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UPDATED: Mar 5, 2020
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Classic automobile car insurance coverage can be affordable no matter what type of classic car you own. Whether you drive your classic car or use it exclusively as a show car, classic car insurance is necessary. And thankfully, you can find the coverage you need at a price you can afford.
Many classic car owners go without insurance or purchase standard auto insurance because they think classic coverage is too expensive or not needed for car shows. Neither of these assumptions is true. Actually, going without the right insurance could be costly!
Even if you don’t drive your vehicle, it’s imperative that you get car insurance. When an accident or theft happens, you could lose the investment you put into your uninsured classic car.
Whether you have always owned your classic car, just purchased one, or have restored one, having insurance coverage will help preserve its value.
We’ll show you some options and help you work through the coverage available for your classic car.
To find affordable car insurance quotes for your classic car, enter your ZIP code now!
Car Insurance for Classic Cars
Many people do not drive their classic cars for everyday errands but use them exclusively as show cars. Even with limited use, accidents can still happen. There are many people coming and going at car shows, and it is actually quite common for some minor bumps and scratches to occur.
There is also the transportation of your vehicle to and from the car show — either by driving or being towed in a trailer. The risk for an accident exists in these situations as well.
When it comes to repairing a classic car, even minor bumps, dents, and scratches can be expensive to fix without insurance. Having automobile coverage on your classic car will pay for any repairs that need to take place if it is damaged at a car show.
What is the difference between classic, antique, vintage, and collector cars?
Now, before we get too far, let’s get clear on a few terms. Before you can seek coverage, it’s important to get a handle on defining your type of car.
Is your car antique, classic, vintage, or collectible?
Vehicle and age requirements can vary among different insurance companies, but overall, automobiles are considered to wear one of these labels if they meet the following general criteria:
- A limited number of them have been manufactured
- They maintain or increase in value
- They are especially intriguing
Now let’s dive deeper into each category:
- Antique – Generally speaking, if a car is more than 25 years old, it is considered an antique. Some states, however, call a car “antique” if it is at least 20 years old, while the Antique Automobile Club of America says a car must be a minimum of 45 years old. The condition of the car is also what qualifies it as an antique. A car that is an antique has usually been restored, is well taken care of, and has some resale value.
- Classic – Typically, companies call a car “classic” if it is 19 to 24 years old, has been restored, drives well, and is worth more than other vehicles of the same make and model year. In some circles, the words “antique” and “classic” are interchangeable, whereas in others, the word “classic” means a car that is 50 years old or more. Some classic car insurance companies say a classic car can be just over 10 years old, whereas if your car was made between 1925 and 1948, The Classic Car Club of America considers yours a classic.
- Vintage – If your car was built between 1919 and 1930, it is likely a “vintage” vehicle, but an insurance company may consider it “antique” or “classic” instead.
- Collector – A collector car is typically one built in 1980 or later, but sometimes companies call all classic cars “collectors.”
No matter which way you slice these terms, be sure to ask your prospective insurance company about their definition of these words.
Though many car insurance companies use “classic car insurance” as an umbrella term for antique, classic, vintage, and collector cars, it’s still important to differentiate which type your vehicle is to ensure you’re getting the quality coverage you need.
Just remember that antique, classic, vintage, and collectible cars’ values increase with time instead of depreciating. Just because a car is old doesn’t mean it should be considered a classic, antique, etc. Insuring an old car is not the same as insuring a car that fits into the aforementioned categories.
Read on to find out the types of cars classic coverage protects!
What kind of cars does classic car insurance cover?
Now that you have insight into the general “old car” definitions, you’re probably wondering what specific types of cars can be eligible for classic car insurance coverage (or “collector and classic car insurance” or “antique and classic car insurance” or “specialty car insurance” — whatever your company may call this type of insurance).
Below is a list of the types of cars most likely to get classic car auto insurance and not covered, according to Esurance, who only offers Agreed Value coverage (more on that below) as these vehicles come with higher risk:
|Cars Likely Covered by Classic Car Insurance||Vehicles Likely Not Covered by Classic Car Insurance|
|Antique Cars||Camping, Off-road, or Utility Vehicles|
|Classic Cars||Vehicles Driven Daily|
|Classic Trucks and Utility Vehicles||Commercial-Use Vehicles|
|1980 or Newer Vehicles||Motorcycles With Performance Modifications|
|Modified Vehicles||Vehicles Modified With Nitrous Components|
|Motorsports Vehicles||Dune Buggies|
|Classic Military Vehicles|
|Retired Commercial Vehicles|
|Vintage Motorcycles and Scooters|
|High-value Vehicles and Collections|
|Vehicles Under Construction|
Is classic coverage right for you? We’ll help you find the answer next.
Should you get coverage through a regular car insurance company?
Some people think that going with their family insurance company is a good idea because insurance companies typically offer a discount for multiple cars and policies, but that’s not always the best choice.
A typical car insurance company will not take into consideration the restored value of the vehicle. They only take into consideration what you paid for the vehicle or the actual cash value.
For example, if you paid $8,000 for a car that needed a lot of work and you put an equal amount of money into restoring the car, you would have spent $16,000. But now that the vehicle is in mint condition, it could sell for $50,000.
If you go with a typical policy, you would only receive $8,000 should something happen to your vehicle.
If you are thinking about skimping on insurance because you only drive your vehicle to and from car cruise events, think again. Car cruise events are often crowded with a lot of vehicles in the mix. It is one of the most likely places to receive a fender bender or worse.
Don’t jeopardize the value of your car just to save a few bucks. If you are going to spend the money to make a vehicle into a true antique or classic car, spend the money to protect your investment.
Are there certain requirements for specialty car insurance?
Not all insurance companies have qualifiers for being able to insure through their specialty car program, but some do. Here are some general requirements:
- You must use and own another vehicle that you use for daily driving.
- You, the driver, need to be of a particular age or older.
- The car needs to be of a particular age or older.
- The classic car cannot be driven for business reasons; it can only be driven for particular activities.
- The classic vehicle has to be driven less than 2,500 miles a year.
Insurance companies dealing with antique or collectible cars do typically have stipulations as to whom they will give a policy. These stipulations often include:
- A decent driving record
- Ten years driving experience
- No teen drivers or drivers with a poor record on the policy
- Secure garage to protect the vehicle
- Proof that you have another vehicle for daily transportation and will not be using this vehicle for high mileage driving
We’ll show you what to expect for pricing, next.
Is classic car insurance cheaper than normal car insurance?
Collectible car insurance is determined in a similar way as regular car insurance. However, coverage for classic vehicles is usually less expensive than regular car insurance because you drive your car less and probably often keep it protected in a garage and in prime condition.
Plus, a standard auto insurance policy usually does not offer enough coverage to replace or repair a classic car.
What’s more, on average, the cost of classic car insurance is 40 percent less than standard auto insurance rates. We took data from the NAIC for the average cost of full coverage by state and deducted 40 percent to give you a ballpark on what to expect (see graphic below).
Here is a breakdown by state:
The Most Expensive States
- Idaho – $407.93
- Iowa – $421.48
- Maine – $422.29
- Wisconsin – $442.31
- Indiana – $453.02
- Vermont – $458.41
- South Dakota – $460.15
- North Dakota – $463.98
- Ohio – $473.14
- North Carolina – $473.45
The Least Expensive States
- Massachusetts – $677.57
- Connecticut – $690.64
- Delaware – $744.34
- Florida – $754.28
- Rhode Island – $782.10
- District of Columbia – $798.44
- New York – $816.40
- Michigan – $818.40
- New Jersey – $829.67
- Louisiana – $843.22
That’s a good deal!
Classic Car Insurance Discounts and Savings
You probably own’t be able to get the same discounts on antique car insurance that you would with a standard policy. A big part of your policy is insuring the value of your car, though you can keep your rates down if you have a good driving record and a good credit score.
Of course, shopping around is an excellent way to ensure that you are getting the lowest insurance rates. However, many more traditional insurance companies don’t cover antique cars, so you will want to include specialty car insurance companies in your search.
Before you select a company, you should check them out at the Better Business Bureau and ensure that they have a good reputation, especially if you are going with a specialty company.
You need to make sure you have an accurate assessment of the vehicle’s value. By taking this step, you’ll be able to figure out how much insurance you need for your classic car. Once you know that, you can begin to work with an agent to develop a policy that fits your needs.
Another important consideration is how often and how far you drive the car. If you only take the car out a couple times a year for parades and shows, you can have a lower mileage limit placed on the policy, thereby lowering your premium.
Finally, if you are restoring a vehicle, you will need to make adjustments to your policy after doing so because the value of the car will increase.
Keep all receipts and documentation for work that was completed on the car and take pictures throughout the process. These receipts will help determine an accurate assessment of the car’s new value so that you can increase your coverage appropriately.
Unlike with regular vehicles, the value of an antique car will appreciate over time. For this reason, it will be important to review your policy every few years to make sure that you continue to have enough coverage should anything happen.
The following are ways to save on classic car insurance:
- Take an accident prevention course
- Deter thieves with an anti-theft device
- Only use your car on weekends and holidays
- Store it during the winter
- Own more than one car
- Have more than one policy
- Choose a higher deductible
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Two Types of Coverage
To make sure your classic car is properly insured, you can go through a standard company that accepts Stated Value Insurance or Agreed Value Coverage. Some insurance companies offer these types of coverage, while others do not.
In Stated Value Insurance, you state the value of your car, and that is the amount for which it is insured.
Of course, you need to provide proof of the number you came up with, but keep in mind that your company may defer to the Actual Cash Value instead if that is a lower amount than the stated value. Some Stated Value Insurance requires that you carry a deductible, so make sure you discuss this with your insurer.
Agreed Value Coverage is similar to Stated Value, except that both you and the insurance company present a value based on research, you negotiate, and you come up with a number you can both agree on. This final number is what your car is insured for, period.
You want to insure your vehicle for its replacement value, not what you paid for it or what you put into it. Specialty car insurance companies — which specialize in classic/collector auto insurance — almost always stick with agreed value coverage.
Do all insurance companies offer specialty car insurance?
To start, it is important to know that not all insurance companies offer classic car insurance. The company with which you insure your regular vehicle may not offer specialty coverage, so you may have to look around.
In general, most insurance companies will give discounts if you insure more than one product with their company. If you find a company that sells both classic car and standard car insurance, you may be able to save money by insuring all of your vehicles with them.
Many of the classic cars that are being driven on the road are actually insured by standard insurance companies, so some do offer that as a policy. Standard insurance companies tend to charge more for the premiums than specialty providers, even though they are more restrictive policies.
You may find that insuring with a specialty car company will save you more money. When you are searching for a company that offers specialty classic car insurance, one of the considerations you should take into account is whether the company is financially stable.
You can find that information out from insurance rating company A.M. Best.
Read on to learn the benefits of going with classic car insurance!
What do classic car insurers offer that differs from standard insurance companies?
You definitely should search for specialty companies, as they offer aspects of the auto policy that standard car insurance companies may not.
One situation may be that you would like to use a mechanic of your choice in the event your classic car needs repairs. You may also want to check out specialty companies if you want the car insured for the actual amount you think it is worth.
To illustrate this point, consider a car you purchased in 1974 for $1400. Dealers may now offer $15,000 for that vehicle and some people have been quoted estimates as high as $21,000.
If the vehicle is totaled and you have classic car insurance, you should expect to receive what the car is currently worth; however, if you insured that car with regular car insurance, you will be lucky to get your original $1400 back.
Keep in mind that you may need to insure with a specialty insurance company if you are looking for liability insurance at club events, would like coverage for any damage that may occur at car shows, or would like coverage during the time the car is being restored.
Other situations for which you may need specialty coverage may include shipping your classic car somewhere overseas or out of state, or desiring premiums that are flexible and based on how many miles you drive per year.
Some collector car insurance companies have unique protection features. For cars on their way to car shows, there are towing and labor plans that include the following perks:
- emergency towing
- roadside assistance
- emergency lockout
- lost key return
- emergency travel expenses
- theft rewards
- personal effects protection
For cars at a car show, there are comprehensive reimbursement plans for any damage to the car, including accidental breakage to any parts of the car and even earthquake protection.
Here is a short list of benefits that collector car insurance will offer clients:
- Agreed Value Coverage – (Here’s that term again!) The classic car owner will get the full amount that covers the value of the car in case the car is totaled.
- Restoration Coverage – This coverage protects a classic car’s value when it is in the process of getting restored.
- Choice of Repair Shops – The owner takes the car to a mechanic who is familiar with the special features of classic cars.
- In-house Claims – The claim is handled by a collector automobile insurance expert.
- Flexible Usage – The classic car owner can enjoy their car within the comforts of an insurance policy limit.
Next up, the top companies to consider for YOUR coverage!
Coverage Options by Popular Companies
There are several specialty car insurance companies that exclusively offer insurance for classic, antique, vintage, and collector cars, but some “normal” car insurance companies offer plans for old cars, too. Read on to learn more about a handful of companies ready to protect your prized possession(s).
#1 – Grundy Classic Car Insurance
Since the 1940s, Grundy Insurance has insured classic and antique cars. Grundy says they’re the first insurer to draft an antique auto policy. They also claim to have invented the agreed value policy. The Classic Car Club of America prefers Grundy over any other specialty car company.
With Grundy, there is no age limit when it comes to insuring your car. In fact, they have a motor vehicle program that will insure all of your vehicles under one policy.
It doesn’t matter how new or old your cars are…or whether they qualify as classic or daily go-to trucks and compact cars. And get this — it’s an agreed value policy for all of them, too!
If you collect cars, they also offer global coverage for your entire collection, maximum coverage, diminution of value, 150 percent coverage cushion, and custom premiums. Click here for more details.
#2 – American Collectors Insurance
American Collectors prides itself on satisfying customers with innovative programs and excellent service. They cover a lot of things, including earthquake damage!
If you own more than one collector car, be sure to ask about their multi-vehicle discount, and look into their discounts for mature drivers, safety features, and secure garage storage.
They offer a TLC Auto Plan, which they call the “most comprehensive emergency expense reimbursement of its kind.” It reimburses you for emergency expenses like towing, roadside assistance, getting locked out of your car, and more.
The TLC Plan comes in three affordable policy levels:
Each level builds on the last with additional coverage options.
What’s more, they don’t just insure your car collection…they insure a whole slew of other collectors’ items, such as action figures, model trains, trading cards, etc. Check here for the list.
#3 – J.C. Taylor Insurance
If your classic car is at least 19 years old, you can have it insured by J.C. Taylor. They have been in the specialty insurance biz since the 1960s.
When it comes to cars, they work with the following: classics, antiques, modified vehicles, and custom vehicles. As is the case with all specialty insurance companies, they offer agreed value coverage. In fact, their slogan is, “No Hassles. Competitive Pricing. Agreed cValue.”
If you’re curious whether you and your car would be the right fit for J.C. Taylor, they make their eligibility rules clear on their website.
You must be at least 25 years old and have a good driving record (especially within the last three years), and your car must be a factory original — predominantly a hobby vehicle in good or restored condition that you keep in an entirely enclosed, locked garage.
#4 – Hagerty Classic Car Insurance
Hagerty is a leader in classic and antique vehicle insurance coverage. If your classic car is being restored, you’ll want Hagerty to cover it, especially since they offer protection for all sorts of specialty vehicles — plus more coverage for spare parts than most other companies.
You can also join the Hagerty Collector Network, which has over 225,000 members.
To determine prices, this company has their own independently published Hagerty Price Guide, which is compiled of data they collected from auctions, dealer sales, asking prices, and peer-to-peer sales.
Between access to this data, their expertise in this field, and their close proximity to the classic car market, they know what’s up when it comes to the right prices for coverage. Hagerty also runs a quality YouTube channel with classic car stories like this one:
#5 – American Modern Insurance
Aside from agreed value coverage, you can expect American Modern to offer discounts that can save you up to 45 percent, between a car club membership, anti-theft devices, and an accident prevention course.
Included in their policy is, of course, the basic coverage options typically offered by a standard auto insurance company, plus mileage plans, one liability charge for all vehicles under one plan, spare parts coverage, deductible options, and coverage for the following:
- A road trip stall-out or other car disability
- A new collector car
- Pet coverage
Yes, that’s right — pet coverage! So, if your favorite little furry animal gets injured in your classic car, American Modern will pay up to $750 of your pet’s medical expenses.
On top of all of this awesomely included stuff, American Modern offers some additional coverage options and flexible payment plans. Sounds hard to beat, right? If you’re in the market for an American classic car insurance company, you can save a lot by going with American Modern!
#6 – State Farm Classic Car Insurance
You probably know State Farm only as a regular auto insurance company, but did you know that they also offer classic car insurance?
They define a classic car as “a motor vehicle ten or more years old, which is of special historical interest” and in their eyes, an antique vehicle is at least 25 years old. They’ll insure vehicles that fit their definition, but they don’t cover any exotic vehicles, modified cars, vintage motorcycles, etc.
They offer the following coverages:
- Medical Payments/No-fault
- Uninsured Motor Vehicle/Underinsured Motor Vehicle
- Emergency Road Service
- Death, Dismemberment, and Loss of Sight
- Loss of Earnings
State Farm will pay the agreed value in the event of a loss, and you can also expect up to $500 coverage for your car’s spare parts. Though they insure a lot of “normal” cars, they have a quality grasp on collector cars.
They even created their own split Camaro model as a teaching tool so their employees can understand the difference between a modified car and one that’s been fully restored to their original condition:
So if you must go with a standard auto insurance company, give State Farm a try.
#7 – Safeco Classic Car Insurance
Safeco provides coverage for antique and classic cars, modified collector cars, reproductions, replicas, restorations, and modern classic cars. Their policy does not cover as much as specialty insurers do, but if you want to drive your classic car often, they’re your best bet.
Most people who collect classic and antique cars don’t like to drive them regularly, but if your aged vehicle is your go-to, Safeco permits up to 10,000 miles for regular use — similar to a traditional auto insurance policy.
Despite the fact that they don’t cover things like spare parts or restoration, they do offer some discounts that many specialty companies do, which is cool. However, Safeco doesn’t cover kit cars, cars restored to less than 50 percent, classic race cars, or automobiles with a jet or nitrous oxide engine.
Here is a table that breaks down all the different types of classic cars each of these companies insures:
|Company||Classic/Antique||Modified/Replica/Rods||Kits||Exotic/Special Edition||Military||Sport||Antique Tractors||Vintage Motorcycles|
This table displays the perks of each classic car insurer:
|Company||Minimum Age||Mileage Limit?||Regular Use?||Spare Parts Coverage||Restoration Coverage||Inflation Guard||Bundling|
|American Collectors||None||No||No (with unlimited plan)||$500||Yes||Yes||No|
|American Modern||None||No||No (with unlimited plan)||$2,000||No||Yes||No|
Appraising the classic car before deciding on insurance is very important. It helps you understand the true value of the vehicle when compared to other vehicles in the same category.
The appraisal needs to be done by a trained professional. Check out the resume of the professional before enlisting his service, and make sure that he is knowledgeable of the different makes and models of classic cars.
A car cannot be insured unless its make, model, style, and color are properly appraised.
The Vehicle Identification Number or the VIN is also noted because that is a major factor in proving the authentic value of the vehicle. The following are the actions of an appraiser when he gets a classic car on his territory.
The appraiser will:
- Consider the true condition of the vehicle by giving it a thorough once-over
- Examine the interior, drive it, and observe the functioning of the vehicle
- Document all the features noted
- Take photographs to accompany the report
Once the appraisal is completed, he will then add information and photos regarding similar vehicles in the market to compare the prices. He usually gauges this information from a variety of sales and marketing journals and auction reports.
This appraisal is very important because it decides the coverage you will probably receive. It will be a good idea to get ahold of an agency that specializes in a particular classic car because they are likely to understand your needs.
Most Popular Classic Car in Each State
With classic car shows in every state, you can bet that basically all of America shares an appreciation for classic cars. And since you’re here, we’re sure you do, too.
Other than the special old car(s) you own, you probably have a few other favorites on your list. If you’re curious about the most popular classic car in every state, including where you live, check out this colorful map:
Did your car make it on the map? If this visualization isn’t your style, we’ve put them into an easy-to-read table for you:
|Alabama||1977 Pontiac Firebird Trans Am|
|Alaska||1963 Chevrolet Corvette|
|Arizona||1970 Ford Mustang Mach 1|
|Arkansas||1968 Pontiac Firebird|
|California||1967 Ford Mustang|
|Colorado||1970 Chevrolet Camaro|
|Connecticut||1949 Ford Custom|
|Delaware||1986 Chevrolet Monte Carlo SS|
|District of Columbia||1969 Dodge Charger|
|Florida||1969 Dodge Charger|
|Georgia||1969 Dodge Charger|
|Hawaii||1962 Chevrolet Corvette|
|Idaho||1935 Ford Pickup|
|Illinois||1969 Chevrolet El Camino|
|Indiana||1968 Chevrolet Camaro|
|Iowa||1964 Pontiac GTO|
|Kansas||1969 Dodge Charger|
|Kentucky||1967 Chevrolet Impala|
|Louisiana||1971 Ford Mustang|
|Maine||1977 Pontiac Firebird Trans Am|
|Maryland||1954 Chevrolet Bel Air|
|Massachusetts||1969 Dodge Charger|
|Michigan||1969 Dodge Charger|
|Minnesota||1969 Dodge Charger|
|Mississippi||1969 Ford Bronco|
|Missouri||1969 Dodge Charger|
|Montana||1969 Ford Mustang Mach 1|
|Nebraska||1980 MG MGB|
|Nevada||1956 Ford F100|
|New Hampshire||1969 Chevrolet Camaro|
|New Jersey||1969 Dodge Charger|
|New Mexico||1969 Ford Mustang Mach 1|
|New York||1969 Dodge Charger|
|North Carolina||1969 Dodge Charger|
|North Dakota||1967 Chevrolet Corvette|
|Ohio||1969 Dodge Charger|
|Oklahoma||1964 Ford Fairlane|
|Oregon||1970 Ford Mustang|
|Pennsylvania||1967 Chevrolet Nova|
|Rhode Island||1963 Chevrolet Corvette|
|South Carolina||1968 Chevrolet Camaro|
|South Dakota||1960 Chevrolet El Camino|
|Tennessee||1965 Chevrolet Impala|
|Texas||1969 Dodge Charger|
|Utah||1923 Ford T-bucket|
|Vermont||1967 Oldsmobile 442|
|Virginia||1967 Ford Mustang|
|Washington||1958 Chevrolet Corvette|
|West Virginia||1966 Ford Mustang|
|Wisconsin||1969 Ford Mustang|
|Wyoming||1965 Ford Mustang|
You’ll notice that the most popular car is the 1969 Dodge Charger, which is a favorite in 13 states! The Ford Mustang (with various model years) comes in second with its popularity in 10 states.
Antique Car Insurance for Your Chevrolet Corvette
When you look at the history of American classic and antique cars, you will find the Chevrolet Corvette as an icon in automobile history. It was released in 1953 and has always been renowned for speed and sophistication.
If you are the proud owner of one of these antique cars, then you will want to get the best antique car insurance for your needs in order to protect your asset. The better you look after your Corvette, the more the value will increase.
To ensure you have the right insurance coverage for your pride and joy, you should seek out insurance companies that specialize in the needs of a Corvette owner.
You will be able to get antique car insurance that will give you the option to purchase additional coverage if you need it. This may be needed because of extra expenses you may have paid out fixing the car up.
It is vital that you find an insurance company that has the following elements when insuring you:
- An understanding of where the collector comes from and their age before determining coverage
- A website that offers a wide range of coverage choices for your needs
- Options of insurance dependent upon make, model, and mileage of the vehicle
Antique Car Insurance for Your Ford Mustang
The vintage Ford Mustang has often been a favorite for car owners and collectors. This is mainly due to how enjoyable they are to drive, as well as their look and feel.
They also have power and performance in equal measure. There is one aspect that is vital when looking to get antique car insurance for this model. Make sure that the insurance company will cover repairs by qualified engineers who specialize in these types of cars.
Most companies claim to understand the needs of antique car owners, but you should be careful to find one that truly does understand. There are some things you may wish to consider when finding the correct insurance company for your Ford Mustang.
- Ensure that you can sign up for insurance online and that it is a straightforward process.
- Make sure that the insurance restrictions are limited.
- Get a guarantee that if the car is damaged, it will be repaired with the best parts available.
Antique Car Insurance for Your Chevy Camaro
The Chevy Camaro was first introduced to the market in 1967. It is considered to be a car that has a light body with a heavy motor.
Antique Camaros have managed to maintain their value years from their release. Some models are highly sought after by collectors since they are extremely rare. You want the right coverage from your car insurance as these cars are normally more expensive than your typical car.
Some insurance companies are specifically designed to cater to high-value, original vehicles such as this one. They deal with small numbers of clients in order to supply you with the best information available. They can also provide you with the best quote that is best suited to your needs.
It is vital to consider the following points when finding antique car insurance for your Camaro model:
- A big-block SS Camaro is going to need more insurance coverage than a small-block RS Camaro.
- There may be an increased premium to pay on convertibles.
- Ensure that the coverage takes into account travel distance needed for your car.
You’ll want to understand the terms in this next section if you’re considering classic car coverage.
Compare Classic Car Insurance Quotes
The reason why most people don’t get the most value from their car insurance is that they selected the company using a hit-or-miss method.
Here are four examples:
- They look through an automobile magazine for classic cars, hoping to stumble upon some insurance ads.
- They receive an offer in the mail. The marketer bought their name and address from a list seller who got the owner’s personal information after they purchased something in the past that identified them as the owner of a classic car.
- They accidentally heard an ad on the radio or saw a commercial on television directed at owners of classic cars.
- A friend recommended the insurance company that they were using, although the insurer did not specialize in classic car insurance, just general insurance.While they may have gotten a low price, they probably did not get adequate cover for the special expenses associated with a classic car.
Savvy shoppers are familiar with the far reach of the Internet and use Google, Yahoo, or Bing to do a search for websites that take care of their specialized needs.
This method of comparison shopping for car insurance is quick and accurate because of how easy it is to find discriminating information online. In addition, the shopper can also buy classic car insurance directly online.
No matter which way you choose to shop for classic car insurance, make sure you have the following information at your fingertips:
- Make, model, year, and type of vehicle
- Miles driven per year
- Modifications (if any)
- Storage type
- Driver history (points on license, accident history)
- Other drivers you want covered
Other Things to Consider With Classic Car Insurance
Always read your policy carefully. Some classic car policies treat your car like a decoration rather than a vehicle, restricting how many miles you can drive per month or per year. If you plan on driving your classic car, shop around for a policy that has a higher mileage limit or no mileage limit at all.
Other restrictions may exist on an insurance policy for a classic car. The insurance company might require that you own another car to use daily or that the classic car can only be driven under certain specified conditions.
Check up on all of these restrictions before you sign a new policy, or ask about them on your current policy.
Don’t try to lie to your insurance agent to get around these kinds of limits. You might get a lower rate now, but you will run into trouble if you need to file a claim.
In addition, knowingly giving wrong information in this manner to your insurance company is considered fraud and could even result in criminal prosecution.
Don’t let these factors overwhelm or confuse you while trying to insure your classic car. As long as you shop around and compare policies before buying, and always read your policy completely before signing anything, you shouldn’t run into problems.
If you work with a specialty insurance company for your classic car, you’ll have a much easier time with your policy and get better coverage. You’ll probably end up saving money, too!
Enter your ZIP code now to get multiple quotes for FREE.
Frequently Asked Questions
What is the difference between the Agreed Value and Stated Value Insurance coverage?
Stated value insurance is based on what you stated your car is worth, but of course you need to provide proof of that number first. Your insurer can then decide to cover the value you stated or the Actual Cash Value; they’ll go with the lesser amount.
Agreed value (also known as guaranteed value) is based on what you and your insurer decided your vehicle is worth. You both take into account the following: photos, appraisals, and any other documentation needed to determine value. Your insurer will guarantee that they will pay this value when coverage is needed.
How is classic car insurance different from regular car insurance?
Classic or antique car insurance is often cheaper than regular car insurance because you are not driving the vehicle regularly, in most cases.
Another major difference between classic and regular car insurance is the way the value of the vehicle is determined.
Classic car insurance offers options particular to the needs of classic car owners, while regular car insurance companies offer more standardized coverage types.
What types of classic cars do providers insure?
It ultimately depends on the company, but companies that offer classic car insurance will usually cover the following:
- Antique and classic cars
- Classic trucks and utility vehicles
- 1980 or newer vehicles
- Modified vehicles
- Motorsports protection
- Classic military vehicles
- Retired commercial vehicles
- Collector trailers
- Antique tractors
- Vintage motorcycles and scooters
- High-value vehicles and collections
- Vehicles under construction
What types of cars are not covered under classic car insurance?
Typically, classic car insurance doesn’t cover the following vehicles:
- Camping, off-road, or utility-type vehicles
- Vehicles driven on a daily basis
- Commercial-use vehicles
- Motorcycles with performance modifications
- Any vehicle modified with nitrous components
- Dune buggies
How old does my car need to be to qualify as classic?
Usually 19–24 years old. There are some exceptions, as companies may define the term “classic” differently and consider a classic car to be as young as 10 years or as old as 50 years.
Do I have to keep my classic car in a garage?
If you want to lower the chances of weather damage or theft to your special car, you should keep it in a garage that is fully enclosed and secure. Many classic car insurers require that you do this.
Are there any classic car insurance companies that don’t require a garage?
Yes, there are companies who do not require garaging. However, you need to be up front that this will be the case, and do your research thoroughly to ensure you don’t run into problems if you need to file a claim.
I Run a Classic Car Limousine Service. Can I get coverage?
You can get insurance coverage in general, but it’s more difficult to come by classic car insurance for classic limousines, specifically. Safeco, for example, doesn’t offer classic car coverage for classic limos because they “do not cover classic cars used for any delivery, business, or commercial purpose.”
What’s an attendance clause, and does the classic car insurance provider have one?
An attendance clause requires that you stay close to your collectible vehicle no matter where it is. Most classic car insurers deem this clause unreasonable and do not include it as a part of their coverage.
Do I have to insure my other cars with my classic provider?
You don’t have to, but some classic car insurers will give you a discount if you place more than one classic car on your policy. If you’ve found a specialty insurer like Grundy, you can even lump in everyday cars, too — not just the oldies.
Is it cheaper to insure a classic car?
Though sometimes it all breaks down to the nitty-gritty details between car insurance companies, it is typically cheaper to insure a classic car with classic car insurance. That is, you can save an average of 40 percent, especially if you go with a specialty car insurance company.