Is antique car insurance more expensive than standard car insurance?

Antique car insurance tends to be more expensive than standard car insurance. Your rates depend on a number of factors, including how old and how rare your vehicle is.

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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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Written by Laura Berry
Former Insurance Agent Laura Berry

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® Joel Ohman

UPDATED: Jun 2, 2022

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Here's what you need to know...

  • The value of your antique car will affect your insurance rates.
  • Antique cars usually require a specialty insurance policy
  • The cost of replacement parts for your car will often make your insurance premiums rise.
  • As with any car insurance policy, your driving record and credit score will be factored into your rate.

If you have an antique car, you can expect to pay more for your car insurance than someone with a late model car. There are plenty of differences, but the factors that most insurers will look at will be the age and rarity of your vehicle.

With that being said, some antique models are going to be more expensive than others, so if you are looking to keep your rates down, there are a couple of things that you need to consider.

One major consideration is how rare your antique car happens to be. The more rare a type of car, the more expensive your auto insurance. The less rare or more modern your vehicle, the less expensive your car insurance.

Of course there are exceptions to every rule. You may want to get quotes before you decide on an antique car to ensure that the monthly premiums are something that you can afford. Plus, even with antique and classic car insurance policies being more expensive than a standard policy, going without one could be even more expensive.

Whether the car stays in the garage or only sees the road going to a show, having the option of protecting it can quite literally pay off.

If you need to compare rates and companies that are currently on the market, we offer a free online comparison tool that can help you.

Why is antique car insurance more expensive than standard car insurance?

Collector cars can bring a lot of joy to drivers who want to preserve the integrity of their older vehicles. A lot goes into keeping collectible vehicles looking pristine. This includes regular upkeep and maintenance, as well as making sure that the vehicle is properly stored.

That being said, insurers will also look at your classic or antique car as an investment. The older your car happens to be, the harder it is going to be for the insurance company to find replacement parts or even an experienced mechanic should you have an accident. Even if the car stays in the garage most of the time, if something happens while it’s parked, any sort of damage is going to require repair or replacement of some kind.

The insurance company needs to consider the cost of parts when quoting you a premium.

In addition, an antique car, if it is in pristine shape, has a higher value than a late model vehicle. The insurance company does not consider the Kelley Blue Book value of the vehicle when quoting a price for your coverage. Instead, they consider its market value.

This is a different process than what they use for standard auto coverage. If you have a 2001 Ford Mustang, for example, your insurer will use the Blue Book to determine the value of your vehicle.

If you have a 1969 Ford Mustang and you have it registered as an antique, the market value will be considered instead. The key here is that your vehicle has to be registered as an antique; otherwise insures will use the Kelley Blue Book value of your car.

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Why do you have to register an older car?

The insurance company you have your car registered with is not the one that decides whether or not your vehicle is an antique—you have to prove it to them.

Most companies require you to register your car with your DMV offices as an antique and have “classic” tags on your vehicle as well.

In some cases, you may also be required to get a certification from a qualifying group stating that your vehicle is a classic. You will also have to have your vehicle appraised and get that appraisal in writing, in order to prove that it is indeed a classic vehicle.

The insurance company isn’t going to take your word for it that you are driving an antique car that has value.

You will also want to keep any receipts for any maintenance and improvements that you make to your car. This tells the insurance company that you are going to maintain your car and keep it at the value that it has been appraised.

Will antique car insurance rates decrease over time?

Unlike traditional coverage, antique car insurance doesn’t get cheaper, it gets more expensive. The reason for this is that the older your antique car gets, the more value that it has. Hence the higher rates.

As with any auto policy, your rates won’t change until your policy expires. For this reason, it is in your best interest to sign on for a year-long policy rather than a six-month policy, which has become the standard.

This will prevent you from seeing a hike in your rates every six months when your policy renews.

How can a driver get the cheapest antique car insurance rates?

You aren’t going to be getting the same discounts on antique car insurance that you would with standard policy.

A big part of your policy is insuring the value of your car.

However, 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 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.

In addition, you can check their financial ability to pay their claims through sites such as AM Best, Standards & Poor’s, and more. Researching companies can give you cheaper rates.

While they may not be as cheap as a standard auto policy, you can find the best and most affordable rate for your budget among the wide range of options that exist.

You can enter your ZIP code in the box below and begin comparing rates in a matter of minutes.

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