Does Progressive Offer Classic Car Insurance?
Progressive offers classic car insurance through Hagerty’s Guaranteed Value Coverage.
Written by Jacqulyn Graber
Reviewed by Hillary Kobayashi
Progressive
offers classic car insurance
through Hagerty’s Guaranteed Value Coverage, which is a special type of auto insurance coverage that’s specifically for classic or antique vehicles. If you drive an antique car or classic vehicle, you won’t be able to protect it with your standard auto insurance policy. In fact, coverage options for classic cars differ, and a classic car insurance policy is specifically designed for your vehicle’s unique needs.
Fortunately, you can purchase a classic car policy through popular car insurance companies, including Progressive. Let’s go over the essential details of a Progressive classic car insurance policy to decide if it’s the right coverage for you.
Does Progressive offer classic car insurance?
Yes!
Progressive
offers classic car insurance via Hagerty’s Guaranteed Value Coverage. Hagerty’s specially designs their coverage for classic or antique cars. If your vehicle is declared a loss, Hagerty’s coverage will pay out your classic car’s entire insured value, minus your deductible.If you join the Hagerty Drivers Club, you will also gain access to
roadside assistance
, which can help you out if you need a jumpstart, a tire change, or more.RECOMMENDED
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What is classic car insurance coverage?
Classic car insurance covers “classic” cars and can include different types of coverage, such as
liability
, comprehensive
, and collision
. But what exactly makes a car “classic?” Well, classic cars are usually between 25 and 50 years old, but there’s really no definitive age a car must reach to be considered “classic.” Some U.S. states will have specific criteria for defining an automobile as a classic, which may factor in age, weight, usage, or manufacturing.
Additionally, Insurance companies have specific criteria that a car needs to meet in order for it to qualify for classic car insurance. For Progressive, classic car insurance differs from regular car insurance policies in two main ways:
- Mileage: Progressive and Haggerty place mileage restrictions on classic cars. Classic cars should be fun-to-drive vehicles that maintain or increase in value as time goes on. For this reason, Progressive places limits on how much you can drive each year in order to qualify for classic car coverage. Progressive, and other insurance companies, will also require you to keep your classic car protected, meaning that it will need to be locked up in a garage or storage facility.
- Protection: Traditional car insurance will only cover the actual cash value (ACV) of your vehicle, which—thanks to depreciation—could be much less than what you actually paid for it. Classic car insurance, on the other hand, allows you and Progressive to agree upon the value of your vehicle (in advance), which will then be paid out if the car ends up totaled (minus the deductible). If your car is simply damaged but not totaled, classic car insurance guarantees original equipment manufacturer (OEM) parts.
How much is a Progressive classic car insurance policy?
We have great news! Classic car insurance from Progressive usually costs about $276 less than a standard annual policy.
However, just like a standard car insurance policy, your rates will vary based on a wide variety of factors. In addition to the factors that affect regular insurance quotes (like your age, geographic location, and driving record), classic car insurance pricing is based on how much the car is worth, how you store it, and how much you drive it.
Keep in mind that Progressive isn’t the only car insurance company to offer classic car insurance. Other popular providers, such as
GEICO
, offer this optional coverage—so it’s important to take the time to gather multiple car insurance quotes
before settling on a policy.MORE:
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Who should get classic car insurance?
Progressive intends classic car insurance to be for drivers who are operating antique vehicles for occasional pleasure driving. Exotic cars that are used for daily driving, for example, are not covered by this type of insurance policy.
Simply owning a classic vehicle isn’t enough to qualify you for classic car insurance. You must also have good storage space available. An enclosed structure, such as a private garage or storage unit, is acceptable, but carports, driveways, and other storage areas will not work.
Additionally, your classic car cannot be a car that you drive every day. You are only allowed to drive it occasionally. Pleasure driving and special events, like exhibitions and tours (why not show off your nice set of wheels?) are also acceptable.
Finally, it’s important to keep in mind that you may not qualify for classic auto insurance if you have some serious infractions on your record, like ones for speeding or reckless driving. So keep your
driving record
in mind when you start looking for classic car insurance quotes. MORE: How to cancel Grundy classic car insurance
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Is classic car insurance cheaper than regular car insurance?
According to Progressive, classic car insurance costs about $276 less than a standard policy. This is because classic cars are not intended to be driven as everyday vehicles. Classic cars might have a higher value, but they’re less of a liability to insure. The price of a classic car insurance policy will also depend on how much the car is worth, how you store it, and how often you drive it.
Keep in mind that the exact price you pay for any car insurance policy will depend on a variety of personal factors as well, including your demographics, driving history, geographic location, credit score, and more.
What are the benefits of classic car insurance?
Classic car insurance protects your collectible vehicle through liability coverage, comprehensive coverage, collision coverage, and other specialized coverages. Antique cars often maintain or increase in value, so classic car insurance typically covers yours up to an agreed value.
Another benefit? Classic car insurance tends to be cheaper than standard auto insurance policies. Just keep in mind that you’ll have to adhere to strict coverage limits regarding mileage and usage.
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