How much insurance should I carry on an antique car?

The average rates for antique car insurance are $50.47/mo in the US. Compare quotes for Agreed Value coverage to ensure the full value of the vehicle is covered.

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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: Jan 19, 2021

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Here's what you need to know...

  • Make sure you and your insurance company agree on the meanings of the terms “classic” and “antique”
  • A typical car insurance company may not offer the coverage you need on a specialized vehicle
  • Look into a company that offers the option of Agreed Value or Stated Value

If you have an antique car or a classic car, how much car insurance coverage should you carry? No matter what type of car you drive, you need to have the proper insurance coverage.

If you have an antique car as a hobby or as a dream come true, you still need to cover it with insurance. Even if you only drive the vehicle once in awhile, it is important to have the proper insurance to cover it.

An antique car is an investment and the best way to protect it is with insurance. This brings up the question, how much insurance should you carry on an antique?

Read on to learn some of the specifics and then use the FREE tool on this page for a free car insurance comparison!

What is considered an antique car?

Before the question of coverage is answered, it should be understood what an antique car is. There are many different categories of cars including exotic, collectible, and antique cars.

  • Antique – Generally speaking, if a car is more than twenty-five years old, it is considered an antique.
  • Classic – Be careful, because in some circles the words “antique” and “classic” are interchangeable whereas in other circles the word “classic” means a car that is 50 years old or more.

When speaking with an insurance company, be sure to ask their definition of these words.

There is also a difference between an antique and a car that is just really 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.

Its value increases with time instead of depreciating. Just because a car is old doesn’t mean it should be considered a classic or an antique. Insuring an old car is not the same as insuring an antique car.

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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.

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Other Antique Car Insurance Options

To make sure your antique 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 it is insured for. Of course, you need to provide proof of the number you come up with.

Some Stated Insurance requires that you carry a deductible, so make sure you discuss this with the company.

Agreed Value Coverage is similar to Stated Value except that both you and the insurance company present a value based on research, negotiate, and come up with a number you both agree upon. This final number is what the car is insured for, period.

Remember, you want to insure your vehicle for its replacement value, not what you paid for it or what you put into it.

Antique Car Insurance Quotes Online

Choosing which company to get coverage through for your antique car is important. Using an online comparison tool can show you different companies and what type of coverage they offer.

You can see the rates you would pay and decide which company would best cover your antique car. Protect your investment and enjoy your antique car with no worries. Use our online auto comparison tool now to find the proper antique car coverage!

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