Best Classic Car Insurance Companies (2024)
Compare best car insurance companies for classic cars like Safeco, State Farm, and The General. These leading companies excel in offering cost-effective premiums, extensive coverage, and specialized protection, making them the ideal selection for enthusiasts of vintage automobiles.
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Michael Vereecke
Commercial Lines Coverage Specialist
Michael Vereecke is the president of Customers First Insurance Group. He has been a licensed insurance agent for over 13 years. He also carries a Commercial Lines Coverage Specialist (CLCS) Designation, providing him the expertise to spot holes in businesses’ coverage. Since 2009, he has worked with many insurance providers, giving him unique insight into the insurance market, differences in ...
Commercial Lines Coverage Specialist
UPDATED: Feb 26, 2024
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Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from top car companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Feb 26, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident car insurance decisions. Comparison shopping should be easy. We are not affiliated with any one car insurance company and cannot guarantee quotes from any single company.
Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from top car companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
Company Facts
Average Monthly Rate For Good Drivers
A.M. Best Rating
Complaint Level
Pros & Cons
Company Facts
Average Monthly Rate For Good Drivers
A.M. Best Rating
Complaint Level
Pros & Cons
Company Facts
Average Monthly Rate For Good Drivers
A.M. Best Rating
Complaint Level
Compare best car insurance companies for classic cars like Safeco, State Farm, and The General. Delve into their rates, coverage options, and affordability to make informed decisions. Whether you seek specialized protection or comprehensive coverage, these insights will guide you toward the best choice for your vintage automobile.
Whatever reason inspired your purchase of a classic vehicle, a standard car insurance policy won’t keep it safe. Instead, you’ll need a classic car insurance plan. There are many differences between standard and classic car insurance plans that allow you to use your car without worrying.
Company | Rank | See Pros/Cons | Multi-Policy Discount | Low-Mileage Discount | Best For |
---|---|---|---|---|---|
#1 | Safeco | Up to 20% | Up to 15% | Specialized Coverage | |
#2 | State Farm | Up to 10% | Up to 8% | Customizable Policies | |
#3 | The General | Up to 15% | Up to 12% | Worldwide Coverage | |
#4 | Chubb | Up to 15% | Up to 10% | Local Agents | |
#5 | Grundy | Up to 12% | Up to 7% | Low Premiums | |
#6 | Allstate | Up to 8% | Up to 5% | Restoration Coverage | |
#7 | Nationwide | Up to 10% | Up to 6% | Roadside Assistance | |
#8 | Progressive | Up to 12% | Up to 8% | Customized Coverage | |
#9 | Farmers | Up to 10% | Up to 7% | Flexible Usage | |
#10 | Liberty Mutual | Up to 8% | Up to 5% | Restoration Coverage |
While many people choose to add a classic car policy to an existing plan with companies like State Farm or Geico, serious enthusiasts tend to trust specialized companies like Grundy or Hagerty. The best company for your car depends on what you do with it.
#1- Safeco: Specialized Protection for Your Classic Car
Safeco stands out as the optimal choice for classic car insurance with its affordable rates, comprehensive coverage, and specialized protection tailored for classic car enthusiasts.
Brad Larson Licensed Insurance Agent
Pros
- Cost-effective rates: Safeco offers competitive rates, making classic car insurance affordable.
- Tailored policies: Specialized coverage ensures your classic vehicle gets the protection it deserves.
- Reputable company: As a well-known insurer, Safeco provides reliability and trust in the classic car insurance market.
Cons:
- Limited discounts: Safeco may have fewer discounts compared to some competitors.
- Availability: Coverage options may vary by location, limiting accessibility for some customers.
Read more: Safeco Car Insurance Review
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#2 – State Farm: Tailor-Made Policies to Fit Your Classic Car Needs
Pros
- Flexibility: Allows for highly customizable policies, letting you tailor coverage to your specific needs.
- Wide range of services: Beyond standard coverage, offers additional services and benefits.
- Excellent customer service: Known for its responsive and helpful customer service.
Cons
- Potentially higher rates: While customizable, policies might be pricier for some customers.
- Complexity: The multitude of customization options may be overwhelming for those seeking a straightforward policy.
Read more: State Farm Car Insurance Review
#3 – The General: Global Coverage for Classic Car Enthusiasts
Pros
- Global protection: The General provides coverage worldwide, ideal for classic car enthusiasts with international travel plans.
- Accessibility: The General is known for making insurance accessible to drivers with various backgrounds and histories.
- Quick quotes: The company is praised for its efficient process in providing quick insurance quotes.
Cons
- Limited specialty coverage: While offering worldwide coverage, The General might lack certain specialized options for classic cars.
- Varied customer service: Customer service reviews can be mixed, with some customers reporting less satisfactory experiences.
Read more: The General Car Insurance Review
#4 – Chubb: Personalized Service With Local Agents
Pros
- Personalized service: Chubb’s local agents offer personalized assistance, understanding the unique needs of classic car owners.
- Highly rated: The company is well-regarded for its customer satisfaction and financial strength.
- Global presence: Chubb’s global presence adds an extra layer of support for those with international interests.
Cons
- Potentially higher premiums: Chubb’s personalized service might come with higher premiums compared to some competitors.
- Limited online presence: The reliance on local agents may result in a less streamlined online experience for customers.
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#5 – Grundy: Affordable Classic Car Insurance With Low Premiums
Pros
- Affordability: Grundy is known for providing classic car insurance with low premiums, appealing to budget-conscious customers.
- Agreed value coverage: Policies often include agreed value coverage, ensuring fair compensation in case of a total loss.
- Coverage variety: Grundy offers coverage for various types of classic vehicles beyond just cars.
Cons
- Limited discounts: Grundy may not offer as many discounts as larger insurers.
- Age restrictions: Some of Grundy’s policies might have age restrictions for eligible vehicles.
#6 – Allstate: Comprehensive Restoration Coverage for Your Vintage Beauty
Pros
- Comprehensive restoration coverage: Allstate offers specialized coverage for classic car restoration, ensuring protection during the restoration process.
- Nationwide network: The company’s extensive network allows for convenient access to services and support.
- Multiple policy discounts: Allstate often provides discounts for bundling multiple policies.
Cons
- Potentially higher premiums: Premiums may be higher compared to some competitors due to the comprehensive restoration coverage.
- Limited specialty options: While offering restoration coverage, Allstate may not have as many specialized options for classic cars as dedicated insurers.
Read more: Allstate Car Insurance Review
#7 – Nationwide: On-the-Road Peace of Mind With Roadside Assistance
Pros
- Inclusive roadside assistance: Nationwide includes roadside assistance in its classic car policies, providing peace of mind during travels.
- Flexible coverage: Customers can customize their coverage based on individual needs and preferences.
- Strong financial ratings: Nationwide’s financial strength adds reliability to its services.
Cons
- Premium costs: The inclusion of roadside assistance might impact premiums, potentially making them higher.
- Varied customer service: Customer service experiences may vary, with some customers reporting less satisfaction.
Read more: Nationwide Car Insurance Discounts
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#8 – Progressive: Fine-Tune Your Classic Car Coverage With Customization
Pros
- Highly customizable policies: Progressive allows customers to tailor coverage according to their unique preferences and usage.
- Innovative tools: The company offers advanced online tools for a streamlined and convenient insurance experience.
- Discount opportunities: Progressive provides various discounts, potentially reducing overall premium costs.
Cons
- Complex options: The abundance of customization options may be overwhelming for those seeking a straightforward policy.
- Potential for higher rates: While offering customization, Progressive’s rates may not be the most competitive for all customer profiles.
Read more: Progressive Car Insurance Review
#9 – Farmers: Flexibility in Coverage to Suit Your Classic Car Usage
Pros
- Usage flexibility: Farmers cater to various usage patterns, allowing for flexible coverage based on how the classic car is used.
- Discount options: Farmers provide different discounts, offering potential savings for policyholders.
- Strong customer support: The company is known for its responsive and supportive customer service.
Cons
- Possible premium variations: Premiums may vary based on usage patterns, potentially resulting in higher costs for certain usage scenarios.
- Limited specialty coverage: Farmers may have fewer specialized coverage options compared to some dedicated classic car insurers.
Read more: Farmers Car Insurance Review
#10 – Liberty Mutual: Specialized Restoration Coverage for Classic Car Enthusiasts
Pros
- Dedicated restoration coverage: Liberty Mutual offers coverage specifically designed for classic car restoration, ensuring protection during the restoration process.
- Discount opportunities: The company often provides discounts for various factors, contributing to potential cost savings.
- Digital tools: Liberty Mutual offers online tools for a convenient and modern insurance experience.
Cons
- Premium considerations: Restoration coverage might impact premiums, potentially making them higher than competitors without such specialized coverage.
- Policy options: Liberty Mutual’s classic car insurance options may not be as extensive as some dedicated classic car insurers.
Read more: Liberty Mutual Car Insurance Review
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Coverage Rate for Classic Car Insurance
When considering insurance options for classic cars, it’s crucial to assess both the minimum and full coverage rates offered by different companies. This comparison provides a comprehensive overview of the monthly rates from various insurers, aiding classic car owners in making informed decisions.
Insurance Company | Minimum Coverage | Full Coverage |
---|---|---|
Safeco | $27 | $71 |
State Farm | $33 | $86 |
The General | $89 | $225 |
Chubb | $38 | $58 |
Grundy | $61 | $232 |
Allstate | $61 | $160 |
Nationwide | $44 | $115 |
Progressive | $39 | $105 |
Farmers | $53 | $139 |
Liberty Mutual | $68 | $174 |
The table reveals distinctive coverage rates for minimum and full insurance from leading providers. Safeco emerges as the most affordable with a minimum coverage rate of $27 and a full coverage rate of $71. On the other end, The General commands a higher price range, starting at $89 for minimum coverage and escalating to $225 for full coverage.
The rates from State Farm, Chubb, Grundy, Allstate, Nationwide, Progressive, Farmers, and Liberty Mutual fall within this spectrum, offering varying affordability and comprehensive coverage options.
Choosing the right insurance for classic cars involves a balance between cost and coverage. While Safeco stands out as a cost-effective option, individuals seeking broader protection may opt for insurers like Grundy or Liberty Mutual, despite the higher rates.
This coverage rate comparison serves as a valuable resource for classic car enthusiasts navigating the insurance landscape, enabling them to select a plan that aligns with their preferences and budget.
The Best Classic Car Insurance Companies
The insurance company you select to protect your car is an important decision. Luckily, owners have a lot of choices. From major providers like State Farm and Geico to specialized companies like Hagerty, classic car owners should compare plans to find the perfect coverage for their car. (For more information, read our “Hagerty Car Insurance Discounts“).
Although major brands offer excellent coverage, many enthusiasts prefer shopping from companies dedicated to classic cars. Providers specializing in classic cars tend to be more knowledgeable and supportive of the lifestyle.
Whichever company you decide to shop with, you should know what you plan to do with your classic car before getting insurance. For example, a car used for the occasional pleasure drive needs different coverage than a vehicle used in shows.
Once you have an idea of your car’s primary use, you’ll be ready to find a company that works best for you. Consider the companies specializing in classic car coverage listed below if you’re unsure where to start.
Read more:
Grundy Classic Car Insurance
Grundy Insurance is a well-known, trusted name in the classic car community. Although it offers insurance for vehicles of all ages, your car can get classic coverage if it’s over 25 years old.
Grundy doesn’t stop at cars, either — you can find insurance for classic boats, homeowners, and specialty collections.
For classic cars, Grundy’s best policy is the Original Olde plan. The Original Olde plan was explicitly crafted for classic vehicles and includes the following coverage:
- Liability. If you cause an accident, liability car insurance coverage helps pay for damage you caused to people and property. Most states require a minimum amount of liability coverage to drive.
- Collision. Collision insurance helps repair your car after an accident, no matter who is at fault. Collision insurance covers you even if you hit a stationary object like a tree.
- Comprehensive. From bad weather to theft, there’s a lot that can damage your car outside of an accident. Comprehensive car insurance covers most damage, but check with your company to see what’s covered.
- Uninsured/underinsured motorist. Most states require a minimum amount of liability insurance to drive, but not all drivers obey the law. Uninsured/underinsured motorist coverage protects you from drivers without enough insurance.
- Personal injury protection (PIP). Bills can get expensive after an accident. Personal injury protection coverage helps pay for medical expenses, physical therapy, and lost wages after a car accident.
- Agreed value guaranteed. A Grundy representative will evaluate your car after you sign up for insurance. If your vehicle is totaled, Grundy will reimburse you the agreed-upon amount. (read our “Compare Best Car Insurance Companies That Offer Agreed Value” for more information)
- No deductibles. While it’s not available in every state, this add-on allows you to skip your deductible after an incident.
- Inflation guard. Many owners buy classic cars for their investment potential. Since a classic vehicle’s worth typically rises, inflation guard increases your policy’s value to match.
- Trip interruption. If you experience mechanical issues while away from home and your car needs overnight repairs, Grundy will give you up to $600 a day for meals and lodging.
- Towing and labor. Grundy covers $250 worth of towing and labor costs after an accident.
Grundy doesn’t publish any information about available discounts, but most companies offer them to help you save. Grundy’s reputation as one of the most affordable providers on the market means it probably offers discounts, so ask a representative when you sign up.
Hagerty Classic Car Insurance
While Grundy car insurance is an excellent choice for most classic cars, Hagerty is ideal for a specific type of driver. Hagerty is not for you if you use your vehicle for daily driving. Instead, Hagerty covers your car during club functions, tours, exhibitions, and the occasional pleasure cruise.
A plan with Hagerty offers the standard car insurance coverages like liability, comprehensive, and collision, and you can also buy the following add-ons:
- Hagerty Plus. The Haggerty Plus plan adds roadside assistance to a standard insurance policy. Hagerty roadside assistance covers everything from fuel delivery to tire changes.
- Instant new car coverage. Hagerty will extend coverage automatically to any new car you buy. This coverage lasts for 30 days.
- Flexible usage. Many classic car insurance companies limit how many miles you can drive. This add-on allows unlimited miles for pleasure cruises but does not apply to daily driving.
- Guaranteed value. Hagerty will pay you a predetermined price if your car is totaled rather than its actual cash value to protect you if your car’s value dips.
- Car show reimbursement. While auto shows are fun, they don’t always go smoothly. Hagerty will pay your or a family member’s medical bills if you get injured at a show.
Hagerty is picky about the drivers it chooses to insure. It usually rejects applicants with marks on their driving records, such as speeding tickets, reckless driving charges, or a DUI.
While it might not seem fair, Hagerty insures people with clean driving records to keep rates as low as possible for other customers.
Safeco Classic Car Insurance
Safeco is a little more lenient in its definition of a classic car. You can get a classic car policy for any vehicle at least 10 years old.
Like Hagerty and Grundy, Safeco includes standard insurance features in its plans, including liability, comprehensive, and collision. You can also buy several other add-ons, including:
- Agreed value coverage. Agreed value is a popular choice for classic car owners as it guarantees a higher payout if their car is totaled.
- Limited use. Drivers who don’t frequently use their car can save money on their policy if they drive less than 5,000 miles per year.
- Diminishing deductible. To reward safe driving, Safeco will reduce your deductible by $100 every year you don’t file a claim. You can earn this reward up to five times, and it never affects your rates.
- Roadside assistance. Roadside assistance can help you in a pinch. Safeco will send help for everything between a flat tire and engine failure.
- Emergency assistance. Emergency assistance is an add-on for your roadside assistance. If you need help while you’re traveling, this add-on covers taxi fares and lodging costs.
- Personal property. For people who frequently have valuable items in the car, this add-on reimburses you for their actual cash value if they get damaged in an accident.
Like Hagerty, Safeco usually doesn’t offer insurance to drivers with marks on their records. If Safeco or Hagerty rejects you, you should consider a bigger company like State Farm or Geico. While they’re not dedicated classic car companies, they’re more forgiving of marks on your record.
Read More: Safeco Car Insurance Review
How much does classic car insurance cost?
Classic car owners on a budget will be pleased to know that coverage usually costs less than a standard insurance policy.
There are many reasons for this, but the main one is that most classic car insurance policies limit the number of miles you can drive, thus keeping your car relatively risk free.
Some insurance companies are so strict about classic car mileage rules that you might have to prove you own another vehicle. That way, the company knows that you have a different vehicle for daily driving.
Consider the following companies to get an idea of how expensive it might be to insure your classic car.
Company Average Monthly Price
Hagerty $92
Safeco $84
Grundy $72
State Farm $77
Geico $86
American Collectors $84
Nationwide $80
Typically, the price of your insurance comes out to be between $600 and $1,000 a year. Of course, the exact price you’ll pay will depend on various factors unique to your situation.
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Find the Right Insurance for Your Classic Car
From insurance giants like State Farm to specialized providers like Hagerty, you have plenty of options for classic car insurance. You should always choose a plan that works with whatever you do with your car, whether classic car clubs, shows, or pleasure cruises.
Once you’ve determined your coverage needs, your next step should be to compare companies. Look at as many quotes as possible to find the best rates for your classic car.
Safeguarding Classic Car: Case Studies With Leading Car Insurance Companies
Case Study One: Safeco – Preserving the Elegance of a 1965 Ford Mustang
John Davenport, an avid classic car enthusiast, owns a beautifully restored 1965 Ford Mustang, a timeless icon of automotive history. Seeking comprehensive coverage tailored for his cherished classic, John turned to Safeco for their specialized protection.
John planned to attend various car shows and exhibitions, exposing his Mustang to potential risks such as theft, accidental damage, and unforeseen incidents during transport. Safeco’s challenge was to provide coverage that not only protected the Mustang’s pristine condition but also offered flexibility for John’s frequent appearances at classic car events.
Safeco, known for its specialized classic car insurance, crafted a tailored policy for John’s 1965 Ford Mustang. The policy included agreed value coverage, ensuring that in the event of a total loss, John would receive a predetermined amount reflecting the car’s true value. Additionally, Safeco’s coverage extended to theft, accidental damage, and coverage during transport, addressing John’s unique needs.
John’s experience with Safeco was exceptional. The coverage allowed him to enjoy his passion for classic cars without worrying about potential risks. The agreed value coverage gave him peace of mind, knowing that his beloved 1965 Ford Mustang was protected at its true market value.
Safeco’s commitment to providing specialized protection for classic cars proved instrumental in preserving the elegance of John’s prized possession.
Case Study Two: State Farm – Tailor-Made Policies for a Fleet of Classic Cars
Emily Rodriguez, a vintage car collector with a fleet of classic automobiles, sought insurance coverage that could adapt to the diverse needs of her collection. Known for its tailor-made policies, Emily aimed to protect her assortment of classic cars, ranging from a 1950 Chevrolet Bel Air to a 1972 Porsche 911.
With a variety of classic cars serving different purposes, Emily faced the challenge of finding a single insurance provider capable of accommodating the unique requirements of each vehicle. State Farm’s challenge was to create a flexible policy that offered comprehensive coverage while addressing the distinct characteristics of Emily’s diverse classic car collection.
State Farm’s expertise in customization allowed them to create a policy that covered Emily’s entire fleet. Each car received personalized coverage, considering factors such as usage, storage conditions, and specific restoration needs. State Farm’s policies included comprehensive coverage, liability protection, and agreed value coverage, ensuring that each classic car received the attention it deserved.
Emily’s experience with the company exceeded expectations. The tailor-made policies provided the flexibility she needed for her diverse collection. The comprehensive coverage options ensured that each classic car was protected according to its unique specifications. State Farm’s commitment to customization proved instrumental in safeguarding Emily’s valuable and varied assortment of classic automobiles.
Case Study Three: The General – Global Coverage for a 1978 Mercedes-Benz SL
Mark Thompson, an adventurous classic car enthusiast, owned a 1978 Mercedes-Benz SL and had plans for international road trips to showcase his prized possession. Seeking global coverage, Mark chose The General for its reputation for providing insurance with worldwide reach.
Mark’s challenge was to find an insurance provider that could offer coverage beyond the borders of the United States. The General’s challenge was to create a policy that extended protection to Mark’s 1978 Mercedes-Benz SL during international journeys, addressing potential risks and uncertainties associated with cross-border travel.
The General, known for its global coverage options, crafted a policy specifically tailored for Mark’s international adventures.
The policy included coverage for the 1978 Mercedes-Benz SL during road trips across various countries, protecting against accidents, theft, and other unforeseen events. The General’s commitment to global coverage ensured that Mark could showcase his classic car with confidence, regardless of geographical boundaries.
Mark’s experience with The General was seamless. The global coverage allowed him to explore new horizons with his 1978 Mercedes-Benz SL, knowing that he was protected even beyond the United States. The General’s commitment to providing coverage for international travel proved vital in supporting Mark’s passion for classic cars on a global scale.
Frequently Asked Questions
What factors should I consider when comparing car insurance companies for classic cars?
When comparing car insurance companies for classic cars, consider factors such as coverage options specific to classic cars, agreed value coverage, claims process, customer service, reputation, discounts, and the company’s experience and expertise in insuring classic cars.
Which are the top winning companies for classic car insurance in the provided analysis?
The top winning companies highlighted in the analysis are Safeco, State Farm, and The General. These companies stood out for their distinctive coverage rates, comprehensive options, and overall affordability for classic car owners.
What is agreed value coverage for classic cars?
Agreed value coverage is a type of insurance that guarantees a predetermined amount as the payout in the event of a covered total loss. Unlike traditional car insurance, which typically pays the actual cash value of a vehicle at the time of loss, agreed value coverage ensures that you receive the agreed-upon value stated in the policy for your classic car.
Are there any discounts available for classic car insurance?
Yes, many insurance companies offer discounts for classic car insurance. These discounts can vary but may include multi-car discounts, mileage-based discounts, discounts for car club members, and safety equipment discounts. Be sure to inquire about available discounts when comparing insurance companies.
How does the claims process work for classic car insurance?
The claims process for classic car insurance generally involves reporting the claim to your insurance company, providing necessary documentation and evidence, such as photographs and receipts, and working with the insurance company to assess the damage and arrange for repairs or compensation. It’s important to understand the specific claims process of each insurance company you are considering.
What should I look for in terms of customer service when comparing classic car insurance companies?
When comparing classic car insurance companies, look for those that have a reputation for excellent customer service. Consider factors such as responsiveness, accessibility, knowledgeable representatives, and ease of communication. Reading reviews and getting recommendations from other classic car owners can help you gauge the level of customer service provided by different companies.
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Michael Vereecke
Commercial Lines Coverage Specialist
Michael Vereecke is the president of Customers First Insurance Group. He has been a licensed insurance agent for over 13 years. He also carries a Commercial Lines Coverage Specialist (CLCS) Designation, providing him the expertise to spot holes in businesses’ coverage. Since 2009, he has worked with many insurance providers, giving him unique insight into the insurance market, differences in ...
Commercial Lines Coverage Specialist
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.