Your Guide to the Best Classic Car Insurance Companies
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Whether you’re keeping a retired military Jeep in the garage permanently or driving your prized 1966 Chevrolet Corvair up to 10,000 miles per year, choosing the right classic car insurance provider is a must.
According to the Bureau of Transportation Statistics, 13 auto accidents occur every minute, which includes enclosed or parked vehicles. No wonder it is so important to keep your classic car insured.
This guide will answer all your questions about classic car insurance, including what to look for in a policy and our recommendations on the best classic car insurance providers.
If you do not have an active classic car insurance policy, it may be time to compare quotes for multiple classic car insurance providers. Enter your ZIP code below to get started.
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What Is Classic Car Insurance?
Unlike regular car insurance, a classic car insurance policy provides coverage for classic cars, antique cars, car show vehicles, or collector vehicles to an agreed-upon value by the insurer and owner.
To qualify for this type of specialized insurance, each insurer sets criteria, e.g., at least 25 years old. Typically, the full value of customized and restored classic cars exceeds its depreciated value, a condition many standard auto insurance policies cannot provide enough coverage for.
Other eligibility requirements set by insurers focus on preserving your car’s value. This may include a combination of a claims-free record for the past 3-5 years, agreeing not to use your classic car as your daily commuting vehicle, and storing it indoors.
What Are the Best Classic Car Insurance Companies?
After evaluating several collector car insurance companies, we narrowed down the options to five of the best classic car insurance companies.
In business since 1947, Grundy has been the largest insurer of hot rods, muscle cars, exotic cars, replicas, and motorcycles in the country, with a majority market share for the top 200 private American classic car collections. Its “Agreed Value” insurance covers 100% of your vehicle with no deductible in most states and full coverage limits (collision and comprehensive) above $5,000,000. It also offers spare parts coverage of up to $500.
One of our favorite things about Grundy policies is its 150% coverage cushion. With a total loss, even if the insured value of your classic car is below its current market value, Grundy will pay up to 150% of the agreed value.
As of September 2022, Grundy has an average 4.5-star rating across 1,043 reviews on Trustpilot.
2. American Modern
American Modern is a highly reputable collector car insurer popular for its flexible deductible options from $0 to $10,000, inflation guard, mileage plans, and agreed-upon value total loss settlement before policy activation.
However, American Modern most stands out with its standard spare parts coverage. It offers up to $2,000 in spare parts coverage, quadrupling that of competitors like Grundy.
With more than 1.8 million covered classic vehicles, military vehicles, and vintage cars under its care, Hagerty is one of the country’s best classic car insurance providers. It protects all types of classic cars, from race cars to retired military Jeeps, with no fixed mileage limits and a generous $750 in spare parts coverage.
Hagerty also has a substantial advantage with restoration vehicles. It’s only one of a few companies that cover your restoration vehicle at any stage.
One of Hagerty‘s biggest selling points is guaranteed value coverage, which awards your vehicle’s total insured value with no depreciation in the event of a total loss. And while many classic car insurers restrict which body shop to use, Hagerty’s repair shop policy allows you to choose your own body shop. You may even conduct the repair on your own.
On Trustpilot, Hagerty enjoys favorable reviews, achieving a 4.2 rating across nearly 3,650 reviews as of September 2022.
4. American Collectors Insurance
Since 1976, Cherry Hill, New Jersey-based American Collectors has been a well-rounded classic car insurer, offering a generous classic car policy with a high mileage plan (7,500) miles, 6% inflation protection, and $500 in spare parts coverage. This makes it an excellent policy for limited regular use driving.
American Collectors also enjoys one of the highest Trustpilot ratings on this list. As of September 2022, it has achieved a 4.9 rating across more than 7,900 reviews.
A Liberty Mutual company, Safeco is well known for fair insurance costs that are everyday-driving friendly. Classic car owners can choose from two policies, one for classic cars driven up to 5,000 miles per year and another for up to 10,000 miles per year. Like the options listed above, agreed value coverage is in effect, with an agreed-upon amount locked in before the policy takes effect.
Optional Safeco perks for your classic car include roadside assistance, emergency assistance, and personal property coverage. It’s also the only classic car insurer on this list to offer a diminishing deductible, which means every annual policy renewal reduces your collision deductible by $100 (up to a $500 maximum or for five years) if your record is claims-free. Enjoy peace of mind knowing that safe driving can reduce rates over time.
Our only knock against Safeco is a large number of exclusions for racing cars, kit cars, and select restoration vehicles.
What Do The Best Classic Car Insurance Companies Offer?
When looking for a classic car insurance policy, be sure to take the following factors into account:
- Inflation Protection: As your classic car appreciates, your coverage should increase with no cost increase. Today, many classic car insurers offer a standard 4% inflation coverage while others like Americans Guard offer inflation protection up to 6% with no change to the cost of your policy.
- Spare Parts Coverage: Some rarest classic cars may have spare parts valued higher than new vehicles. In case of theft or damage, the best classic car insurance companies offer spare parts coverage with deductibles anywhere from $500 to $2,000.
- Flexible Deductibles: Unlike standard auto insurance policies, classic auto insurers typically work with flexible deductibles from $0 upwards of $10,000. Plus, the higher your deductible, the lower your premiums. Higher deductibles may be an excellent trade-off when your classic car is permanently parked away from potential danger.
- No/High Mileage Limits: Many classic car insurers restrict the number of miles driven. Prioritizing coverage options with high mileage limits or no mileage restrictions is a plus for daily drivers.
How Can I Lower My Classic Car Auto Insurance Rates?
Fortunately, there are many ways classic car owners can save on auto insurance. Be sure to check with your provider or insurance agent about any discounts you may qualify for. You can also lower your auto insurance rates by tweaking your driving habits or policy:
- Miles Driven: Keeping your annual mileage as low as possible may qualify you for limited use rates.
- Claims-Free Driving Record: Maintaining a claims-free driving record should slowly decrease your premiums over time. Remember, the higher the number of claims and moving violations, the higher your rates.
- Higher Deductibles: Generally, the higher your deductibles, the less you pay in classic car insurance. Although no deductible policies (e.g., Grundy) exist, so do deductibles as high as $10,000. If you keep your classic car in storage, a $10,000 deductible is probably your safest bet.
Stop Around for the Best Classic Car Insurance Rates
If you have a classic car or two, it may be time to shop around for the best classic car insurance providers. It’s always a good idea to compare rates from affordable classic car insurers to find the best policy for you and your prized possession.
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