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If you are the proud owner of a classic car, there is no doubt that you're interested in car insurance. Classic car insurance is, by far, the best way to protect a vehicle someone has poured time, attention, and financial resources into. To help owners of classic vehicles find the best option for collector car insurance, we've compiled a list of what we believe are the five best classic car insurers.
Offer | Best For | Next Steps |
---|---|---|
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Geico
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Great For: Mobile and online management | |
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State Farm
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Great For: Bundling coverage | |
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American Collectors
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Great For: Additional coverage options | |
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Grundy
|
Great For: Vehicles with increasing value | |
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Safeco
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Great For: Drivers who need more miles |
At The Motley Fool Ascent, insurers are rated on a scale of one to five stars. We primarily focus on pricing, coverage options, and customer satisfaction; however, we also take into account features like unique discounts, online and app-based experiences, and branch access. Our highest-rated auto insurers generally offer low costs, solid coverage, and high customer satisfaction.
The fact that the cost of classic car insurance varies so wildly can work in favor of the driver looking to save money. Here are some of the ways they can make that happen:
Drivers should not make the mistake of choosing a company solely because it offers the cheapest classic car insurance. Instead, they should work with an insurer with a strong reputation that will be there when needed. Classic car insurance cost should be just one of the factors considered when choosing the right insurer.
Geico has the edge when it comes to mobile and online apps. As another company with a familiar name, Geico offers some of the best technology in the business, making everything -- from getting a quote to making a claim -- faster and easier. Geico's classic car insurance coverage is based on how much the vehicle owner and Geico agree the vehicle is worth. That way, if the customer is involved in an accident, their classic car can be made good as new. In addition, Geico offers up to $500 coverage for spare parts, a nice bonus for classic car owners.
State Farm has played a role in protecting American families since 1922. Because it offers all types of coverage, it's one of the best classic car insurance companies to work with when a driver wants to bundle coverage and score discounts.
One attractive feature of working with State Farm is that it's been in the classic and collector car insurance business for many years. In fact, State Farm's employees even created a 1968 Camaro to use as a teaching tool. The "split" car demonstrates the differences between a car in its original state and one that has been modified or fully restored. It's a great way to help State Farm employees understand the added value of a classic car and why it must be insured in a different way.
American Collectors offers a wide range of perks, like Spare Parts Coverage and Inflation Guard. The company also has a stellar reputation for coming to the aid of classic car drivers when they're stuck on the side of the road. American Collectors reimburses drivers for emergency expenses like towing and lock-out. What's more, the company offers an impressive amount of features, including:
Grundy guarantees up to 150% of the agreed value to offset the loss if the car is totaled. And because it's been insuring classic cars since 1947, Grundy knows what drivers want. For example, unlike most classic car insurance companies, Grundy allows unlimited driving miles.
While this insurer doesn't want drivers using a classic car as their daily car -- and still requires drivers to have another car for everyday use -- it does not ask anyone to track their mileage or prove how little they're driving their classic car. Grundy also insures larger car collections ranging in value from $500,000 to $5,000,000 and above. Coverage can be extended worldwide.
Safeco's classic vehicle coverage allows drivers to put up to 10,000 miles per year on their cars, 2,500 miles more than most carriers. This is perfect for snowbirds who want to bring the vehicle along as they escape the winter chill or couples who need an extra set of wheels on a semi-regular basis. Safeco also offers a diminishing deductible, where the insurer will reduce your deductible by $100 with each annual policy renewal for a maximum of $500.
Classic car insurance is ideal for individuals who own vintage automobiles. It helps protect a car that has been restored or well-maintained and is typically worth more than a standard vehicle. Usually, classic car policy rates are lower than regular policies because the vehicles are not driven as much. This type of coverage typically allows for limited mileage discounts along with the ability to customize coverage plans tailored to the needs of the individual policyholder.
Imagine a 1966 Ford Mustang, restored to better-than-new condition and driven only on Sundays. Classic auto insurance companies provide coverage for cars like this Mustang. They also protect other collectibles, such as:
Not only does classic auto insurance protect drivers from losses associated with their vehicles, but it can also provide assistance in finding repair shops for said vehicles. Ultimately, classic auto insurance allows drivers to insure their investments without worrying about compromising coverage or breaking the bank.
Classic or collector auto insurance is a specialized variant of automobile insurance that appeals to owners of antique, vintage, and classic cars. In general, it provides broad coverage options and offers lower premiums than traditional auto insurance policies. There are at least four major differences between classic car insurance and traditional (standard) car insurance.
In a nutshell, if a driver doesn't use a vehicle for their everyday transportation, a vehicle may be considered collectible. Every state's DMV, individual insurance companies, and classic car clubs have different historical designations and license plates recognizing classic, historical, or antique vehicles. Since each insurance company and state may classify them differently, it is important to clarify when comparing policies. Here are some examples of the types of vehicles drivers cover with a classic car insurance policy.
An antique car is typically a motor vehicle more than 25 years old that has historic interest. Many define it as a car manufactured in 1975 or earlier. Many are "survivor" cars, where they are restored in conformance to the original manufacturer's specifications. Here are some examples:
A classic car is typically a motor vehicle that has historic interest and ranges from 10 to 50 years old. Certain insurance companies like State Farm limit age to 24 years. Classic cars are defined very broadly in California, and there is no differentiation between classic, vintage, or antique vehicles. The California DMV defines a Historical Vehicle as one that dates from 1922 or later, and is at least 25 years old. Some define classic cars as those manufactured in 2000 or earlier. Some examples are:
A vintage car is a motor vehicle typically manufactured between 1919 and 1930. These types of cars are exceedingly hard to find and can be quite pricey. Here are some examples:
Some say that hot rods were the brainchild of bootleggers who customized their vehicles to outrun the law in the 1920s prohibition era. Since that time, car lovers have continued to enhance their vehicles, managing to make them drive fast and look cool at the same time. A hot rod is not a specific "type" of car, but the National Street Rod Association describes a hot rod as an automobile manufactured in 1948 or earlier that has undergone modernization to the engine.
To be termed "exotic" a vehicle must be truly unique, one-of-a-kind, or one of a handful of models that were manufactured. Examples are one of Enzo's original Scuderia Ferrari cars.
A luxury vehicle is practically a work of art. Think 1933 Silver Arrow or 1954 Bentley R Type.
A vintage truck is one that was manufactured between 1919 and 1930. A good example is the 1927 Ford Model T 1 Ton Pickup.
A muscle car is a vehicle with a little extra horsepower under the hood. Mustangs, GTOs, and Camaros are all examples of classic muscle cars.
The military routinely sells unused and outdated equipment, including airplanes, jeeps, trucks, cars, and tanks. To be considered a collector vehicle (and eligible for classic car insurance), the vehicle in question must be from 1974 or earlier.
To be eligible for classic car insurance, the insured vehicle must meet minimum qualifications, which include:
Most insurance companies have strict guidelines on age requirements for classic cars, usually requiring a vehicle to be 10 or more years old to qualify for classic car insurance. Age requirements may vary by company, so it's important to do thorough research in order to find the right provider and coverage plan. Vintage cars are those built between 1919 and 1930, antique cars before 1975, and classic cars before 2000.
Driver criteria varies by insurer. Here are the requirements seen most often among classic car insurance companies:
Another way classic car insurance is different from standard car insurance is that the price depends on so many factors that it can be difficult to pin down an average rate. Generally, a driver will pay from $200 to $600 annually for classic car insurance coverage, unless their vehicle has an extremely high value. Here's a partial list of factors that go into determining cost:
In short, the answer to the question, "How much is classic car insurance?" depends on a number of factors. The cost of classic car insurance varies, depending on how much coverage a person requires and how valuable the vehicle in question is to repair.
Chances are, you're already familiar with the terms associated with classic car insurance. That's because classic car insurance offers the same types of basic coverage as traditional car insurance. They include:
If you are at fault for an accident that causes damage or injury, liability will help cover the injured party's losses.
If you're in an accident with another party and there is damage to your vehicle, collision coverage will help make repairs.
If something happens, like a tree falls on your car or the vehicle is burned in a fire, comprehensive insurance provides coverage.
Medical coverage works in conjunction with your current health insurance to pay medical bills if you are injured in an accident.
Say you're in an accident and the other party is found at fault. If they don't have insurance coverage (or have too little to cover your damages) uninsured and underinsured motorist coverage kicks in.
As much as a driver pampers their classic car, it can break down like any vehicle. If it does, most insurers offer some kind of roadside assistance to get the driver (and their treasured vehicle) back on the road.
As much as you already enjoy your classic car, the experience can only be enhanced by knowing that you've done everything within your power to protect both the classic vehicle and yourself.
RELATED: See The Ascent's guides to the cheapest car insurance and best car insurance companies.
The data found on this page is a combination of publicly available quote data obtained directly from the carrier as well as insurance rate data from Quadrant Information Services. These rates were publicly sourced from the top ten (10) to fifteen (15) carrier markets, within each state, based on annual written premium and should be used for comparative purposes only -- your own quotes may be different.
The base vehicle used for benchmarking purposes is a 2019 Honda Civic averaging 14k miles driven per year.
The base driver persona is a 35 year old single male with at least (1) driving ticket that uses their vehicle for personal commuting with coverage limits set to the following: (unless otherwise noted)
Insurance products are then rated on a scale of one to five stars, primarily focusing on:
With so many options for insurance across the board these days, it's easiest, and quite effective, to first look at the bottom line. Do single out competitive prices across insurance categories it's important to focus on:
Insurance provides coverage for unexpected financial burdens and piece of mind. But it's important to check your policies and see how you can lower your premium. Insurance companies offer discounts for all sorts of things now from safe driving to good grades to automatic bill pay. Pay attention to:
The benefits of insurance these days have gone far beyond just what your policy covers. Most companies and policies come with perks -- some of which may be completely unrelated to your insurance policy. Take a look at:
Policy research and coverage options are great, but how is the process when you have to actually use your insurance policy? The best coverage doesn't hold much value if it's a hassle to get paid out. Pay special attention to:
This will depend on the driver and the features that matter most to them. State Farm is best for bundling coverage, Geico for mobile and online management, American Collectors is great for roadside assistance, and Grundy Insurance protects rapidly appreciating vehicles. Finally, for drivers who can't stick to the 7,500 mile per year rule, Safeco allows for more miles.
You must be at least 25 years old, drive 7,500 miles or less per year in the classic vehicle, have access to another "everyday" car, store the vehicle inside, agree not to race, and keep up with maintenance.
Yes, because you don't drive as many miles.
Yes, full coverage is available and is a good idea if you can afford it.
Typically, no. Almost all classic car insurers require drivers to stay under 7,500 miles per year and want assurance that the vehicle will only be driven on "special occasions" like car shows and parades.
Car insurers typically limit miles to 7,500, although the number varies by insurer.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.