Classic Car Insurance: What Is It and Do I Need It?
Classic car insurance offers specialized protection for your collectible, classic car.
Written by Sarah Gray
Reviewed by Georgina Grant
Classic car insurance offers more specialized protection than a standard auto insurance policy for classic, vintage, or antique vehicles. With this policy type, your classic/collector car will be insured for its actual appraised value, not just its current market value.
Whether you’ve got a mint muscle car, a historic hot rod, or a classic kit car, you’ve got a ride that’s worth a lot more than fair market value. That’s why keeping your collector car covered with classic car insurance is essential—but how do you find it, and how do you know if your car qualifies for it?
Lucky for you,
Jerry
, the trustworthy super app
built to save drivers money on all types of car insurance
, has all the information you need. Just keep reading!What is classic car insurance?
Classic car insurance is made to fit the unique and specific needs of classic or collector car owners—especially when it comes to determining the actual cash value of their cars. Whether you have an all-original Model T, a mildly-modified vintage Mustang, or a replica Renault, classic or collector car insurance allows you to insure your car’s value based on a professional appraisal rather than just its fair market value.
MORE: How to make money restoring classic cars
How is classic/collector car insurance different from regular car insurance?
Lower premiums
The most important factor in determining the cost of classic car insurance is the car’s appraised value. If you have one car valued at $30,000 and another appraised at $250,000, you’d better believe the premiums for the quarter-million-dollar car will be a lot higher.
Classic car insurance premiums and deductibles tend to be significantly less expensive than standard auto insurance policies for similarly-valued vehicles—about 36% less expensive on average.
Flexible use
Classic car insurance allows you to drive your collectible car for a variety of reasons—like pleasure driving in the countryside, participating in a parade, or visiting car shows with your car club. However, you cannot use your classic car for daily driving and errands. In fact, your policy may include mileage limitations and may even require that you have a registered and insured regular-use vehicle.
In addition to usage limits, many classic car insurance policies also include secure storage requirements. This means your vehicle must always be stored in a locked garage when not in use. Some classic car insurance companies even require you to keep your car in a garage while traveling.
Guaranteed value
Even more than usage limits and lower premiums, the single greatest difference between standard and classic car insurance is the establishment of a guaranteed value for your car. This is often referred to as the “agreed value.” Put simply, it’s the appraised value of your vehicle and the amount that your insurer guarantees they will pay if your classic car is deemed a total loss after an accident.
Plus, unlike regular auto insurance, a classic auto insurance policy doesn’t factor in depreciation. You’ll have peace of mind knowing that your car’s guaranteed value will only change based on appraisals, and that value can increase!
Which insurance companies sell classic car insurance?
Lots of insurance providers offer coverage for classic and antique cars. However, some providers specialize in coverage for collector vehicles and vintage cars. Here are a few of our favorites:
Hagerty Insurance
- Why we love it: Largest provider of collectible vehicle insurance, and they provide coverage for all kinds of classic vehicles, including cars, boats, trucks, motorcycles, race cars, tractors, military vehicles, retired commercial vehicles, and even modern collectible vehicles. Other benefits are available with a Hagerty Drivers Club membership.
- Things to consider: Must also have a registered daily-use vehicle with standard car insurance; strict limitations on vehicle use.
American Collectors Insurance
- Why we love it: #1-ranked collectors’ insurance agency on Trustpilot; coverage for all your collectibles, from antique vehicles to vintage wines; easy underwriting process; available C.A.R.E. plans that offer a variety of roadside assistance, towing, labor, replacement parts, and spare parts coverage.
- Things to consider: You have to have a daily driver registered and insured to qualify for classic auto insurance.
Grundy Insurance
- Why we love it: Super-low rates, no mileage limits, MVP programs for insuring daily drivers.
- Things to consider: Fewer fringe benefits than larger providers, collector vehicles must be locked in a garage anytime they’re not being driven.
J.C. Taylor
- Why we love it: Over 50 years of experience, high ratings on BBB, nationwide coverage available.
- Things to consider: Offers only specialty auto insurance, no high-risk coverage.
American Modern
- Why we love it: Wide range of coverage options, mileage-based pricing available
- Things to consider: Customers report longer-than-average claims processing times, slow processing and set up for build-in-process, and limited production vehicles.
MORE: How to cancel Grundy classic car insurance
How to find cheap classic car insurance coverage
Whether you’ve got an antique fire truck or a modern classic, you need to be sure it’s covered with the best
car insurance
at the best price. Sure, you could spend hours, or even days, shopping and comparing quotes from different providers, but why bother when Jerry
can do it for you fast and free?All you have to do is download the free app, and answer a few quick questions, then Jerry takes compares the most competitive quotes from over 50 top providers to find you the best rate on the insurance coverage you need. And for specialty insurance like classic car insurance, Jerry’s friendly insurance agents are standing by to help—just give us a call!
Jerry will even help you set up your new policy and cancel your old one.
But we haven’t mentioned the best part—Jerry’s customers save an average of over $800 a year on their car insurance premiums!
“My policy covers two people and four cars: a truck, SUV, convertible, and muscle car.Jerryhelped me go from paying $308 a month to $125 a month with the same coverage. I’m loving the savings.” —Jocelyn A.
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How old does a car have to be for classic car insurance?
Generally speaking, classic car insurance carriers require a vehicle to be at least 10 to 25 years old to be eligible for coverage, but some offer coverage for any “rare” or “collectible” vehicle driven only for occasional pleasure, no matter its age.
Can a classic car be a daily driver?
No. Mileage limits and other exclusions make it impossible for daily-use vehicles to qualify for classic car insurance eligibility.
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