The best classic car insurance will depend on a few important factors, such as the type of car you have and your location. It’s important to consider each of your options to ensure that your investment is protected.
Best Insurance Rates for Classic Cars
Classic car insurance rates tend to be lower than those of traditional insurance policies. This is because classic cars are not driven as frequently as modern vehicles. Because your liability of being in an accident is reduced, you can usually enjoy discounted rates. In fact, rates tend to be, on average, 36 percent less than traditional insurance coverage.
Insurance providers, however, may often increase rates because the value of a classic car continually increases. Drivers will need to follow specific requirements, such as where they must store their classic cars and how often they may drive them.
According to NerdWallet, the best insurance provider for classic cars is Safeco. Whereas most insurance providers prohibit the daily use of your classic car, Safeco allows it. Its policy covers up to 10,000 miles of use annually. Of course, you should still compare quotes from different providers and find the one that’s best for you. Safeco is not available in all 50 states and has limits on the types of classic cars it covers. It does cover a wide variety of cars, including classic, modified collector’s, modern classic, and antique autos.
Best Classic Car Insurance Providers
With different rules and requirements, it’s not always easy to find the best insurance provider for a classic car. Because a classic car insurance policy protects your investment and ensures the longevity of your vehicle, take your time to choose the right one.
Here are a few insurance providers who offer classic car coverage:
- American Collectors
- American Modern
- Classic Collectors
- Condon Skelly
- J.C. Taylor
- American Family
- American National
- Liberty Mutual
- State Farm
Additionally, some larger insurance companies have partnerships with classic car insurance providers, including USAA and Geico. USAA is a discounted insurance provider that’s available only to active military members and their families.
What Classifies a Car as Classic?
Before searching for classic car insurance, consider whether your vehicle is classified as a classic car. Age is not the only factor that makes a car a classic. Older cars that are not in good shape may not be insurable. Some insurance providers require an appraisal and may have specific requirements. Different insurance providers tend to have different requirements to qualify a vehicle as a classic car. However, in general, the car must be a minimum of 10 to 20 years old (classic) or 25 to 30 years old (antique) and be one of the following:
- A hot rod or modified vehicle
- An exotic or luxury vehicle
- A muscle car
- A classic truck
In most cases, the classic car must also meet the following requirements:
- Well-maintained condition or proof of actively being restored
- Not the driver’s primary vehicle
- Secure storage, such as in a locked garage or covered carport
Find out the specific requirements of the insurance provider to ensure you don’t void the policy. Some policies also have a minimum age requirement, requiring the driver to be at least 25 years old.
Calculating the value of a classic car is also a little different than the traditional calculation of a daily-driver vehicle. Classic cars usually increase in value, rather than decrease. For this reason, insurance providers usually use an agreed-upon value, which is the current market value of the car along with your investment into it.
Top Classic Car Insurance Provider — American Modern
Numerous publications have listed American Modern as the top classic car insurance provider, due to its more than 50 years of experience in the industry. It covers all types of classic cars, including muscle cars, classic cars, exotic cars, antique cars, street rods, Cobra replicas, race cars, antique fire engines, and retired military vehicles.
American Modern is available all over the United States. You’ll have an agreed-upon value before you sign your policy. Depending on factors such as your age, location, credit rating, and driving record, you can also receive discounts of up to 45 percent through American Modern. Its insurance policies are also comprehensive, meaning they include bodily injury and property damage liability as well as uninsured motorist and medical protection.
However, American Modern does not always cover higher-risk drivers, and the company can take longer to process insurance claims than other companies. If you have a lot of traffic violations or car accidents on your record, you may not be able to get insurance through American Modern. Having a DUI on your record can make it even more difficult.
Top Restoration Project Insurance Provider — Hagerty
Your insurance needs tend to differ when you’re still restoring a project. You don’t need as much coverage initially because the car’s value is less than what it will be when you complete the project. Numerous publications, including Investopedia, agree that Hagerty is a top choice for restoration project insurance.
Hagerty also offers insurance for unique products, such as historic gas pumps or license plates. It also covers the rental of your classic car if you decide to let others try it out. It covers elements such as spare parts and tools needed to complete your project. However, Hagerty will not cover your classic car if it’s your daily driver.
Top Emergency Expenses Coverage Insurance Provider — American Collectors
When you own a classic car or restoration project, there’s always the chance that you’ll break down on the side of the road and need towing or roadside services. American Collectors will cover not only these costs but also other unexpected costs. If you are en route to a classic car show, the insurance company may even cover costs of hotel fees or bail bonds. Classic Collectors has also received an honorable mention from classic car drivers.
When shopping for the best classic car insurance, consider your unique car insurance needs. Do you have a classic car or restoration project? Do you need coverage for roadside assistance as well as the tools used in the repairs? Consider your needs and then get quotes from a few of the top providers for the best rates.
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