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Classic and Collector Car Insurance

If you have an antique, collector, or classic car, you’ll want more insurance coverage than what a normal policy provides.

Classic car show

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:

Qualifications for classic and collector auto insurance

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:

  • Year : How old is a classic car? In general, companies will usually label your auto as a classic if it was manufactured between 20 to 40 years ago. An antique car is generally 50 years or older.
  • Condition: Most insurers require your collector vehicle be the factory original, or at least restored with original factory parts. They’ll also require the car to be in good or restored condition. Some companies also extend coverage for cars you’re currently restoring.
  • Storage: Auto insurance companies require you to store your collector car in a locked, fully enclosed garage.
  • Your driving record: Usually, insurance companies will not offer classic or collector car insurance if you have any major driving violations on your record. Some insurance companies will only consider infractions from the past five years.
  • Usage: Insurance companies require that your classic car only be used as a hobby vehicle. That means it is not used as a daily commuter car. Some require every licensed household member have a commuter car to verify the collector car isn't used regularly.

Classic car insurance for young drivers

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.

Best classic and collector car insurance companies

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

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:

  • No fixed mileage restrictions. Although it can’t be your daily use car, this policy has you covered for exhibitions, organized meets, some pleasure driving, and more.
  • Hagerty Drivers Club. A 24/7 full-service assistance program designed specifically for collector cars.
  • Customized policies. Hagerty allows you to travel with your classic car, insures a car you’re restoring, and even covers automobilia and other valuable parts and tools.

Phone number: 877-922-9701

Grundy

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:

  • Unlimited miles allowed for pleasure driving. There’s no limit to the number of miles you can drive for collector car activities and pleasure driving. It still can’t be used as your daily commuter, though.
  • Trip Interruption. This perk reimburses you for hotel and repair costs in the event of a breakdown. Plus, you'll be reimbursed for towing and labor charges up to $250.

Phone number: 1 (866) 647-8639

Infinity

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:

  • Drive-to-Work Coverage. You can select optional coverage for your classic car that allows you to commute for up to 30 days to work or school during the term limits of your policy. There is a limit of up to five consecutive days in a 14-day period.
  • Choose your own repair shop . If something happens to your beloved vintage vehicle, you can make sure it’s repaired correctly. After appraising the damage, you’ll get a check to repair the car how you want, so you can take it to your own trusted mechanic.
  • Newly Acquired Vehicle Coverage. If you’re an avid collector, this is a great perk. If you add more classic cars to your collection, this coverage will protect the new car for the verifiable value or purchase price for 30 days up to $75,000.
  • Driver Club. Offers 24/7 roadside assistance, including towing, flat tire assistance, lockout service, and more.

Customer service phone number: 1-800-252-5233

J.C. Taylor

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:

  • Coverage while traveling. This policy covers your car in the US and Canada. Special arrangements can even be made if you want to take it with you overseas.
  • No mileage limitation. The policy uses a 2,500-mile limit per vehicle per year for underwriting purposes, but you’ll never be denied coverage if you go over that limit.

Phone number: 800-345-8290

American Modern

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:

  • Variety of mileage plans . American Modern offers 1,000, 3,000, 6,000, or unlimited mileage plans. That means there’s flexibility no matter how often you drive you collector car.
  • One flat rate liability charge. Most standard auto companies charge liability for every car on the policy, but American Modern offers a flat rate for all vehicles on the policy.
  • Coverage for spare parts. Stolen and lost spare parts are covered up to $2,000 or higher (if you want to increase it).
  • Several additional coverage options. Coverage for roadside assistance no matter where in the country you are, full safety glass, and foreign transport are all options you can add to your policy.

Phone number: 800-543-2644

State Farm

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:

  • Spare parts coverage. Your spare parts are covered for up to $500.  
  • 24-hour Good Neighbor Service . No matter what time of day or night, a State Farm agent will be available to discuss your policy needs.

Phone number: 888-559-1922

USAA

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.  

  • Flexible mileage plan. In most states, you can choose from a 2,500, 5,000, or 7,000-mile plan. This is a great option for collectors who drive a long way for events and shows.
  • Automatic coverage. Qualified vehicles will be automatically covered for up to 30 days for up to $100,000 when you add them to your collection.

Phone number: 800-531-8722

Is classic car insurance cheaper than standard auto insurance?

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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