When it comes to your classic car, a regular auto policy simply does not suffice. While most cars depreciate as they age, a classic or collector car actually appreciates in value, making it too tricky for a normal company to insure. That is why you need classic car insurance.
All classic car insurers share a few vital elements. Primarily, they all have an "agreed value" stipulation which allows you to set how much you think your vehicle is worth in the event of a total loss. They also all provide pivotal comprehensive and collision insurance to protect your vehicle from anything that may damage it. There does exist however, several key differences. While the field of companies for classic cars is not as vast as it is for normal cars, some classic car insurers are better than others.
The Best Classic and Collector Car Insurance Companies
The companies in this field are a bit different from the companies in the traditional car insurance market. If you are new to insuring a classic car, the companies may seem unfamiliar. We went through all of the major ones and highlighted the most important factors that help in deciding which is the one to best fit your needs.
Best Overall Company: American Modern
American Modern is backed by GEICO and provides classic and collector car insurance for a wide array of vehicles. American Modern provides flexible mileage plans, including an unlimited one which is perfect for collectors who like to drive their vehicle occasionally. With American Modern, you also get the largest standard spare parts coverage, as well as 'inflation guard' which ensures your policy scales as your car increases in value.
With American Modern you get peace of mind due to the financial backing of GEICO. The financial strength of a company is an underrated quality, as the stronger a company's finances, the less likely they are to skimp on a claim pay out. American Modern is also available in most states, allowing a majority of customers to be insured by them
Most Spare Parts Coverage
American Modern, in addition to its flexibility, offers $2,000, or 4x more standard spare parts coverage than any competitor beside Hagerty which offers $750. If you anticipate your collectible car will have many spare parts that are at risk for being lost or stolen, American Modern provides the most coverage for the fairest price.
Great For Non-Traditional Classic Cars
American Modern is the best company if you are looking to protect a vehicle that does not fit the traditional definition of a classic car. American Modern allows you to insure anything from a traditional classic car, a fire truck, or even a retired military vehicle.
The only other companies as exhuastive as American Modern are J.C. Taylor and Hagerty, except J.C. Taylor does not insure vintage motorcyles and Hagerty kit cars.
Best For Regular Driving Use: Safeco
Safeco is not the best, but if you have a classic car you want to drive as your regular vehicle, Safeco is the insurance for you. Safeco allows you up to 10,000 regular use miles which is similar to what someone may drive on a normal policy. Most collector of cars are not looking to drive them regularly, but if it happens your 1968 Ford Mustang has to be your premier car, Safeco is your best bet. The limitation to Safeco is its stricter list of vehicles it will insure, including a ten year required minimum.
Best For Cars Currently Undergoing Restoration: Hagerty
If your classic car is currenty undergoing restoration, and want to make sure nothing happens to it, Hagerty is the company to turn to. There are only two companies of the ones we explored that have restoration coverage. Since Hagerty offers coverage for a wide range of vehicles, as well as higher than normal spare parts coverage it makes it the superior option for those restoring a car.
The Types of Cars Each Company Insures
Classic car insurance is a bit of a simplified term. There are several "non-traditional" vehicles that these companies actually insure that do not fall under the term of "classic car". Whether you have a modified street rod, a kit car, vintage motorcycle, 1920's milk truck, or even a retired military vehicle, at least one of the following will be able to insure it.
|Military||Sport||Antique Tractors||Vintage Motorcycle|
Benefits of Each Classic Car Insurer
Like regular car insurance, there are several parts with classic and collector car insurance. Some insurers like J.C. Taylor require your classic car be at least 19 years old, while others like Grundy will insure a car of any age. Availability of discounts should also be a consideration, as Safeco gives you a percent off your premium if you bundle your classic car policy with a regular auto policy. Another underrated feature is an inflation guard, which will increase your protection limits as your car appreciates in value. You can see a full list of each company's benefits below.
|Company||Min. Age||Mileage Limit?||Regular Use?||Spare Parts Coverage||Restoration coverage||Inflation Guard||Bundling|
* Have to buy unlimited plan