Best Auto Insurance Companies & Policies for Antique Cars

If you own an antique car you know the time, effort, and money it takes to protect and maintain such cars. Unlike regular cars, antique cars have a higher market value and hence require exclusive insurance coverage.

Insurance for vintage cars, or classic car insurance coverage, is similar to regular insurance coverage but specifically designed to protect these assets that appreciate in value with age. However, finding good insurance companies and policies for antique cars can be difficult so we have put together a list of the best auto insurance companies that offer extensive coverage for vintage cars.

We’ll take a comprehensive look into understanding classic car insurance, the benefits of having classic car insurance, the insurance companies that offer classic car insurance, and the features of their policies.

Understanding Classic Car Insurance

According to the Classic Car Club of America, a car must be at least 25 years old to qualify as a classic car. Many collectors across the world purchase vintage and classic cars as an investment and look for ways to secure these assets.

That is where classic car insurance comes into the picture. Classic car insurance protects your investment to make sure it is still around for years to come by providing specialized coverage options alongside expert service customized as per your needs.

Advantages of Classic Car Insurance for Antique Cars

As an antique car isn’t driven around much, classic car insurance requires you to pay lower premiums in comparison to a standard policy, making it one of the biggest benefits of classic car insurance. Classic car insurance also offers similar basic coverage and protection like standard car insurance for collision, comprehensive car care, bodily injury liability, and property damage coverage.

It provides you with liability coverage, which will ensure that you are covered if you are at fault in the case of an accident, in accordance with state laws. Classic car insurance will also help you preserve the value of the car, as when you opt for classic car insurance, you will get an agreed-upon replacement value of the car.

Eligibility To Qualify For Classic Car Insurance

There is a common misconception that only cars that are over a certain age are eligible for classic car insurance. In reality, that is not the case. Along with the age of the car, there are several other eligibility factors that make you and your car qualify for classic car insurance. These include:

• The vehicle should be at least older than 25 years.
• Muscle cars and hotrods, exotic vehicles, and newer ultra-luxury high-performance cars also qualify for classic car insurance.
• The vehicle must be in a good condition.
• The vehicle must be parked in a secure or fully enclosed garage or any approved structure.
• The vehicle should not be used for daily commute or racing.
• The car should not be driven for more than 7,500 miles per year.
• The driver must have a clean driving record without any accidents or violations within three years.
• The driver should be at least 25 years of age.
• The driver should own and use another vehicle as a primary vehicle for daily use and commute, which is insured.

These criteria may vary from one company to another. Each company has different categories and different pricing structures. It is a good idea to look for quotes from different companies and compare them to find the one that is suitable for you.

Types Of Classic Car Insurance Coverage for Antique Cars

Similar to standard insurance, classic car insurance has different levels and types of coverage for classic cars. A basic policy might cover liability, comprehensive, and collision; higher levels of coverage might include the following.

• Medical payments coverage for reimbursing a part or all of your medical bills in the event of an accident
• Uninsured/underinsured motorist coverage for covering you at the same level as your liability coverage in the case of an accident where the uninsured driver is at fault
• Traveling collector coverage to cover the losses while on the road in your classic car, including trip interruption coverage
• Spare parts coverage to protect the classic car items that stay in your garage
• Evacuation expense coverage to pay for the evacuation of your classic car in case of an emergency
• Cherished salvage coverage to get the full value of your car and also get the salvaged vehicle back in an event of a complete loss

Now that you have a clearer idea and understanding of classic car insurance, we have put together a list of the best auto insurance companies that provide classic car insurance.

Best Auto Insurance Companies and Policies for Antique Cars

Choosing the best classic car insurance is a very subjective decision. Something which might be the best choice for you, might not be the best choice for someone else. While choosing a policy remember to consider two main factors, the type of classic car you own and how often you drive it.

Choosing the best classic car insurance is a very subjective decision. Something which might be the best choice for you, might not be the best choice for someone else. While choosing a policy remember to consider two main factors, the type of classic car you own and how often you drive it.

Hagerty

Hagerty is one of the world’s leading specialty insurance businesses, providing specialized classic car insurance since 1984. It offers coverage for restoration projects with staff members who are dedicated to finding you the right parts, making it a restoration lover’s dream car insurance. Hagerty also insures cars undergoing restoration and covers new purchases for up to 30 days before adding them to your policy. They also provide expert claims services.

Pros of the company

• Offers high spare parts and tools coverage in comparison to other companies.
• Special coverage for restoration projects and cars under construction.
• Perks that are specifically designed for classic cars.

Cons of the company

• It has strict requirements for coverage.
• It does not insure classic cars that are used daily.

Coverage

Hagerty offers coverage policies for classic cars and antique autos including limited-edition vehicles, supercars, hotrods, replicas, retired military or commercial vehicles, and specialty motorsport vehicles.

The company has liability coverage, collision and comprehensive coverage, medical payments and personal injury protection, uninsured motorist protection, roadside assistance, and trip interruption coverage.

They also offer guaranteed value coverage, spare parts, and tool coverage up to $750, an automatic quarterly value increase of 10% at an extra charge so that the value of your classic car does not decrease every passing year, and cherished salvage rights — which allow you to retain salvage of your vehicle without any value being deducted from your final payment in the case of total loss.

Availability and Limitations

Hagerty classic car insurance is available in all 50 states across the United States and Canada. The company has strict limitations in terms of coverage. It does not insure high-risk drivers, which includes drivers with DUIs, speeding violations, or any other driving charges within the last three years.

Safeco Insurance

Safeco Insurance is a subsidiary of Liberty Mutual, a company with a good rating and financial strength. It is a great option for classic car owners who use their cars daily. They offer insurance policies for classic cars that are driven up to 10,000 miles per year.

One of the greatest perks of Safeco Insurance is the ability to drive extended miles. They also offer an option to customize coverage on each car or select standard policies. The policies use your agreed value in the event of total loss and renegotiate the value if it increases over time.

Pros of the company

• The policies do not have any major mileage restrictions.
• The company offers several unique discounts and coverage perks for classic car owners.
• They also offer lower insurance rates for classic cars driven less than 5,000 miles per year.

Cons of the company

• The policies are not available in all 50 states.
• The policies are limited to classic cars and antique autos and have numerous restrictions.

Coverage

The classic car insurance policies offered by Safeco Insurance cover modified collector cars, reproductions, replicas, restorations, modern classic cars, and antique autos. Once you sign for coverage, you establish an agreed value, wherein you will receive the decided reimbursement amount in case of an accident or any form of damage or loss.

They offer classic car owners specific coverage which includes bodily injury liability, property damage liability, uninsured motorist, comprehensive, collision, and personal property coverage. Safeco Insurance also offers roadside assistance coverage which includes towing and basic emergency services.

Availability and Limitations

Safeco Insurance does not serve clients in Delaware, Hawaii, New Jersey, Rhode Island, and the District of Columbia. The coverage restricts automobiles and street vehicles like vintage motorcycles, tractors, or retired military vehicles. The policies do not cover kit cars, cars restored less than 50%, racing vehicles, and cars that have a nitrous-oxide engine.

American Modern Insurance Group

American Modern Insurance Group has been in the specialty insurance market since 1949. The company is well versed in insuring classic cars, antique autos, and various collectible vehicles. American Modern offers guaranteed nationwide roadside assistance and flatbed towing. They also offer spare parts coverage, trip interruption, pet coverage, and agreed value loss settlements.

Pros of the company

• The policies are available across all states.
• The agreed value is determined before signing the policy.
• Offers a variety of discounts that can cover the driver up to 45%

Cons of the company

• The policy does not cover high-risk drivers.
• Have a lengthy claims process.

Coverage

American Modern’s classic car insurance policies are known for being the most inclusive policies. They cover muscle cars, classic cars, antique autos, exotic vehicles, street rods, cobra replicas, race cars, classic motorcycles, retired military vehicles, collectible tractors, antique fire engines, and restorations in progress.

The coverage also includes bodily injuries, property damage liability, collision coverage, comprehensive, uninsured motorist, medical payments, and personal injury protection.

Availability and Limitations

American Modern classic car insurance is licensed and available nationwide. Drivers with a history of DUIs, accidents, or other driving issues cannot obtain the insurance as the insurer states the right to refuse coverage for high-risk drivers.

State Farm Insurance for Antique Cars

State Farm Insurance is a leading global insurance company providing specialty car insurance. They rely on knowledgeable local agents to assist the customers with the claims and other needs. State Farm Insurance offers roadside assistance and spare parts coverage up to $500.

Pros of the company

• The policy coverage is available nationwide.
• Spare parts coverage of $500 is provided.
• The rates are based on usage.

Cons of the company

• Does not offer many perks.
• The coverage criteria have many limitations.

Coverage

Classic cars between 10 and 24 years old that hold some historic interest and antique automobiles more than 25 years old that hold historic integers or value are eligible for availing coverage.

State Farm Insurance offers basic coverage like liability, medical payments/no-fault, comprehensive, collision, uninsured motorist, and uninsured motorist. They offer the same coverage needs for classic autos and antique cars, like agreed value pricing and spare parts coverage, and pricing based on usage.

Availability and Limitations

State Farm classic car insurance is available across all 50 states. It requires classic car owners to meet criteria based on age for eligibility. It requires the car to be driven on a limited basis, the car must be fully restored and preserved in its original condition, the car must be stored in an enclosed building or garage when not in use.

Final Verdict

Now that you are aware of companies that offer insurance policies for antique cars, you can choose a company that fits your needs. Have a clear idea of how you intend to use your vehicle. The more options you have, the better it is to compare. Get in touch with people who own a vintage car or a classic car, talk to them and get reviews about companies that offer classic car insurance.

Your vehicles are prized possessions and deserve to be protected. Compare classic car insurance quotes to find the best option that suits your needs.