If you have an antique, collector, or classic car, you’ll want more insurance coverage than what a normal policy provides.
If you own a classic or collector car, don’t settle for a standard auto insurance policy. Most cars depreciate in value over time, but classic and collector cars increase in value over time. Specialized auto policies pay out the agreed value of your classic car, while a standard policy pays out the actual cash value, also called “stated value.” An actual cash value policy won’t accurately reimburse you for your classic or collector car if it’s damaged or totaled.
That’s why you should find classic car insurance that offers special coverage for your antique auto. This article covers all you need to know about insurance for everything from hot rods, to muscle cars, to antique vehicles, including:
Whether your car qualifies for classic and collector auto insurance depends on several factors. So, what is considered a classic car? Although requirements vary from insurer to insurer, companies generally consider the following factors to see if your vintage wheels qualify:
Collector and classic auto insurance policies require drivers to be at least 25 years old or have five to 10 years of driving experience. Although the minimum age is 25, some insurers will make exceptions if you come from a family of collectors or have a clean driving record.
If you’re young and have your eye on a vintage car, look for an insurer that will cover your vehicle for an agreed value. You may have to undergo an appraisal, share some photos of your vehicle, or participate in an interview. But even if you’re asked to do all three, it's worth it if you get enough coverage.
Luckily, if you’re looking for the best collector car insurance companies, you have plenty to choose from. We’ve rounded up the major names in the specialized auto insurance industry to help you decide which company offers the best policy for your classic car.
All these companies offer agreed value coverage. The agreed value is when you, your agent, and insurance underwriters determine the value of your vehicle together. When there’s damage or a total loss, you’re paid that agreed amount. That means, unlike stated value policies, depreciation and subjective valuation on your car are not factors.
For example, you and your insurer conclude that your classic car has a market worth of $150,000 with agreed value coverage. Then your car is involved in an accident and declared a total loss. You’ll be paid that $150,000, no questions asked. On the other hand, if you have a stated value policy, you could only be paid $50,000 for a total loss. After your insurer considers depreciation, they value the car at $50,000, so that’s what you get. Stated value is great for normal cars, but it often doesn’t accurately account for a classic or collector car’s rarity.
When shopping for classic or collector car insurance, consider these insurance companies – they specialize in such coverage:
Hagerty Insurance offers collector and classic auto insurance for vehicles from 1979 and older. It's partnered with Progressive through the Progressive Classic Car by Hagerty program. So, if you have a current standard policy with Progressive, ask your insurance agent about collector car insurance. These are some of the policy’s key points:
Phone number: 877-922-9701
Grundy offers auto insurance for collector cars if the car is kept in a fully enclosed garage, all drivers have a clean driving record, and all drivers have their own car for daily driving. Grundy is the largest insurer of hot rods in the US, plus they insure modern muscle cars and exotic cars of all years. These are the policy’s main points:
Phone number: 1 (866) 647-8639
Part of Infinity Property and Casualty Corporation, Classic Collectors insurance is available to classic car owners. Infinity requires that drivers do not have major driving violations, store their car in a fully enclosed and locked garage, and own a car with a value of more than $5,000. Here are the main draws of the policy:
Customer service phone number: 1-800-252-5233
To qualify for the Antique and Classic Auto Insurance Program through J.C. Taylor Insurance, your vehicle must be the factory original, in good or restored condition, kept in a locked and fully enclosed garage, and be used as a hobby vehicle. The policy also includes an “attendance clause”, which means you need to stay with your car whenever you’re out and using it. These are some of the key takeaways about the policy:
Phone number: 800-345-8290
American Modern is a specialty insurance provider for collector cars. It is partnered with GEICO, which means it could be an easy transition if you already have standard auto coverage through GEICO. These are some of the main policy points:
Phone number: 800-543-2644
Like most collector auto policies, State Farm requires that you only drive your antique or classic car on a limited basis. If you have a standard car insurance policy from State Farm, reach out to your agent about this special coverage. These are some key points about the policy:
Phone number: 888-559-1922
USAA works with leading classic car insurance companies to offer coverage for your collector car. To qualify for a USAA classic car insurance policy, your vehicle must be driven on a limited basis, not used for racing, and stored in a locked and enclosed garage.
Phone number: 800-531-8722
It may come as a surprise, but classic and collector car insurance is cheaper than standard car insurance. That’s because people drive collector cars less and they are extra careful. There are also several restrictions in place if you want a specialized auto insurance policy, like not driving it daily and keeping it in a locked garage.
Costs vary depending on your insurer but can cost anywhere from 39 percent to 50 percent less than a daily auto insurance policy. Compare auto insurance prices to find the best deal.
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