance
Overview: Grundy Insurance offers competitive rates for classic car insurance, with policies that include agreed value coverage and no mileage limitations. They provide coverage for a wide range of vehicles and offer discounts for multiple vehicles.
Key Features:
- Agreed Value Policy: Full coverage up to the appraised value of the vehicle.
- No Mileage Limitations: No restrictions on how much you can drive your car.
- Multi-Vehicle Discount: Discounts for insuring multiple vehicles.
- Estimated Cost: Starting at approximately $120 per year for a vehicle valued at $10,000.
3. Hagerty Insurance
Overview: Hagerty is a well-known name in the classic car insurance market, offering affordable and comprehensive coverage. While their premiums can vary, they often provide competitive rates for low-mileage drivers and offer flexible policies.
Key Features:
- Agreed Value Coverage: Covers the agreed-upon value of the vehicle.
- Flexible Usage: Policies can be adjusted based on usage, affecting cost.
- Roadside Assistance: Available as an add-on, tailored for classic cars.
- Estimated Cost: Starting at around $125 per year for a vehicle valued at $10,000.
4. Safeco Insurance
Overview: While not exclusively a classic car insurer, Safeco offers affordable classic car insurance through its comprehensive auto insurance policies. They provide agreed value coverage and discounts for bundling multiple policies.
Key Features:
- Agreed Value Coverage: Ensures the full value of the vehicle is protected.
- Bundling Discounts: Savings when bundling with other types of insurance.
- Flexible Payment Plans: Options to spread out payments.
- Estimated Cost: Starting at approximately $130 per year for a vehicle valued at $10,000.
5. State Farm
Overview: State Farm offers classic car insurance as part of its extensive auto insurance portfolio. Known for its widespread availability and good customer service, State Farm provides agreed value coverage and multiple discount options.
Key Features:
- Agreed Value Coverage: Coverage for the agreed value of the vehicle.
- Discounts: Good driver discounts and multi-policy discounts.
- Nationwide Availability: Available in most states with local agents.
- Estimated Cost: Starting at around $135 per year for a vehicle valued at $10,000.
| Insurance Provider | Agreed Value Coverage | Mileage Flexibility | Additional Discounts | Estimated Cost (Annually) |
|---|---|---|---|---|
| American Collectors Insurance | Yes | Yes | Inflation guard | Starting at $100 |
| Grundy Insurance | Yes | Unlimited | Multi-vehicle discount | Starting at $120 |
| Hagerty Insurance | Yes | Yes | Roadside assistance (add-on) | Starting at $125 |
| Safeco Insurance | Yes | Yes | Bundling discounts | Starting at $130 |
| State Farm | Yes | Yes | Multi-policy, good driver | Starting at $135 |
Classic Car Insurance Comparison
When comparing classic car insurance providers, it’s essential to consider various factors such as coverage options, cost, customer service, and additional features. Below is a detailed comparison of five popular classic car insurance providers: American Collectors Insurance, Grundy Insurance, Hagerty Insurance, Safeco Insurance, and State Farm.
| Feature/Provider | American Collectors Insurance | Grundy Insurance | Hagerty Insurance | Safeco Insurance | State Farm |
|---|---|---|---|---|---|
| Coverage Type | Agreed Value | Agreed Value | Agreed Value | Agreed Value | Agreed Value |
| Cost (Annual Premium) | Starting at $100 | Starting at $120 | Starting at $125 | Starting at $130 | Starting at $135 |
| Mileage Flexibility | Yes | Unlimited | Yes | Yes | Yes |
| Roadside Assistance | Yes | Yes | Yes (Add-on) | Yes | Yes |
| Spare Parts Coverage | Yes | Yes | Yes | Varies | Varies |
| Inflation Guard | Yes | Yes | Yes | No | No |
| Multi-Vehicle Discount | Yes | Yes | Yes | Yes | Yes |
| Bundling Discounts | No | No | No | Yes | Yes |
| Club Membership Discounts | No | Yes | Yes | No | No |
| Policy Customization | High | Moderate | High | Moderate | Moderate |
| Special Coverage Options | Restoration, spare parts | Worldwide coverage | Restoration, spare parts | Collector car events | Good driver discounts |
| Availability | Nationwide | Nationwide | Nationwide | Nationwide | Nationwide |
| Customer Service | Highly rated | Highly rated | Highly rated | Good | Good |
Classic Auto Insurance FAQ
1. What is classic auto insurance?
Classic auto insurance is a specialized form of car insurance designed for vehicles considered classic, vintage, or antique. It differs from standard auto insurance by offering agreed value coverage, flexible usage terms, and coverage for unique risks associated with classic vehicles. This type of insurance takes into account the vehicle’s collectible nature, limited usage, and often appreciating value.
2. What types of vehicles qualify for classic auto insurance?
Vehicles that typically qualify for classic auto insurance include:
- Classic Cars: Generally 20-30 years old, well-maintained, and not used as daily drivers.
- Antique Cars: Usually at least 45 years old and preserved in or restored to a good condition.
- Vintage Cars: Vehicles that are historically significant, often including cars produced before the 1930s.
- Exotic or Luxury Cars: High-value, limited production vehicles.
- Modified Cars: Custom-built or significantly modified vehicles. The specific qualifications can vary by insurer.
3. What is agreed value coverage?
Agreed value coverage is a feature of classic auto insurance where the insurer and the policyholder agree on the car’s value when the policy is written. In the event of a total loss, this amount is paid out without considering depreciation. This coverage ensures that the policyholder receives a payout that accurately reflects the car’s market value, which is especially important for collectible vehicles that may appreciate over time.
4. Are there mileage restrictions with classic auto insurance?
Yes, most classic auto insurance policies include mileage restrictions because these cars are not typically used as primary vehicles. The limits can range from a few thousand miles to unlimited mileage, depending on the policy. Some insurers offer flexible mileage options to accommodate the car’s intended use, such as exhibitions, car shows, or occasional pleasure driving.
5. Can I use my classic car for daily driving with classic auto insurance?
Generally, classic auto insurance policies do not cover daily driving or regular commuting. These policies are designed for cars used on a limited basis, such as for special events, exhibitions, or leisure driving. Using a classic car for daily transportation could void the coverage or result in a denied claim, so it’s essential to adhere to the policy’s terms.
6. How is the premium for classic auto insurance determined?
The premium for classic auto insurance is influenced by several factors, including:
- Agreed Value: The insured value of the vehicle.
- Usage: How often and for what purposes the vehicle is driven.
- Storage: Where and how the vehicle is stored (e.g., a secure garage).
- Driver’s Age and Experience: Generally, older and more experienced drivers may receive lower rates.
- Location: The location where the vehicle is stored and driven can affect the premium due to varying risks.
7. What additional coverage options are available with classic auto insurance?
Classic auto insurance policies often offer several specialized coverage options, including:
- Spare Parts Coverage: Protection for spare parts and accessories.
- Roadside Assistance: Specialized towing and assistance services for classic cars.
- Restoration Coverage: Coverage for vehicles undergoing restoration.
- Inflation Guard: Automatically increases the vehicle’s insured value to account for inflation.
- Travel Coverage: Coverage for the car while traveling to car shows or exhibitions.
8. Can I insure a classic car under a standard auto insurance policy?
While it is possible to insure a classic car under a standard auto insurance policy, it is generally not recommended. Standard policies may not offer agreed value coverage, specialized repair options, or the flexibility needed for classic cars. Classic auto insurance provides more tailored coverage to protect the unique value and requirements of collectible vehicles.
9. What should I do if my classic car is involved in an accident?
If your classic car is involved in an accident, follow these steps:
- Ensure Safety: Check for injuries and ensure everyone’s safety.
- Document the Incident: Take photos of the damage and gather information from any other parties involved.
- Contact Your Insurer: Report the accident to your insurance provider as soon as possible.
- Assess Damage: Work with your insurer and, if necessary, a specialized repair shop to assess the damage and determine the extent of coverage.
10. Are there discounts available for classic auto insurance?
Yes, many insurers offer discounts for classic auto insurance, such as:
- Multi-Vehicle Discount: For insuring multiple classic cars.
- Bundling Discount: For combining classic auto insurance with other policies, like home insurance.
- Club Membership Discount: For members of recognized classic car clubs.
- Safe Driver Discount: For drivers with a clean driving record.
- Secure Storage Discount: For storing the vehicle in a secure location, such as a locked garage.
11. How do I choose the right classic auto insurance provider?
To choose the right classic auto insurance provider, consider the following:
- Reputation: Look for providers with good customer reviews and a strong reputation in the classic car community.
- Coverage Options: Ensure the provider offers the coverage options you need, including agreed value and specialized features.
- Customer Service: Consider the quality of customer service and the ease of filing a claim.
- Cost: Compare quotes from different providers to find a policy that offers good value for the coverage provided.
- Specialization: Opt for providers that specialize in classic car insurance, as they are more likely to understand the unique needs of classic car owners.
Finding the best insurance for your classic car in 2024 involves research, comparison, and a keen eye for detail. By leveraging specialized insurers, using online tools, consulting communities, and thoroughly evaluating policies, you can secure coverage that offers peace of mind and protection for your cherished vehicle. Always remember to read the fine print and tailor the policy to fit your specific needs. With the right approach, you can find a reputable insurer that provides comprehensive and affordable coverage, ensuring your classic car is well-protected for years to come.
