Best Classic Car Insurance Companies (2024)

If you plan on driving your classic car, you’ll need to insure it. Classic car insurance is similar to traditional auto insurance in that it provides standard coverages, such as liability, collision, and comprehensive. But classic car insurance has its own set of eligibility requirements and specialty coverage options.

You may already be familiar with some of the companies that offer classic car insurance, such as State Farm, Farmers, and Nationwide. But some smaller niche companies may be a better fit. Insurers like Hagerty and American Collectible specialize in insuring only classic, antique, and collectible vehicles.

What is classic car insurance?

You may envision a ’65 Shelby Cobra or a ’52 Volkswagen Beetle when you hear the term “classic car,” but would you consider a ’92 Honda Civic in the same category? Probably not. But the term “classic car” has a different meaning to insurance companies. Each may classify a car’s age into a “classic,” “antique,” or “collectible” category.

Generally, many insurers will consider a car a “classic” if it’s anywhere from 10 to over 25 years old. The exact cutoff will depend on the insurer. These companies may also require that the car isn’t a primary vehicle — that is, one that you use every day for things like shopping, going to work, or picking up your kids from school.

Both standard and classic car insurance policies offer coverage options ranging from the minimum liability coverage required by state law to reimbursement for covered parts replacement. But each insurer’s eligibility criteria can differ.

For example, a classic car insurer may impose a maximum driving limit of 3,000 miles per year, require that you store the car in a covered space, and only insure drivers with clean driving records.

In some cases, you might be able to purchase a standard car insurance policy for a classic car if it’s your primary vehicle. But since many classic car owners use these vehicles solely for car shows, parades, and pleasure driving, a classic car insurance policy may be better suited for your needs.

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What are the best classic car insurance companies?

If you’re looking for classic car insurance, consider one of the companies below.

Hagerty

Hagerty is a national provider of specialty insurance, offering insurance for classic vehicles in all 50 states. It also offers motorsport, business, and classic boat insurance. Its classic vehicle products include coverage for cars older than 1980, modified vehicles, tractors, scooters, and more.

To qualify for coverage, you must only use the car for pleasure driving or events, you must park it off the street, and you must not have had a serious driving infraction in the last three years.

Drivers also have the option to get paid by Hagerty to repair any covered damages themselves. However, unlike some larger insurers, not all of Hagerty’s classic vehicle coverage options are available in every state.^[1]

American Modern

American Modern is a specialty insurance company offering collector car insurance, among other property and vehicle insurance products. Its coverage options include muscle cars, classic cars, race cars, Cobra replicas, fire engines, and more.^[2]

When insuring your car with American Modern Insurance, you and the agent agree on its value and insure it for that amount. This agreed value prevents you from losing money if the market value of the vehicle decreases after you activate your policy.

State Farm

Farmers

American Collectors

American Collectors offers classic vehicle insurance to owners with at least five years of licensed driving experience, a clean driving record, and a classic vehicle in good condition. It also requires drivers to store the vehicle in an enclosed space and not use it for racing or daily driving.

It also offers coverage for other vehicle types, such as classic trucks, exotic cars, and antique motorcycles, though coverage eligibility requirements vary. For instance, American Collectors requires at least 10 years of driving experience for classic truck insurance, while Hagerty has fewer requirement differences between classic truck and classic car insurance.^[5]

Unlike some classic car insurers, American Collectors offers coverage options allowing classic vehicle owners to drive up to 7,500 miles per year. It also insures other collectibles that aren’t automobiles, such as vintage books, wine collections, and sports memorabilia.^[5]

Methodology

Data scientists at Insurify analyzed more than 40 million real-time auto insurance rates from our partner providers across the United States to compile the car insurance quotes, statistics, and data visualizations displayed on this page. The car insurance data includes coverage analysis and details on drivers’ vehicles, driving records, and demographic information. Quotes for Allstate, Farmers, GEICO, State Farm, and USAA are estimates based on Quadrant Information Services’ database of auto insurance rates. With these insights, Insurify is able to offer drivers insight into how companies price their car insurance premiums.

How does classic car insurance work?

Classic car insurance eligibility requirements vary from insurer to insurer. One may cap your annual mileage between 2,000 and 3,000, while another might offer coverage for up to 7,000 miles per year. Generally, however, many classic car insurance companies have similar requirements, such as:

• The car must be a “pleasure” car and not a “primary” vehicle — one that you use on a daily basis for work, school, family needs, or running errands.

• You must store your car in a covered space, like a garage or carport.

• You must have had your license for a minimum period of time.

• You may need a clean driving record or minimal infractions within a set number of years.

• You may also need to prove that you have a primary vehicle in addition to your classic car.

• You must have restored, maintained, or preserved your car or be in the process of doing so.

How do you pick coverage limits for classic car insurance?

Most classic car insurance policies include similar coverages as standard car insurance policies, such as bodily injury and property damage coverage. But they’ll also include some additional coverages, such as specialty towing, spare parts, repair, and restoration coverage.

One of the unique elements of classic car insurance is agreed-upon value. Classic cars often have very different values, depending on their features, age, and condition. Newer cars aren’t as specialized, so insurers can assess them using a “book value,” which is more of a general value that applies to almost every vehicle of a given model.

The agreed-upon value is the vehicle value that you and your insurer agree on prior to the start of the policy. It doesn’t depreciate over time as an everyday vehicle’s value does, so your car will stay insured for the agreed-upon value throughout the policy. In some cases, your car may even increase in value, and you may need to adjust your policy.^[6]

When choosing coverage levels, consider how often you’ll drive your classic car and in what context. For instance, if you enjoy impromptu cruising you may want more coverage options to protect against accidents. If you only take your vehicle to classic car shows a few times per year, you may only want the minimum liability coverage to save money. But keep in mind, liability-only coverage won't protect your classic car against theft, vandalism, fire, or weather hazards.

What does a classic car insurance policy cover?

Because most states require a minimum level of liability insurance for any car operated on a roadway, most classic car insurance policies cover bodily injury liability and property damage liability. Some states may also require personal injury protection insurance and uninsured motorist coverage.^[7]

Classic car insurance companies typically offer policies that address similar coverage needs. Farmers, American Collectors, and State Farm all offer spare/replacement parts coverage, and others offer even more extensive coverage options. For instance, State Farm can provide optional collision, comprehensive, and no-fault coverage for classic cars.^[3]

How old does a car have to be to qualify for classic car insurance?

Insurance companies don’t all agree on the age requirement to define a classic car. Insurers have different age requirements for insuring a classic car and break down these age ranges into distinct categories. For instance:

• Hagerty doesn’t have a minimum age requirement but has other requirements regarding usage and storage, depending on the vehicle model.^[1]

• State Farm considers vehicles between 10 and 24 years old to be classic cars and those older than 24 years to be antique cars.^[3]

• American Collectors doesn’t have a minimum age requirement but has other requirements related to the car’s make, model, usage, modifications, and collectibility.^[5]

Is classic car insurance required?

Classic car insurance is required if you plan on driving your vehicle. Driving includes Sunday drives, taking it to a car show, and even using it once a year during a town parade.

All states require every motor vehicle operated on a roadway to have a minimum amount of insurance. This mandatory insurance guarantees that you’re financially responsible for certain damages you cause while driving your vehicle.^[7]

Driving a classic vehicle without the minimum state-required car insurance results in the same penalties and fees as doing so in a regular car. Of course, just like traditional car insurance, you can purchase additional optional coverage for your classic car to give it the level of protection you desire.

How much does classic car insurance cost?

The average cost of car insurance is $212 per month, or $2,544 per year, according to Insurify data. While a classic car owner may pay a similar premium depending on a variety of factors, like which insurer they choose and their driving history, many drivers report paying far less for classic car insurance.

For example, one classic car owner reported paying only $78 per month with Hagerty.^[8] Aside from factors like make, model, and value, classic car insurance rates are often lower than standard car insurance because of the decreased risk of accidents and incidents.

Low annual mileage maximums, proof that you stored the vehicle in a safe space, and evidence that you’re not using the classic car for daily needs are just a few requirements many classic car insurers have for policyholders. If a driver only uses their classic car for annual parades, for instance, their likelihood of being in an accident is far less than a driver with a daily commute.

How to get the best classic car insurance

Classic car insurance may be different from primary car insurance when it comes to scope and eligibility requirements, but the ways you can save money on your policy are similar. Consider these tips to get the lowest premium for your classic car:

• Bundle multiple policies. Larger insurers, like State Farm and Farmers, offer classic car policies as well as traditional auto, home, and life insurance plans. Bundling them can help you save overall. 

• Maintain a good driving history. Some classic car insurers require a driver to have a clean driving history. To increase your opportunity to find the lowest coverage available, keep a clean driving record on any vehicle you drive.

• Shop around frequently. Car insurance rates vary from year to year. As an insurance agency changes its rates, discounts, and eligibility requirements, you may find more opportunities to save by switching insurers. Compare rates from multiple companies annually to see which can offer you the best coverage for your budget.

“We recommend consumers shop their insurance coverage at least annually,” says Mark Friedlander, corporate communications director at the Insurance Information Institute. “Auto insurance is the most competitive insurance market in the U.S. Insurers want to grow their market share, and prices can vary greatly between carriers.”

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