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A classic car is a true collector’s item. Whether you’re proud to drive your classic beauty to a car show or putting it back in your garage, you’ll want to find the best auto insurance companies to protect your investment.
Best Classic Car Insurance Companies
Classic car insurance, also known as collector car insurance or classic car insurance, is usually cheaper than a standard car policy, as your valuables usually spend less time on the road. . But they often come with limitations such as mileage restrictions and rules on where you park your old car.
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There is no one size fits all collector car insurance. The coverage that’s right for a Model T may not be right for a powerful car, and the way you use your car makes a big difference in the insurance you need.
Many professional organizations focus on vintage and collectible car insurance, and many reputable insurers offer them, often through a special partner. Specialty insurers may offer policies and benefits that a car enthusiast appreciates, but larger or traditional insurers may offer discounts and services that specialty insurers cannot. they do. That’s why it’s wise to get car insurance quotes from multiple companies and compare features.
Driving your old car to work every day is a no-go option for most auto insurance policies. Limited to recreational use, such as Sunday afternoon drives and trips to car shows. If that prevents you, Safeco offers regular usage coverage as an option for your older vehicle, with an annual limit of 10,000 miles.
However, many older insurers restrict their use to vacation travel only. Other company options include:
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Hagerty offers a supplement for drivers who love the classic car lifestyle. You can insure your “car” – a collection of history like gas pumps, license plates and hood ornaments. You can take someone else’s used car for a spin or let other drivers rent yours through Hagerty’s DriveShare program. Or you can join the company’s Drivers Club, with events and forums to help classic car enthusiasts connect. You can join the group even if you don’t buy Hagerty insurance.
Your collector car can become more valuable over time, and you’ll want to keep your insurance up to date. With most used car insurance, you and your insurer agree in advance how much your car is worth, and that’s how much you’ll get if the car is stolen or totaled. Grundy’s Motor Vehicle option program increases the cushion: you can get up to 150% of the insurance amount if the value of your vehicle has increased.
When you drive a car that is decades old, you should be prepared for breakdowns and other accidents. Most classic car insurance companies offer towing and roadside assistance coverage, but American Collectors adds some notable additions with gold, platinum, and titanium ratings for the Auto Insurance Policy. of Collector Car.
If your car is stolen, for example, the insurance will offer a cash reward for information leading to its recovery: $2,500 if you have a gold plan and $5,000 if you choose a platinum or titanium plan. Those plans will also reimburse other car shows and non-refundable hotel fees if you miss a car show due to an accident or mechanical breakdown.
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If things really go wrong, the platinum plan even offers $5,000 of bail coverage and $1,000 for legal protection, while the titanium plan offers $6,000 and $1,500 of coverage, with successively. Benefits vary by country.
The above companies are just a few of the companies available for vintage car insurance. It’s important to pay attention to the details while shopping to make sure you get the best insurance for you. To that end, here is the full list of our picks.
Age alone does not make a car old. If your historic car is covered in rust and duct tape, you may have trouble getting car coverage. Although old car insurance companies do not require ratings, they do have requirements that you and your car must meet.
Age. Car insurers usually require a car to be between 10 and 20 years old to be considered old and 25 years old to be old. Companies have different age requirements, but a new car generally doesn’t qualify for car insurance unless it’s a rare car like a Ferrari, Lamborghini, or Shelby Cobra roadster.
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Status. Insurers expect used cars to be in good condition. For example, Heacock Insurance says that cars “should show pride in the property.”
Get dressed. A collector car is not meant to be your everyday ride. Some policies allow occasional use, while others strictly prohibit doing certain things to your old car or driving it to work while your regular car is in the shop.
Security. Older car insurance usually requires your car to be kept in a locked garage. Some companies will consider alternatives such as a carport or driveway, but their profits may be higher.
Age and experience. Collector car insurance usually requires drivers to be at least 25 years old or between five and ten years of driving experience.
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Driving record. Insurers want anyone driving a collector’s car to have a clean driving record. Most require applicants to have no major offenses or accidents in the past three to five years.
Whether your baby is hot or old, he needs special treatment. When buying used car insurance, ask about these features to ensure that the policy is as unique as your car.
A consistent quality. If your daily car is totaled, standard car insurance tends to pay “real money” at that time, which may be much less than what you paid for the car. That model doesn’t work well for collector cars, whose value can increase over time. Therefore, most used car insurance is based on an “agreed value” or “assured value,” which means that you and the insurance company agree in advance on the value of your car. and you are guaranteed to get that money, to reduce the amount you can pay. if the car is finished.
Some companies offer a “stated price,” which sounds like a “negotiated price.” But these policies may say that if your car is totaled, you will get the listed value or the actual cash value, whichever is lower. If you want guaranteed quality, check the fine print to be sure.
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Restoration coverage. If you’re restoring an old, worn-out car, you’ll probably need insurance while you’re restoring it. Several companies offer this coverage. You may need to increase the agreed value as upgrades make your car more valuable. Hagerty offers a vehicle under construction plan that does this for you, increasing its guaranteed value by 10% per quarter during restoration.
Protection of other parts. Anyone who uses cars knows how expensive car parts can be, especially for collectible cars, which is why most car insurance policies offer parts coverage. For example, American Modern, Heacock and Leland-West offer $2,000 in coverage for lost or stolen replacement parts, with an option to buy replacements in some cases.
Solid car cover can be found, even if the wheels of your dreams cost more than your daily commute. Older car insurance companies offer many different discounts.
When comparing premium car policies, ask the companies if these discounts and savings opportunities are available to you.
Classic Car Insurance: What You Need To Know
A car insurance comparison tool can help you evaluate quotes from different insurers. While the tool is focused on traditional car insurance, you can find classic car insurance discounts from some of these companies. For quotes from specific organizations not listed here, please contact the organizations directly.
In a standard car policy, the insurer may cover the “actual cash value,” or the amount your car is worth at the time of the accident. But classic car insurance pays an “agreed amount,” or an amount you and the insurer agree on before the policy starts. Classic car insurance also includes mileage restrictions and storage requirements.
A car is generally considered old if it is at least 10 to 20 years old and can be considered antique if it is 25 years or more. Rare new cars, such as Ferraris, may also qualify. These requirements vary by insurer.
Many companies offer different mileage plans for pleasure driving, usually from 1,000 miles to unlimited. Regardless of your mileage limit, many old car insurance companies will not insure a vehicle intended for daily use. If you want to drive your old car regularly, consider Safeco, which allows you to drive 10,000 miles per year for driving.
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There is no one car insurance company that is best for everyone. To choose the best company, compare prices, features and benefits of car insurance.