Insurance for Collector Cars

The average rates for classic car insurance in the US are $50.47/mo. Carriers often have special requirements for how classic cars are driven and stored.

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Zaneta Wood, Ed.S. has over 15 years of experience in research and technical writing bringing a keen understanding of data analysis and information synthesis to reach a wide variety of audiences. She studied adult education and instructional technology at Appalachian State University as well as technical and professional communication at East Carolina University. Zaneta has prepared technical p...

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Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP®

UPDATED: May 12, 2020

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Here's what you need to know...

  • Collector car insurance must include liability coverage if they are driven at all
  • It is a good idea to carry collision and comprehensive insurance to ensure you are protected against losses
  • Search for an insurance company that specializes in collector cars to get a better deal

If you have a collector car, insurance company choices may be limited. Whichever car insurance company you choose, be sure it is a reputable company that can support all of its claims.

Enter your zip code above to compare car insurance rates from top companies today!

Collector cars range in model, age, and value. Collector cars are generally considered classic cars or antique cars.

Most collector cars are used in car shows, although some of them are driven for everyday use.

All cars require liability insurance, but when you have a collector car it is a good idea to insure it for collision and comprehensive insurance as well.

Insuring Your Collector Car for Liability

If you use your collector car for everyday use, state law requires you to carry liability insurance.

The amount of coverage you must carry depends on what state you live in, but no matter what kind of car you drive, the minimum liability coverage may not be adequate.

In order to determine how much liability insurance to carry, consider the potential costs of bodily injuries and property damages that other people may sustain if you cause an accident.

If you total somebody’s $30,000 car and the driver accrues $50,000 in medical expenses, then having insurance coverage for a minimum of 50/100/30 would be sufficient.

If you only have the state’s minimum, such as 20/40/10 then you would have a serious deficiency of funds. Without more insurance, you would need to come up with an additional $50,000 out of your own pocket.

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Insuring Your Collector Car for Collision and Comprehensive

Whether you drive your collector car for general use or just keep it to share with other enthusiasts, you should seriously consider collision and comprehensive coverage.

In order to provide yourself with complete asset protection for your collector car, you need to be covered for all potential mishaps. If you cause an accident, you need collision car insurance to pay for damages to your collector car.

Without it, you risk the complete loss of your valuable collector car.

No matter how secure you keep your collector car, it can be stolen or fall victim to a host of unpredictable and unavoidable events.

Your collector car can be damaged in the parking lot of a grocery store or while it is on display at an antique show. Comprehensive car insurance will cover your losses if anything happens to your collector car.

Choosing a Collector Car Insurance Company

Since not every car insurance company covers collector cars, it is important to make sure your car insurance company understands the true value of your car.

If you use your car for everyday driving, then the Kelly Blue Book price may be sufficient in determining how much your car is worth. However, if your collector car is a show car, you may want to consider getting an appraisal.

You can give your appraisal to your car insurance company and see if they will cover your collector car for what you want to insure it. You should be able to pay for higher coverage limits if necessary.

Make sure your policy addresses all of your needs so that you have complete coverage.

With your collector car, you need liability insurance and you should have collision and comprehensive insurance as well. The limits on your insurance coverage for collision and comprehensive should be enough to compensate you for your losses.

Your liability coverage should be enough to cover your potential losses without seriously hurting you financially.

No matter who you use for your collector car insurance company, they should be financially stable. You can easily verify a car insurance company’s financial rating through A.M. Best or one of the other independent rating companies, such as Fitch, Moody’s, or Standard and Poor’s.

The better rating a company has, the more secure it is to back up and pay any claims that are submitted. If your collector car is very valuable and you have it insured for a high amount, you want an insurance company that can stand behind your claim.

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