As the owner of a classic car, you understand that your vehicle is more than just a means of transportation – it’s a treasured piece of history, a symbol of a bygone era, and a prized possession that requires special care. But do you have the right insurance coverage to protect your vintage gem? Enter the world of insurance for classic cars, specialty insurance designed specifically for the unique needs of antique and vintage vehicles.
Unlike regular auto insurance, insurance for classic cars provides specialized coverage that reflects the distinctive value and characteristics of these vehicles. Anticipating the journey ahead, you might be wondering, “What makes insurance for classic cars different from regular car insurance?” or “Which companies offer the best insurance for classic cars?”
I want to give you some valuable insights and practical tips to help you navigate this unique terrain.
Key Takeaways
- Classic car insurance is specialized coverage designed to protect the value of a classic or collector vehicle.
- Eligibility criteria for both vehicles and drivers must be met in order to qualify for coverage.
- Research, compare quotes, and take advantage of discounts/deductibles to save money on classic car insurance premiums.
Table of Contents
Understanding Classic Car Insurance
Classic car insurance, also known as collector car insurance or antique car insurance, isn’t just a regular car insurance policy dressed in vintage clothing. It’s an entirely different breed, designed to address the unique needs and challenges associated with owning a classic and collector car, including antique and classic cars but doesn’t require a special license plate.
With classic car insurance policies, you can make sure that your prized possession is well-protected, unlike traditional car insurance which may not offer the same level of coverage for these unique vehicles.
Just as a classic car is more than just a car, classic car insurance is more than just insurance. It is a safety net designed to protect your investment in a piece of motoring history. It recognizes that your classic car isn’t just a means to get from point A to B, but a valuable asset that can appreciate over time, especially if it’s well maintained and cared for.
A regular auto insurance policy might look at your vintage beauty and see just an old car, but classic car insurance sees the value, potential, and passion behind your antique vehicle.
Let’s examine the key distinctions between it and regular car insurance, as well as the necessity of specialized coverage.
Key Differences Between Classic and Regular Car Insurance
Picture yourself as a classic car owner who needs to replace a rare part following an unfortunate event. With regular car insurance, you’d probably be left to cover the bill as it’s unlikely to account for the unique difficulties classic car owners encounter when restoring their vehicles. This is where the brilliance of classic car insurance comes into play.
It takes into account the specifics of classic and collector cars, from hard-to-find or sometimes impossible-to-find parts replacement to the appreciation of the car’s value over time, something regular car insurance doesn’t quite grasp.
The heart of the difference lies in how the two types of insurance cover your vehicle. Regular auto insurance typically covers your vehicle based on its Actual Cash Value (ACV), which is the car’s replacement cost minus depreciation. It’s akin to observing your classic car through a rear-view mirror, with a focus on its past.
On the other hand, classic car insurance uses an ‘agreed value’ policy. This means you and the insurance company agree on the value of your classic car upfront, ensuring that in case of a total loss, you’ll receive the agreed amount. This is comparable to viewing your classic car through the windshield, concentrating on its future prospects.
The Importance of Specialized Coverage
Classic cars aren’t your everyday vehicles; they’re unique and often irreplaceable. Consequently, they need specialized classic car insurance cover that aligns with their unique value, restoration needs, and the limited availability of replacement parts. Think of it as a tailored suit for your classic car, fitting its unique shape and character, compared to a one-size-fits-all approach of a regular auto insurance policy.
Specialized coverage for classic cars can include:
- Agreed value coverage
- Spare parts coverage
- Flexible usage options
- Expert claims handling
Imagine having the peace of mind knowing that if your classic car’s value appreciates over the policy term, your insurance coverage can also increase. Or knowing that if your hard-to-find spare parts get stolen, your insurance has got your back. These are just a few examples of why specialized coverage is not only important but essential for classic cars.
Top Classic Car Insurance Providers
Now that you’ve got a grip on what classic car insurance is and why it’s important, you might be wondering, “Where can I get it?” Just as every classic car is unique, so are the insurance companies that specialize in offering classic car insurance. These companies understand the ins and outs of classic cars and offer policies designed with the classic car owner in mind. Some popular insurance companies that offer classic car insurance include:
- Hagerty
- Grundy
- American Collectors Insurance
- Classic Auto Insurance
- J.C. Taylor
- State Farm
Make sure you research and compare different insurance companies to find the best coverage and rates for your classic car and find an agent that you enjoy working with! It can make such a difference.
From Grundy Classic Car Insurance, known for its adjustable agreed value and additional coverage options, to Hagerty Classic Car Insurance, which covers classic vehicles from 1979 and older and provides spare parts, trip interruptions, tools, and roadside assistance, there are several providers to choose from. Each one has its own advantages, coverage options, and customer service reputation, making the choice not a matter of ‘which is the best?’ but ‘which is the best for you and your classic car?’
So, let’s to through some of the top classic car insurance providers and see what they have to offer. Remember, just as you wouldn’t buy a classic car without checking under the hood, you shouldn’t buy classic car insurance without understanding what’s in the policy.
Take the time to compare policies and coverage options to find the best fit for your classic car.
When insuring my Classic Ford Bronco, I went with State Farm!
State Farm Classic Insurance
Personally, we have our vintage vehicles insured in the State of Tennessee. We went with State Farm Classic Insurance through Mansour Hasan’s office. Mansour has always been the best to us and provides tailored insurance services and superior customer service for classic vehicles in Tennessee, Kentucky, and Georgia. It’s like having a personal insurance agent who gets your classic car requirements (and obsession!)
Besides the personalized service, Mansour Hasan’s State Farm office is known for its outstanding customer service and is accessible whenever customers need assistance. The office provides a variety of insurance products, including:
- Auto insurance
- Health insurance
- Homeowners insurance
- Business insurance
So, if you’re based in Tennessee, Kentucky, or Georgia and are looking for a personalized experience with your classic car insurance, Mansour Hasan’s State Farm offices worth a call. Just tell him you came from getvintagevehicles.com.
Grundy Classic Car Insurance
Grundy Classic Car Insurance, a company with a legacy dating back to 1947, is a reputable player in the classic car insurance scene. With an A+ rating from the Better Business Bureau, Grundy provides coverage across all fifty states, making it a widely accessible option for classic car owners.
But what makes Grundy unique? What sets them apart from other companies? For starters, they offer:
- Adjustable agreed value, meaning if your classic car’s value appreciates, your policy can too
- 100% value coverage in the event of a total loss
- Spare parts coverage of up to $500
- Trip interruption coverage of up to $600
- Towing and labor coverage of up to $250
Furthermore, their Motor Vehicle Program provides up to 150% of the insured amount in case your car’s value appreciates. It’s like getting an insurance policy that not only protects your classic car but also appreciates its value, much like a good wine.
Hagerty Classic Car Insurance
Hagerty Classic Car Insurance is another prominent name in the classic car insurance world. They offer coverage for classic vehicles from 1979 and older, as well as:
- Spare parts
- Trip interruptions
- Tools
- Roadside assistance
It’s as if you have a pit crew standing by, ready to assist at any stage of your classic car journey.
One of the key advantages of Hagerty is their comprehensive breakdown and recovery insurance providing peace of mind for those classic car road trips. They offer specialized car insurance policies for owners of classic cars and collectible vehicles, coverage for spare parts, and insurance for classic vehicles manufactured prior to 1979. However, they do have specific driver eligibility criteria which include all members of the household possessing a valid driver’s license and a regular-use vehicle for daily driving.
The vehicle must be in good or better condition and not used as a primary vehicle. So, while Hagerty offers a suite of benefits, it’s essential to ensure you meet their eligibility criteria.
American Collectors Insurance
American Collectors Insurance, an industry-leading classic car insurance provider, is up next. They offer an array of features such as inflation protection of up to 6% without any additional premium, flexible towing and transportation coverage, and a TLC program for roadside assistance.
What’s more, American Collectors Insurance is highly revered by its customers. It’s currently ranked as the #1 Insurance Company and Auto Insurance Agency on Trustpilot as of 08/2023. Their C.A.R.E. plan is a flexible towing and transportation coverage, and the TLC program is a unique protection program offering comprehensive roadside assistance, car show expense reimbursement, theft reward, and more.
It’s akin to having a classic car insurance provider who not only insures your classic car, but also looks out for it.
American Modern Classic Car Insurance
American Modern Classic Car Insurance is another option to consider. They offer several included protections in addition to the six traditional insurance coverages. But what sets them apart is their classic car insurance coverage options such as roadside assistance, glass protection, and foreign transport when overseas.
However, it’s worth noting that the customer experience ratings for American Modern Classic Car Insurance appear to be varied. While they offer additional coverages, if exceptional customer service is high on your list, you might want to consider your options. After all, owning a classic car is not just about the car itself, it’s about the journey, and having a reliable and responsive insurance provider can make that journey much smoother.
Qualifying for Classic Car Insurance
Having explored the world of classic car insurance, you might be eager to get your classic car insured. But it’s not as simple as just signing up. Both the vehicle and the driver need to meet specific eligibility criteria to qualify for classic car insurance. It’s comparable to gaining entry to an exclusive club, where not everyone is admitted, but those who are benefit greatly.
While the specifics can vary slightly between insurance providers, there are common factors that most companies consider when deciding if a classic car and its owner qualify for classic car insurance. We will look into these factors in the following subsections, starting with the vehicle eligibility factors and then moving on to the driver eligibility factors.
Vehicle Eligibility Factors
When it comes to qualifying a vehicle for classic car insurance, it’s not just about the age of the car. While a vehicle generally needs to be between 10 and 20 years old to be recognized as a classic and 25 years old to be considered an antique, there are other factors at play too.
The condition of the car is important – insurers expect that classic cars will be well-maintained and demonstrate pride of ownership. Use of the car is another factor. Collector cars are not intended to be used as daily rides and certain policies forbid running errands or driving to work every day.
Finally, storage of the car plays a role too. A classic car typically needs a secure, enclosed space, such as a garage or storage unit, for storage. It’s akin to satisfying the stringent criteria of a classic car exhibition, where each detail is crucial.
Driver Eligibility Factors
Now that we’ve covered the vehicle eligibility factors, let’s move on to the driver. Just like the car, the driver must meet certain criteria to qualify for classic car insurance. Having a love for classic cars isn’t enough; insurance companies need more concrete assurances.
The typical driver eligibility criteria include being at least 25 years of age, possessing at least five years of driving experience, and having a clean driving record. Some insurance companies may also require proof of a clean driving record for a specified number of years, such as five to ten years. Additionally, insurance companies typically expect classic car owners to have a different vehicle for everyday use. This requirement is in place to ensure that the classic car is not used for regular commuting or daily errands, which could potentially lead to accidents or damage to the vehicle. It’s akin to becoming a member of an elite club where rigorous standards must be satisfied.
Tips for Choosing the Right Classic Car Insurance Policy
Once you have determined that you and your classic car qualify for classic car insurance, the next step is choosing the right policy. This can feel like a daunting task given the number of options available, but with some diligent research and careful consideration of your needs, you can find a policy that’s a perfect match for you and your classic car.
When choosing the right classic car insurance policy, it’s important to compare quotes, coverage options, and additional benefits from different providers. It’s akin to hunting for the finest vintage wine – you wouldn’t just settle for the first bottle you come across, instead, you’d compare different wines to find the one that caters to your palate and budget. Let’s dive into how you can do this in the following subsections.
Comparing Quotes and Coverage Options
Comparing quotes and coverage options from different insurance providers is a crucial step in choosing the right classic car insurance policy. Just how you’d compare prices and features when buying a classic car, it’s essential to do the same when selecting an insurance policy.
When comparing quotes, consider the coverage options and prices offered by different insurance providers. This will enable you to identify the policy that is most suitable for your requirements and budget. Additionally, consider the types of coverage offered, such as:
- Annual mileage limit options
- Occasional use coverage
- Regular use coverage
- Coverage for classic car extras
- Coverage for classic cars rising in value
It’s like finding the perfect fit in a classic car show – you want the one that not only looks good but also has all the features you need.
Additional Coverage Considerations
Beyond the basic coverage, there are additional coverages you might want to consider when choosing a classic car insurance policy. It’s akin to acquiring some additional accessories for your classic car – they might not be essential, but they can enhance your experience and offer extra peace of mind.
Additional coverage options to consider include:
- Restoration coverage: provides coverage for damage to the car during the restoration process
- Spare parts coverage: provides coverage for lost or stolen spare parts
- Emergency expense coverage: provides financial protection for unforeseen expenses that are a result of emergencies associated with your classic car
It’s like having a safety net, ensuring that even in the worst-case scenario, you and your classic car are covered.
Saving Money on Classic Car Insurance
We all know that owning a classic car can be an expensive hobby. Between the cost of the vehicle itself, maintenance, restoration, and storage, expenses can quickly add up. But did you know that there are ways to save money on your classic car insurance?
Some ways to lower your classic car insurance premiums include:
- Taking advantage of discounts
- Adjusting your deductible
- Implementing safety measures
- Joining a car club
It’s comparable to uncovering a hidden treasure in the realm of classic cars – who wouldn’t appreciate saving money?
Discounts and Deductibles
Just like with any other type of insurance, there are discounts available that can significantly reduce the cost of your classic car insurance. These can include:
- Bundling discounts
- Mileage discounts
- Higher deductible discounts
- Pay-in-full discounts
It’s akin to discovering a fantastic bargain at a classic car auction – it necessitates some research and smart shopping, but the savings can be considerable.
Another way to save on your classic car insurance is by adjusting your deductible. The deductible is the amount you agree to pay out-of-pocket before your insurance coverage kicks in. Generally, a higher deductible will lead to a lower premium.
However, it’s important to choose a deductible that you can comfortably afford to pay in the event of a claim. It’s comparable to balancing the weight distribution in a classic car – it necessitates finding the correct equilibrium to guarantee a smooth ride.
Safety Measures and Memberships
Installing anti-theft devices, completing a safe driving course, and renewing your policy early can also lead to savings on your classic car insurance premiums. Some ways to save on premiums include:
- Installing anti-theft devices to reduce the risk of your classic car being stolen
- Completing a safe driving course to demonstrate that you are a safe driver
- Renewing your policy early to take advantage of any discounts or incentives offered by your insurance provider.
Finally, being a member of a car club can potentially lead to discounts on your classic car insurance. Car club memberships often provide benefits such as discounts on car parts and insurance. It’s akin to being a member of an exclusive club – you not only get to share your passion for classic cars with individuals who share your interests, but you also reap some financial benefits.
Summary
Investing in classic car insurance is a crucial step in protecting your treasured classic car. With its unique benefits and specialized coverage, classic car insurance provides a safety net for your vintage gem, safeguarding it against unforeseen events. From understanding the key differences between classic and regular car insurance to navigating through the top classic car insurance providers and their offerings, we’ve covered a lot of ground in this guide.
Remember, the journey to finding the perfect classic car insurance policy is not a race, but a leisurely drive. Take your time, do your research, compare quotes, consider additional coverage options, and look for ways to save money. Your classic car is not just a car, it’s a piece of history, and it deserves the best protection. So buckle up, enjoy the ride, and here’s to many safe and enjoyable miles in your classic car!
Frequently Asked Questions
Are classic cars more expensive to insure?
Overall, classic car insurance is typically much cheaper than regular car insurance. Rates range from around $200 to $600 annually, while regular car insurance usually costs over $1000 per year. However, extremely expensive cars may have higher rates.
What is the best car insurance for old cars?
For old cars, the best car insurance options are State Farm, Hagerty, Safeco, Heacock Classic, and American Collectors.
Is full coverage worth it on classic cars?
Yes, a full coverage classic car policy is worth it. These policies typically which pay you the vehicle’s full agreed value in the event of a covered total loss, minus your deductible and/or salvage value.
Standard auto policies typically only cover repairs using aftermarket parts but a a full coverage Classic car insurance policy allows for you to find and purchase original parts if that’s what your car had, so as restore your vehicle to it’s former glory.
What is classic car insurance?
Classic car insurance is a specialized form of auto insurance specifically tailored to antique and vintage vehicles, offering unique benefits and restrictions compared to traditional auto insurance.
What are some of the top classic car insurance providers?
When it comes to classic car insurance, Grundy Classic Car Insurance, Hagerty Classic Car Insurance, American Collectors Insurance, American Modern Classic Car Insurance and State Farm Classic Insurance are some of the top providers.
