Does GEICO offer classic car insurance?
GEICO is a popular choice for classic car insurance thanks to their affordable rates and lack of appraisal requirements—learn more here.
Written by Drew Waterstreet
Reviewed by Amy Bobinger
Geico offers
classic car insurance
to vehicles that are at least 25 years old, but there are age expectations for exotics, replicas, and other classic vehicles.Since classic cars defy many characteristics of normal cars regarding usage and value, it makes sense that they need unique insurance coverage. To ensure your precious automobile has the pristine protection it deserves, here’s everything you need to know about classic car insurance—and what policies GEICO has to offer.
Does GEICO offer classic car insurance?
Yes, GEICO offers classic car insurance to protect your prized automobile possession.
We would never argue that beauty doesn’t lie in the eye of the beholder, but there must be objective parameters around what makes a classic car, well, classic. And contrary to common belief, the word “classic” isn’t exclusively reserved for old cars.
So as defined by GEICO, here are the types of vehicles that qualify for their classic car insurance policies—one or more characteristics must apply:
- At least 25 model years older
- A new exotic car, such as a Bugatti, Aston Martin, Rolls Royce, etc.
- A new replica car, like the Batmobile or the Dukes of Hazzard car
- A classic vehicle, such as a military vehicle, hearse, fire truck, etc.
In addition, your vehicle must also:
- Not be your primary transportation—it can only be used for exhibitions, club activities, and occasional pleasure/leisure
- Be stored and locked in a fully enclosed structure
If you can check these boxes, you’ll be able to protect your vehicle with a classic car insurance policy from GEICO. Now, let’s take a look at your coverage options.
MORE: How to make money restoring classic cars
RECOMMENDED
Compare auto insurance policies
No spam or unwanted phone calls · No long forms
What is classic car insurance coverage?
A classic car insurance policy can have many of the same protections as a standard car insurance policy. To elaborate, here are the types of coverage that are available to GEICO policyholders and their classic cars:
- Liability coverage: This will cover property damage and medical expenses that you owe to others after an accident that is your fault. It is required by law in almost every state.
- Collision coverage: Every time you take your classic vehicle out for a joy ride, you expose it to the risk of other drivers. In the unfortunate event of a collision, this coverage will help reimburse you for repairs.
- Comprehensive coverage: Even though your classic car will be securely in storage most of the time, it can still get damaged—examples include vandalism or natural disasters. Luckily, comprehensive coverage allows you to file a claim for non-collision-related events.
- Uninsured/underinsured motorist: Additional financial assistance if the driver who caused the accident doesn’t have the state-required minimum liability insurance.
- Roadside assistance: It’s easy to neglect maintenance on a vehicle that sits in storage. So if anything pops up on your way to a collectible vehicle exposition, you can get 24/7 reimbursed access to roadside towing and labor services.
- Medical coverages:Medical payments (MedPay)andpersonal injury protection (PIP)help supplement your health insurance in the event of an accident.
- Spare parts coverage: Up to $500 coverage for spare parts if you’re restoring your classic car.
For context, it’s worth mentioning that these collector car insurance policies are technically written by American Modern Insurance Group, but secured through GEICO. Just an FYI when you're reviewing the paperwork!
How much is a GEICO classic car insurance policy?
This is where a classic car insurance policy differs from a standard car insurance policy. In a car accident that deems the classic car a total loss, the insurance payout will be based on the agreed-upon value—unlike a standard car insurance policy, which bases reimbursement on the actual cash value of the vehicle after depreciation.
Owners of collector vehicles enjoy working with GEICO because an appraisal is not required when agreeing on the car's value. And considering many classic cars appreciate in value over time, the owner will be able to review the value of the vehicle every renewal period with their GEICO insurance agent to ensure appropriate valuation.
Obviously, premiums and deductibles will be higher on a classic car with an agreed-upon value of $200,000 than one worth $50,000. But, since classic cars are rarely exposed to risks (considering the limited driving time and storage in a secure location), premiums and deductibles are roughly 36% less expensive than standard auto insurance policies (relative to vehicles with the same value).
Who should get classic car insurance?
You shouldn’t get classic car insurance for just any old vehicle—even if it meets one of the previously mentioned requirements. So when is it worth it? Let’s take a look:
- Your vehicle’s rarity, novelty, or historical relevance makes the agreed-upon value high enough above the normal depreciated value that it makes sense to invest in protection.
- Your vehicle is an exotic car that you only drive on occasion. In other words, you still need protection, but not to the extent a standard car insurance policy provides.
We’ll allow you to define “classic” however your heart desires. But strictly from a cost-benefit perspective, these are the only scenarios when classic car insurance is recommended.
"I moved states recently and my old provider didn’t cover me anymore, so I tried usingJerry. They handled everything from fetching the quotes to purchasing the new policy. Now I save $30 a month with Progressive!” —Kay J.
Let Jerry find your price in only 45 seconds
No spam · No long forms · No fees
Are classic car insurance rates cheaper than regular auto insurance?
On average, classic car insurance is about 36% less expensive than standard auto insurance (relative to vehicles with similar values). This is due to the fact that classic cars are driven less and kept in secured locations, making the odds of filing an insurance claim less likely.
What is the difference between a classic car and an antique car?
Collectors and insurance providers (GEICO included) will all have a different answer to this question. But the most common consensus is that a classic car is over 20 years old, and antique cars are over 45 years old. Furthermore, vintage cars are identified as thos built between 1919 and 1930.
What other classic car insurance companies are available?
Auto insurance companies like
Nationwide
and USAA
also offer classic car insurance. But other less-known providers, like Hagerty and Grundy
, specialize in protecting classic cars. So don’t forget to check out their policies when comparing quotes!
4.7
