Best Classic Car Insurance

Compare these options for your classic car insurance needs

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While most people rely on cars to get them where they need to go, some invest more time, energy, and finances into vehicles than others. If you're the proud owner of a classic car, you know exactly what this means.

Typically, cars that are more than 25 years old and hold some historical significance fall under the category of a "classic car." Sometimes these cars are old school American muscle, while other times they're limited edition vehicles. But whether your collectible car is a 1969 Dodge Charger or a 1954 Chevrolet truck, chances are your classic car's value is only going up while its parts continue to wear.

While most types of car insurance only cover vehicles that deteriorate in value, classic car insurance is set up to do the exact opposite—protect your investment and make sure that your car is still around for years to come. Because of this, classic and antique cars require special policies.

Like the cars it's made for, a great classic car insurance policy can be hard to find. After mulling over data for eight specialty insurance companies and 20 major car insurance providers who offer classic car policies, we created a list of the ones with the best classic car coverage out there for the price.

Provider Best For
American Modern Best Overall
State Farm Best Major Provider Classic Car Insurance
Safeco Best for Frequent Driving
Hagerty Best for Restoration Project Cars

American Modern: Best Overall

American Modern

With more than 50 years of experience in the specialty insurance sector, American Modern knows the ins and outs of insuring classic cars, antique autos, and other collectible vehicles. You may not have heard of this lesser-known company, but American Modern's A+ ratings with the Better Business Bureau and A.M. Best can give you peace of mind when you consider the company's policies.

Pros
  • Available nationwide

  • Agreed value determined before you sign the policy

  • Discounts of up to 45% available

Cons
  • May not cover high risk drivers

  • Some customers complain about length of claims processing

Coverage

American Modern Classic Car Insurance is known as one of the most inclusive policies out there. Its classic auto and collector car insurance policies cover the following types of vehicles:

  • Muscle cars
  • Classic cars
  • Antique autos
  • Exotic vehicles
  • Street rods
  • Cobra replicas
  • Race cars
  • Classic motorcycles
  • Retired military vehicles
  • Collectible tractors
  • Antique fire engines
  • Restorations in progress

Classic car and antique auto policies with American Modern always include bodily injury and property damage liability, collision and comprehensive, plus uninsured motorist and medical payments/personal injury protection.

Discounts

American Modern offers several great discounts that can save drivers up to 45%. These discounts include:

  • Credits for collections over $150,000 based on security features and storage
  • Car Club Member discount of 10% for anyone enrolled in an approved car club
  • Anti-theft discounts of up to 20% based on the security features you have
  • Accident prevention discount of 5-10% for completing an approved driver safety course

Availability and Limitations

American Modern insurance is licensed and available in all 50 states. However, the insurer does state that it has the right to refuse coverage for drivers based on their risk, so drivers with a history of accidents, DUIs, or other issues may not be able to obtain classic car insurance through American Modern.

Also, since it is a smaller insurance company, some customers have experienced long waits for claims processing, which can be frustrating if you're working with a busy body shop that specializes in antique autos.

Classic Car Perks

As a specialty insurance provider, American Modern sits down with you to determine your car's agreed value before finalizing a policy. You also get an "inflation guard" so that your policy scales as your car increases in value.

In addition, American Modern offers different policy pricing based on mileage, so you'll pay less if your car is a collectible that spends most of its time in the garage. Mileage plans span from 1,000 miles per year to unlimited, giving you plenty of wiggle room depending on where you plan to go in your classic car.

Finally, American Modern offers guaranteed nationwide roadside assistance and flatbed towing, so you never have to worry about getting stranded in the event that your car acts temperamental while you're on the road.

Other perks include:

  • Agreed value loss settlements
  • Spare parts coverage
  • Trip interruption
  • New purchase coverage for 30 days before adding to policy
  • Pet coverage

State Farm: Best Major Provider Classic Car Insurance

State Farm

State Farm offers fairly competitive rates and coverage options for classic cars. It is one of the few car insurance companies that still relies on knowledgeable local agents to help you out with claims and other needs along the way.

Pros
  • Coverage available nationwide

  • $500 in spare parts coverage provided

  • Rates based on use

Cons
  • Few unique discounts and perks for classic car owners

  • Many limitations on coverage criteria

Coverage

For State Farm's Collector and Classic Car Insurance policy, your vehicle only needs to meet one of the following criteria:

  • A "classic car" that's between 10 and 24 years old and holds some sort of historic interest (e.g. a muscle car or hot rod)
  • An antique automobile over 25 years in age and holds some sort of historic interest or value

Like most of its other car insurance policies, State Farm offers all of the basic types of coverage for classic cars, including:

  • Liability
  • Medical payments/no fault
  • Comprehensive
  • Collision
  • Uninsured motorist
  • Emergency road service

Additionally, State Farm offers the same unique coverage needs for classic autos and antique cars, like agreed value pricing, spare parts coverage (up to $500), and pricing based on usage.

Discounts

Unfortunately, State Farm doesn't offer any unique discounts for classic car owners. It does have many standard discounts for safe drivers, safe vehicles, and customer loyalty. Since exact discounts vary from state to state, check with a local State Farm agent or visit the State Farm website to find out what discounts you may qualify for.

Availability and Limitations

State Farm's Classic Car coverage is available in all 50 states. In addition to the eligibility restrictions based on age, State Farm also limits all classic cars it insures to meet the following criteria:

  • Your antique or classic car can only be driven on a limited basis, meaning it can't be your daily ride
  • The car must be fully restored and preserved in its original condition
  • When not in use, your classic car must be stored in an enclosed building or garage

Classic Car Perks

Beyond the emergency roadside assistance and spare parts coverage up to $500, State Farm doesn't offer many unique perks for classic car owners. With that being said, State Farm's rates are comparable to most other specialty providers of classic and antique car insurance, and the company ranked third out of all national brands in J.D. Power's 2020 Insurance Shopping Study.

Safeco: Best for Frequent Driving

Safeco

Whether you own a 1950s muscle car or an antique auto, Safeco Insurance offers policies that let you drive your classic car as much (or as little) as you'd like. And, as a subsidiary of Liberty Mutual, you get the peace of mind of having a specialty car insurance policy provided by a major company with an A+ Better Business Bureau rating and serious financial strength.

Pros
  • No major mileage restrictions

  • Several unique discounts for classic car owners

  • Great coverage and perks

Cons
  • Not available in all 50 states

  • Limited to classic cars and antique autos with numerous restrictions

Coverage

Safeco's Classic Car Insurance covers classic cars, modified collector cars, reproductions, replicas, restorations, modern classic cars, and antique autos. Unlike many other classic car policies that set mileage restrictions, Safeco's classic car insurance policy allows you to drive up to 10,000 miles per year, which makes it a great choice for muscle car owners who want to use their car regularly. You establish an agreed value when you sign up for coverage.

When it comes to specific coverage within your policy, Safeco offers classic car owners:

  • Bodily injury liability
  • Property damage liability
  • Personal injury protection and medical payments
  • Uninsured motorist
  • Comprehensive
  • Collision
  • Personal property coverage
  • Pet coverage

Finally, Safeco offers great roadside assistance coverage that includes towing to the nearest qualified repair shop, basic emergency services (i.e. flat tire help or fuel delivery), and the option to elect flatbed towing.

Discounts

Even though it's not a specialty car insurance company, Safeco offers several great discounts on its classic car insurance policies. You can receive discounts for:

  • Taking an accident prevention course
  • Installing anti-theft devices
  • Electing "limited use" if you drive less than 5,000 miles per year
  • Storing your vehicle in the winter
  • Pairing your classic car coverage with regular auto policies or other types of insurance (i.e. homeowners)
  • Raising your deductible

Availability and Limitations

Safeco car insurance isn't available in Delaware, Hawaii, New Jersey, Rhode Island or the District of Columbia. It also restricts classic car coverage to automobiles and street vehicles, meaning policies will not cover other vintage vehicles like motorcycles, tractors, or retired military vehicles. Futhermore, Safeco's classic car policies will not cover kit cars, cars that are less than 50% restored, racing vehicles, or cars with nitrous oxide engines.

Classic Car Perks

The biggest perk is the ability to drive extended miles. Safeco also allows you to insure entire collections of classic cars, with the option to customize coverage on each car or select the standard policies on them all. It also uses your agreed value in the event of a total loss, and will renegotiate that agreed value if the value of your car increases over time.

Finally, Safeco is one of the few major car insurance companies that will allow you to bundle classic car coverage with other types of insurance—this can save you money.

Hagerty: Best For Restoration Project Cars

Hagerty

Hagerty has specialized in classic car insurance since 1984. Not only does the company offer great rates with incredible perks, but the owners re-invest back into the classic car community too. With unique coverage for restoration projects as well as staff members dedicated to helping you find parts, Hagerty is a restoration lover's dream for car insurance.

Pros
  • Special coverage for restoration projects and cars under construction

  • High spare parts and tools coverage compared to other companies

  • Many perks specifically for classic cars

Cons
  • Strict requirements for coverage

  • Will not insure classic cars used daily

Coverage

As a specialty car insurance company, Hagerty offers unique coverage policies for classic cars and antique autos, including classic cars from 1979 and older, limited edition vehicles (including supercars), hot rods, replicas, retired commercial or military vehicles, and even specialty motorsport vehicles.

When it comes to types of coverage, Hagerty offers:

  • Liability coverage
  • Collision and comprehensive
  • Medical payments and personal injury protection
  • Uninsured motorist protection
  • Roadside assistance and trip interruption coverage

Additionally, Hagerty provides some unique coverage that applies specifically to classic cars:

  • Guaranteed value
  • Spare parts and tool coverage (up to $750)
  • Automatic quarterly value increases (of 10%)
  • Vehicle under construction coverage for cars in the restoration process
  • Cherished salvage rights in the case of a total loss

Discounts

As a specialty insurance company, Hagerty doesn't offer much in the way of discounts. But members of Hagerty's Drivers Club can take advantage of discounts on auto shows, parts, and accessories.

Availability and Limitations

Hagerty classic car insurance is available in all 50 states and Canada, but the company does maintain some fairly strict limitations when it comes to coverage. For starters, it will not insure high risk drivers. This includes drivers with DUIs, speeding violations, or other reckless driving charges in the past three years.

Furthermore, Hagerty requires that when not in use, your collectible car is stored in a garage, barn, or similar type of storage location. The company will not insure classic cars used daily either—in fact, Hagerty requires that you have another regular-use vehicle that's insured for it to even offer you coverage for your classic car.

Classic Car Perks

Unlike most other classic car insurance providers, Hagerty is willing to insure cars with little as 20% of their original parts. The company will also insure cars undergoing restoration and will cover new purchases for up to 30 days before you add them to your policy. Because of this, Hagerty is really the best choice for anyone who buys collectible cars in less-than-pristine condition and restores them.

Another big perk that Hagerty offers is expert claims service. Not only does the company specialize in classic cars, but there are also staff members on hand to help you track down hard-to-find parts. For rare or dated vehicles, this can be an amazing asset.

What Is the Difference Between Classic Car Insurance and Regular Car Insurance?

Although policies for both classic cars and everyday vehicles offer many of the same types of coverage, there are several ways in which classic car insurance differs from the types of policies offered on other vehicles.

First and foremost, since classic cars often increase in value rather than depreciate as they age, the valuation process works in a very different way. In fact, many classic car policies use what is called "agreed value" instead of sticker price or other determination methods. This agreed value takes into account current market values as well as all of the investment you've put into the car through restoration or upgrades.

Furthermore, classic car coverage typically costs less because companies place mileage caps or usage agreements on their policies. In most cases, you won't be driving your antique auto or classic muscle car to work every day, which means that the liability is lower for car insurance companies and as a result don't charge you as much in premiums.

Finally, classic car coverage amounts change more frequently than a typical policy since classic cars gain value over time and also further increase in value as you do further work to them.

Because of these differences, classic car coverage often comes with entirely different restrictions and expectations than most other car insurance policies, like mileage restrictions, storage requirements, and other unique considerations that are needed when insuring these types of cars.

How Much Does It Cost to Insure a Classic Car?

Insurance for classic cars costs an average of 36% less than standard car insurance policies. While exact rates vary based on the specifics of your car, location, and driving history, chances are you'll spend several hundred dollars less per year on classic car insurance than you would with a standard insurance policy.

Can You Get Full Coverage on a Classic Car?

Yes, and in most cases classic car insurance policies will require you to carry full coverage due to the nature of the vehicles. Because classic cars hold such high value and repairs can be much more costly, it's actually in your best interest to carry full coverage that includes collision and comprehensive as well as your state's minimum requirements of liability insurance.

What is Considered a Classic Car for Insurance Purposes?

While specifics vary between insurance companies, classic cars typically must be:

  • Antique and classic cars, usually at least 25 to 30 years old
  • Hot rods and modified vehicles
  • Exotic and luxury autos
  • Muscle cars
  • Classic trucks

Additionally, these cars are usually expected to be in some sort of restored condition with a certain percentage of original parts, and should hold some sort of historical value.

The Bottom Line

Chances are that if you own a classic car, you've invested large amounts of time, energy, and money into your vehicle. It's essential to give your prized possession the protection it needs and deserves with classic car insurance. The above options are great companies to check out so that you have peace of mind while you enjoy that Sunday drive in your classic car.

Methodology

When selecting our top car insurance recommendations for classic cars, we evaluated over 25 car insurance companies who offer classic car insurance based on several metrics, including coverage options, financial strength, claims satisfaction ratings, and customer reviews from websites. We also compared advertised rates and discounts on each companies website plus data on car enthusiast websites like The Truth About Cars, Car and Driver, and more. Our analysis is meant to provide you with a great wealth of information, but we definitely encourage you to shop around before committing to one provider for your classic car insurance needs.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
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