Classic Auto Insurance (2023)

Speed Reads:

• Classic car insurance is for vehicles that meet the age and mileage requirements.
• This type of coverage is typically less expensive than standard auto insurance because classic and antique cars aren’t driven often.
• Based on our methodology, Grundy Insurance is our top pick for classic auto insurance.

Choosing the right classic auto insurance company is important. You want to work with an insurer that knows classic cars, can help source replacement parts, and that understands what comes with buying and owning a vintage car.

Our team has spent over 1,950 hours researching the best car insurance providers on the market today, and in this article, we’ve focused on the best classic car insurance companies. Read on to learn more about classic auto insurance, in addition to five classic auto insurers that are worth getting quotes from.

Classic car insurance is specialized insurance that fully covers a classic car’s value. Drivers and insurers decide on a coverage amount reflecting this actual cash value, but the amount can be adjusted if the car appreciates over time. Classic car insurance is often cheaper than standard car insurance because classic cars are often driven infrequently, which reduces the chance of an accident.

Your vehicle needs to meet certain eligibility requirements in order to qualify for a classic auto insurance policy. In addition, these insurance policies often have annual mileage restrictions, as these vehicles aren’t meant to be driven for everyday use. If you plan on using your classic car as an everyday vehicle, you’ll need to consider other insurance options.

What Does Classic Auto Insurance Cover?

While coverages can vary between providers, here are the standard options that can come with a classic car insurance policy:

• Liability: Covers medical expenses for other drivers, their passengers, and damage to other cars when you cause an accident.
• Collision: Covers damage to your vehicle from an accident, regardless of who’s at fault.
• Comprehensive car insurance: Covers damage to your vehicle from events such as floods, theft, or vandalism.
• Medical coverage: Medical payments (MedPay) and personal injury protection (PIP) cover your medical bills, lost wages, and death benefits, no matter who was at fault.
• Uninsured/underinsured motorist: Covers property damage and injury caused by someone with too little or without insurance coverage.

Even though your classic car insurance policy covers many of the same things that a standard policy does, your insurance rates will likely be much lower. Classic cars are usually driven less, which makes them less of a risk for insurance carriers. Additionally, a classic or luxury car is often more valuable than the average vehicle. Because of this, coverage levels for classic car owners can be higher than coverage for regular drivers.

Classic Auto Insurance Perks and Add-Ons

Classic cars can be considered an investment. That’s why most companies also offer extra coverage options that go beyond the standard car insurance policy to offer peace of mind.

• Agreed value coverage: Collector car insurance companies will come to an agreement with you on the value of your car. You’ll be reimbursed for that full guaranteed value in the event of a covered total loss.
• Rising value: Classic vehicles typically appreciate as time goes on. If your car is totaled, it may be worth more than the original agreed value amount. To account for this difference, many classic car insurance companies will allow the agreed upon value to grow with time.
• Regular use coverage: Most classic auto insurers place limits on how much you drive, but you can get away with extra miles from a few companies. However, those miles have to be used for occasional pleasure, auto shows, or car club events. It’s rare to find classic coverage that lets you use the car as your everyday vehicle.
• Coverage during restoration: Many classic car insurance companies also provide coverage when your car is being restored. If you’re doing the restoration work, some companies provide coverage for your tools.
• Spare parts coverage: This allows you to cover spare parts that are meant for your car. Some companies also cover automobilia like classic signs, tractor memorabilia, and vintage gas pumps.
• Roadside assistance: Many classic auto insurers offer roadside assistance plans that either guarantee flatbed towing or allow you to request it.
• No attendance clause: With this coverage option, you don’t have to be in or around your car for it to be protected. For example, if you take it to an auto show, it will still be protected while you go look around at other classic cars.
• Auto show medical reimbursement: Some companies will reimburse you for medical costs from injuries that occur while driving to or from an auto show.

Just because you have an old car doesn’t mean it’s a classic. Below are a few general requirements that your car must meet to be insured by a classic auto insurance provider. It’s good to keep in mind, that the requirements can vary between providers.

• Your car needs to be at least 10 to 20 years old. If it’s at least 25 years old, it may be considered an antique vehicle.
• You can insure a new car as a classic if it is a historical reproduction model, hot rod, or an exotic car.
• The car should have been restored or preserved, or you should be in the process of restoring it.
• You can’t use your classic car for daily driving. Collector or classic car insurance agencies usually require that you mainly use the car for special events, such as a car show, plus a few days of pleasure driving per month.
• Your car should spend its downtime in a garage, not on an open driveway where it’s more susceptible to wear and tear.

We analyze auto insurance providers on their strengths and weaknesses across six key metrics. While classic auto insurance is a bit different from your standard car insurance policy, our methodology and thorough research methods have not changed. See below for more information on how we chose our top choices for classic auto insurance.

How We Rated Classic Auto Insurance Providers

We refresh our review standards multiple times per year to keep our information current. Overall, our insurance research falls into six main categories: industry standing, availability, coverage, cost and discounts, customer service, and technology.

Industry Standing

If a classic auto insurer doesn’t have a high reputation, we won’t recommend it. We look to see if a provider has strong financial ratings, a high Better Business Bureau (BBB) rating, and an overall solid standing in the industry. We also take into account how long it’s been in business.

Availability

We consider whether a classic auto insurer is available nationwide. If it’s only available in certain regions or only offers policies to certain groups of people, we may not recommend it over a provider that’s more widely available. In addition, we take into account exclusions based on state.

Coverage

The coverage that a provider offers through its classic auto insurance policies is also considered in our research. We look at the types of insurance offered, then consider the add-ons that an insurer offers either for free or for a price. A classic car is likely more valuable than your average vehicle, and the right coverage can bring you peace of mind.

Cost And Discounts

Overall costs and discounts are also taken into account in our research. If a classic auto insurance provider offers up low average rates compared to competitors, we’re likely to recommend it. An insurer that offers various discounts that bring your rates down is also more likely to be recommended by our team.

Customer Service

Great customer service is a must when dealing with an insurance company. If an auto insurer has great reviews, ratings, and low complaints across the board, we’re more apt to recommend it. We also consider survey data on customer satisfaction from consumers just like you.

Technology

We look to see if a provider offers a quick and easy way to obtain a car insurance quote online. In addition, we take into consideration its website speed and, if it has an app, how easy it is to use and the reviews it’s received from users.

We’ve taken a closer look at the industry standing, availability, coverage, costs and discounts, customer service, and technology offered by dozens of auto insurance companies, and have found that the auto insurance providers below uphold our standards for the best classic car insurance companies.

Grundy Insurance

Founded: 1947
Availability: 50 states
BBB rating: B-

Grundy Insurance has specialized in classic auto protection for over 75 years, and is available in all 50 states. Its vintage car insurance policy covers most vehicles that are at least 25 years old, plus exotics and muscle cars of all model years. In addition, it’s one of the classic auto insurers that offers unlimited miles, as long as you and all licensed drivers in your home have a different vehicle for everyday use.

Grundy offers classic auto coverages such as agreed value, comprehensive, collison, liability, and uninsured/underinsured motorist. It also offers perks such as spare parts inventory coverage, trip interruption coverage, and towing and labor provisions. You can easily obtain a quote through its website, though costs for coverage will vary depending on the kind of classic car you’re looking to insure.

Read more: Grundy classic car insurance

Hagerty

Founded: 1984
Availability: 50 states
BBB rating: A+

Hagerty auto insurance is another choice that stands out among classic auto insurance providers, with an A+ rating from the BBB and 4.4 stars on Trustpilot. Progressive and Nationwide, two well-known and reputable insurers, have partnered with Hagerty to insure their customer’s classic cars, which adds to its credibility in the industry as a classic auto insurer.

One nice perk that Hagerty has is specialists who can track down hard-to-find parts to repair your car, such as replacement original equipment manufacturer (OEM), new old stock (NOS), or like kind and quality (LKQ) parts. In addition to its classic auto insurance, Hagerty offers insurance for motorcycles, military vehicles, and vintage camper trailers.

Another nice thing about a Hagerty auto insurance policy is that you have the option to buy your car back in the event of a total loss and rebuild it yourself. In addition, you can either have your car repaired at a shop of your choice, or you can do the repairs yourself and claim the insurance benefits.

State Farm

Founded: 1922
Availability: 50 states, but not accepting new customers in Massachusetts or Rhode Island
BBB rating: B

State Farm auto insurance is one of the few traditional insurers that also covers collector vehicles on its own – it doesn’t partner with another company. That means you’ll talk to your own State Farm agent and only deal with one company when you need service for both your everyday vehicle and your classic car. State Farm earns 4.7 out of 5 stars in our review of the top car insurance companies in the market, and it ranked well above average in J.D. Power’s 2022 U.S. Auto Claims Satisfaction Study℠.

State Farm covers your collectible up to the agreed-upon value to protect against depreciation, and it offers $500 in spare parts coverage. Also, the company has agents available 24/7, so you can always talk to a real person when you call in. Another perk of using State Farm is that you can bundle your classic auto policy with other policies, such as your regular auto insurance policy or even a homeowners or life insurance policy.

Read more: State Farm insurance reviews

Heacock Classic Auto Insurance

Founded: 1989
Availability: 48 states (not available in Alaska or Hawaii)
BBB rating: A+

Heacock Classic Insurance offers insurance for antique, classic, collectible, and exotic luxury vehicles. It claims to save customers on average 40% versus standard car insurance, and customer reviews talk about the company’s professionalism and competitive pricing.

Heacock’s classic auto insurance policies are underwritten by American Modern Insurance. Coverages offered include agreed value, liability, complimentary roadside assistance, and $2,000 in spare parts coverage. In addition, appraisals aren’t required during your evaluation for coverage.

American Collectors Insurance

Founded: 1976
Availability: 50 states
BBB rating: A+

American Collectors Insurance offers policies to classic, custom, imported, and collectable cars, with a unique multi-tier protection program available to policyholders. Its Collectors Auto Reimbursement Endorsement (CARE) plan provides coverages such as car show expense and cosmetic damage reimbursement, in addition to roadside assistance and more.

American Collectors Insurance is accredited by the BBB and holds an A+ rating. Reviews for this classic auto insurer are largely positive across the board, praising the company’s fast response times, fair prices, and excellent customer service.

If you have a beloved classic car that you’d like to protect, it’s worth looking into obtaining a classic auto insurance policy. It’s often cheaper than a standard insurance plan, and comes with unique extra coverages like spare parts coverage and agreed value coverage.

However, keep in mind that factors such as your age, vehicle make and model, and driving history can affect your premium, so what’s best for your neighbor might not be best for you. We encourage you to get car insurance quotes from multiple providers, comparing coverage and rates so that you can purchase the best policy for your needs.