Are classic cars more expensive to buy coverage for?

Classic cars tend to be more expensive to insure because the parts can be hard to find and more expensive if there are damages.

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Reviewed byJoel Ohman
Founder, CFP®

UPDATED: May 21, 2020

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Here's what you need to know...
  • There is more involved in insuring a classic car than a standard vehicle
  • Consider specialty insurance for your classic car
  • There are usually restrictions to getting specialty insurance

If you have never had a classic car before, you should be aware that insuring it can be more confusing and involved than insuring regular cars.

Classic car insurance is considered a specialty insurance product and, in general, it tends to be more expensive than regular auto insurance policies, although that is not always the case.

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When you are searching for classic car insurance you want to take many things into consideration, just like you would when insuring a standard car.

This article will help you figure out what to keep in mind when looking for specialty car insurance and if it is the right fit for your car and situation.

Why is insurance for classic cars more expensive?

You may think that, since a classic or antique car is used and driven less than a standard car, it will be cheaper to insure. This is not always the case.

Cars that are used only occasionally for fun are sometimes more expensive to insure.

A standard auto insurance policy usually does not offer enough coverage to replace or repair a classic car. An antique, vintage, or classic car is often more expensive to fix, as the parts usually are harder to find and cost more.

Specialty insurance offers the coverage needed to fully repair or replace the car, but it often comes with a higher price tag.

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Do all insurance companies offer classic 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.

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.

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Are there certain requirements for classic 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, as 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.

Can you insure your classic car with standard car insurance companies?

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, even though they are more restrictive policies. You may find that insuring with a specialty car company will save you more money.

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What do classic car insurers offer that differs from standard insurance companies?

You definitely should search for specialty companies in certain situations, 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 it 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.

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 may include wanting to be covered if you are shipping your classic car somewhere overseas or out of state, or premiums that are flexible based on how many miles you drive it per year.

Just enter your ZIP code in the box at the bottom of this page to compare classic car insurance quotes.

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