Collector Car Insurance

Collector car insurance should be purchased from specialized car insurance companies. Actual cash value, stated value, and agreed value are the three primary methods for evaluating a car for collector car insurance.

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A former insurance producer, Laura understands that education is key when it comes to buying insurance. She has happily dedicated many hours to helping her clients understand how the insurance marketplace works so they can find the best car, home, and life insurance products for their needs.

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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: Jan 19, 2021

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Here's what you need to know...

  • Many companies specialize in collector car insurance
  • You should consider carrying collision and comprehensive insurance on your collector car
  • Most companies have restrictions when it comes to collector car insurance

Whether they are new to the collector car insurance world or just now considering the insurance question, many owners may be wondering whether all auto insurance is the same. The answer to that is no, especially if you own a collector car.

Enter your ZIP code above to compare FREE car insurance rates for your classic car now!

Some insurance companies specialize in collector car insurance, but it is easy to compare rates and coverages online!

Things to Consider About Collector Car Insurance


There are some unique features to collector car insurance policies that should be considered when deciding what is best for each situation.

  • Value – Unlike conventional vehicles used for daily transportation, classic/specialty collector vehicles actually appreciate in value based on age, condition, care and demand.
  • Mileage – Collectors definitely want to enjoy their newly restored vehicles but probably won’t be driving them to work every day.
  • Usage – How a vehicle is used makes a difference when it comes to insurance rates.
  • Drivers – There are going to be restrictions on who can drive a collector car.
  • Multiple Vehicles – Collectors may be able to reduce coverage costs per car if they have more than one vehicle.
  • Company – The collector needs to trust that the insurance company they are working with understands the nuances of their car insurance policy.

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Collector Car Insurance and Valuing the Car

The single most important insurance issue to the collector car hobbyist is ensuring their vehicle is insured for the current market value.

Insurance companies value vehicles three different ways: actual cash value, stated value, and agreed value.

  • Actual Cash Valuethe most common insurance in use today and is designed to cover daily transportation vehicles, not collector cars. The purchase price less depreciation is the calculation used to establish the payout should the vehicle be totaled.
  • Stated Value – allows the auto enthusiast to provide an estimated ‘current’ value to the company. The difficulty with stated value is that it also uses depreciation to determine a payout should there be a loss.
  • Agreed Value – establishes a value that the collector and the insurance company agree is fair should there be a claim. This number is not reduced by depreciation in calculating a payout by the company.

The value of a collector car will change dramatically during the restoration. All receipts should be kept and all labor should be tracked to aid in determining the value.

While some vehicles, such as a ’57 Chevy, trade at auction on a regular basis, many do not and detailed records will play a key role in setting a value agreeable to the collector and the insurance company.

Mileage is usually restricted by the classic car insurance companies for collector cars to 3,000 miles per year or less. Obviously, they don’t want these vehicles on the road every day thereby increasing the risk of damage as well as depreciation due to wear and tear.

Many times, the uses will be restricted to car shows, parades, and an occasional Sunday drive. Insurance companies want to minimize their risk and they are willing to share the savings with the collector for adhering to these restrictions through lower rates.

Reducing the Cost of Collector Car Insurance

One of the ways insurance companies will reduce risk is by raising the bar on who is allowed to drive these valuable classics.

Some of the things companies look at are:

  • Minimum driver age of 25 to 30 years old
  • Good driving records for all drivers
  • Insures more than one vehicle. Several companies specializing in collector car insurance will charge liability insurance one time for the entire collection

Smart collector car enthusiasts want to work with an insurance company that understands their needs. Working with specialists can provide the collector with someone knowledgeable in the unique risks and coverages applicable to these vehicles.

This can prove very beneficial when a claim is filed and taking this special car to the local body shop is out of the question.

There are special collector car insurance coverages that collectors will want to consider such as:

  • Automatic Coverage for Additions to the Collection
  • Spare Parts Insurance Coverage
  • Flexible Mileage Plans
  • Inflation Riders
  • Car Show Expense Coverage
  • Theft Reward
  • Emergency Travel Expense

Collector cars are a labor of love, time, and money.

Protecting that investment requires the right insurance and the right company.

Find the company that best fits your needs by comparing coverages and car insurance rates today! Enter your ZIP code below into our FREE tool!

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