Best Classic Car Insurance Companies Owning a vintage, antique, classic, or modern classic car is an exciting experience that requires specialized insurance to meet the unique needs of these vehicles. When it comes to insuring your collector car, coverage offerings, mileage allowance, and online quoting availability are some crucial factors to consider. Based on our analysis of various insurers in the market, American Collectors, American Modern and Leland-West are considered among the best classic car insurance companies. American Collectors offers customizable policies with protection for spare parts and automobilia.
They also provide roadside assistance and guaranteed value coverage. American Modern provides flexible coverage options and discounts for low-mileage usage. Leland-West offers agreed-value coverage and no mileage restrictions on their policies. It is important to note that not all insurers offer the same level of coverage for classic cars. Therefore, it’s essential to research different providers and compare their policies before making a decision. Investing in specialized classic car insurance can give you peace of mind knowing that your vehicle is adequately protected in case of any unforeseen circumstances.
7. Best Classic Car Insurance Companies of 2024
- American Collectors – Best for Annual Mileage Limit Options
- American Modern – Best for Occasional Commuting
- Leland-West – Best Overall Classic Car Insurance Company
- Chubb – Best for OEM Parts Repair
- Hagerty – Best for Restorations
- Condon Skelly – Best for Lay-Up Discount
- Heacock – Best for Race Cars
American Collectors
Why We Picked It
American Collectors is a leading insurance provider that offers a range of mileage plans and coverage options to suit different needs. In addition to standard coverage for classic cars, they also provide coverage for race cars while stored, trailered, or in a paddock or display area. With their online quote system, it’s easy to obtain classic car insurance quotes and select the right policy for your needs. Their flexible plans and comprehensive coverage make them an excellent choice for collectors looking to protect their valuable assets.
Pros & Cons
Pros
- You can choose an unlimited mileage plan or from other flexible mileage plans ranging from 1,000 to 7,500 for pleasure use.
- Offers four different roadside plans to pick from as well as trip interruption coverage.
- Covers up to $250 per car for evacuation expenses if your car must be moved due to an incoming disaster, such as a hurricane.
- Car show reimbursement coverage pays if you miss a show due to a car accident or mechanical breakdown.
- Inflation guard feature automatically increases your agreed value limit up to 6% annually.
- Allows alternative vehicle storage methods other than a fully enclosed, locked garage or structure, which is what most classic car insurers require.
- Has a partnership with USAA that gives USAA policyholders a 5% discount on classic car insurance.
Cons
- Spare parts coverage is low at only $500, while some competitors offer $2,000.
States Available In
American Modern is an insurance company that provides coverage across the United States. They are licensed to operate in all 50 states and Washington D.C. This means that no matter where you live in the country, you can rely on American Modern for your insurance needs. Their extensive reach makes them a popular choice for those seeking reliable insurance solutions.
American Modern
Why We Picked It
American Modern provides a comprehensive range of coverage options for classic cars, accompanied by multiple mileage plans to choose from. One of these plans even permits occasional driving to work. The insurer also offers an inflation guard to ensure that you are not underinsured in case of any mishap. Moreover, American Modern provides a wide variety of discounts that can help lower your insurance costs, making it an attractive option for classic car owners. These discounts include multi-car discounts, low mileage discounts, and safety feature discounts. With its strong focus on customer satisfaction and tailored coverage options, American Modern is a reliable choice for those looking to insure their classic cars.
Pros & Cons
Pros
- Offers annual mileage plans from 1,000 miles up to unlimited pleasure-driven miles.
- Optional coverage available if you want to drive your classic car to work.
- Has a wide variety of discounts, including one for insuring a large car collection.
- Covers a classic car that is in the process of being restored.
- Covers disaster relocation costs for your classic car.
- Partnered with Geico for classic car policies, so possible bundling discount if your standard car insurance policy is with Geico.
Cons
- No online quotes for classic car insurance with American Modern.
- Has a higher-than-average level of complaints made about it to state insurance departments. Most complaints against American Modern are related to claims, including delays, unsatisfactory settlements and claim denials.
States Available In
American Modern is available in all 50 states.
Leland-West
Why We Picked It
Leland-West is a leading provider of coverage options for classic cars, offering a wide range of features to suit the needs of different car owners. With limited use, flexible and unlimited annual mileage options, Leland-West provides ample choices to its clients. Its insurance plan specially designed for cars taken to the track is an added benefit. The agreed value coverage comes with an inflation guard that protects your vehicle from being underinsured. With such comprehensive coverage options, Leland-West ensures that your classic car remains protected and valued at all times.
Pros & Cons
Pros
- Offers limited, flexible and unlimited mileage programs for the pleasure use of your classic car.
- Miles roll over to your next policy period if you choose a restricted mileage program and don’t use up your mileage limit.
- Offers add-on coverage that allows for occasional commuting with your classic car.
- Relocation expense reimbursement is available for moving your collector car out of the path of a catastrophic event, such as a hurricane.
- Spare parts coverage of $2,000 is included in a Leland-West policy.
- Has a zero deductible option.
Cons
- Drivers need at least nine years of driving experience, while other insurers only require five years.
- Does not offer many car insurance discounts.
States Available In
Leland-West is available in 46 states and Washington, D.C. Leland-West is not available in Alaska, Hawaii, Massachusetts or North Carolina.
Chubb
Why We Picked It
Chubb offers comprehensive classic car insurance coverage with no mileage limits for hobby use of a vehicle. Another notable feature of Chubb’s policy is its commitment to repairing your car with original equipment manufacturer (OEM) parts, or if unavailable, it will pay for fabricated parts. This ensures that your car is restored to its original condition using high-quality components. Chubb’s classic car insurance policy also covers damages caused by collision, theft, fire, and natural disasters. Additionally, the policy includes liability coverage in case you are held responsible for an accident or damage to someone else’s property. All in all, Chubb provides reliable and comprehensive coverage for classic car enthusiasts who want to protect their valuable assets.
Pros & Cons
Pros
- Covers your choice of repair shop, even if it means sending your car out of state or overseas for necessary repairs.
- Repairs are made with OEM parts.
- No mileage limit but classic cars should be used for hobby or occasional use.
- No deductible when you have a total loss settlement.
- Offers spare parts coverage of $1,500.
- Pays up to $500 per car for disaster relocation expenses to move your car due to a severe event, such as an earthquake or hurricane.
Cons
- No online classic car insurance quotes.
- Doesn’t offer many discounts.
- No mention of inflation guard.
States Available In
Chubb is available in all 50 states and Washington, D.C.
Hagerty
Why We Picked It
Hagerty collaborates with multiple traditional auto insurance firms, provides good coverage options, and offers excellent coverage for evacuation expenses. Accessing a classic car insurance quote online through Hagerty is an added benefit. Additionally, Hagerty provides a simple method for increasing your vehicle’s insured value during restorations, with the car’s value automatically increasing by 10% every quarter, up to a maximum of $25,000 per year.
Pros & Cons
Pros
- Hagerty covers vehicles being restored and offers extra coverage and services with its vehicles under construction coverage, such as quarterly value increases.
- Has alliances with Allstate, Nationwide and Progressive. See about a bundling discount if you have your standard car insurance or home policy with one of these insurers.
- Offers a motorsports advantage endorsement for race cars.
- Evacuation expense (disaster relocation) coverage is up to $1,500 per item and a maximum total limit of $10,000.
- Has a “cherished salvage” option that allows you to keep your totaled vehicle without salvage value being deducted from your insurance payout.
- You may be able to drive to work or to do errands for up to five months a year as a seasonal driver.
Cons
- Spare parts coverage is low at only $750, while some competitors offer $2,000
- Hagerty has no fixed mileage limit but notes mileage of 3,500 is what is considered normal for collectible cars and 7,500 is on the high end, so may not be truly unlimited.
- Only a few discounts are available.
States Available In
Hagerty is available in all 50 states and Washington, D.C.
Condon Skelly
Why We Picked It
Condon Skelly, an insurance provider, offers a range of mileage plans for their customers. These plans include unlimited miles and cater to an extensive variety of vehicles. Additionally, Condon Skelly offers a lay-up discount for those who do not use their cars during the winter months. This can be especially beneficial for those who own classic or collector cars that are not driven as frequently as other vehicles. With these flexible options, Condon Skelly provides customized insurance solutions that meet the unique needs of each customer.
Pros & Cons
Pros
- Mileage options of 2,500 up to 7,500 unless you choose unlimited miles, but still must be for leisure use and not a daily driver no matter the mileage plan.
- Receive a discount if you choose to lay up (not drive) your classic vehicles from December through March. Does not apply to restoration vehicles.
- Offers coverage for unique vehicles, such as vintage tractors, military vehicles and fire trucks.
Cons
- No mention of inflation guard.
- Doesn’t provide disaster relocation coverage.
- Only offers a few discounts.
States Available In
Condon Skelly is available in all 50 states and Washington, D.C.
Heacock Classic
Why We Picked It
Heacock Classic offers an impressive range of spare parts coverage options for classic car owners. In addition to this, they provide a decent number of coverage options for vehicles undergoing restoration and race cars. This comprehensive coverage is ideal for vintage car enthusiasts who are looking for reliable protection against any mishaps or damage during the restoration process or while racing. Whether you own a classic car or are in the process of restoring one, Heacock Classic has got you covered with their extensive range of coverage options and exceptional customer service.
Pros & Cons
Pros
- Offers storage, transit and paddock insurance for race cars and has special discounts for extra vehicle security and membership into particular marque clubs.
- Restoration coverage works whether your classic car is in a shop or if you’re restoring it yourself.
- Only one liability charge no matter how many cars you have insured in your collection.
- Get $2,000 of spare parts coverage and roadside assistance with flatbed towing as part of a Heacock classic car insurance policy.
Cons
- Flexible mileage plans but the top limit is 6,000 annual miles, which is lower than what many competitors offer.
- No mention of inflation guard.
- No mention of disaster relocation coverage.
States Available In
Heacock is available in 48 states and Washington, D.C. Heacock is not available in Alaska or Hawaii.
Annual Mileage Limits by Company
When it comes to insuring your classic car, it is essential to find the best classic car insurance company that meets your specific needs. One of the key features to look for is a variety of annual mileage limits, with most offering an unlimited option. Additionally, some standard car insurance companies partner with specialized classic car insurers to provide coverage. For example, Allstate has partnered with Hagerty to offer classic car insurance policies that cater to the unique needs of vintage and antique vehicle owners. It is crucial to research and compare various options before selecting the right insurer for your beloved classic car.
Classic Car Insurance Annual Mileage by Company
A plan with unlimited mileage may not have a set limit, but you might need to account for your mileage if it exceeds a specific threshold, such as 7,500 or 10,000 miles per year. This is because classic cars are typically driven infrequently. Classic car insurance companies expect you to put miles on your collector car by using it for exhibitions, car club activities, parades, car shows, or occasional pleasure drives. If you intend to use your classic car as a daily driver, you will probably need to obtain a standard car insurance policy without mileage restrictions.
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How Much Is Insurance on a Classic Car?
Classic car insurance is usually more affordable than regular car insurance due to the lower time spent on the road, resulting in a reduced risk of accidents. According to American Collectors, Heacock, and Hagerty, classic car rates can be up to 40% less than standard auto insurance rates. To determine the cost for your vehicle, it’s best to compare quotes from different companies as prices can vary based on how insurers assess risk factors.
Common Factors That Impact the Cost of Classic Car Insurance
Key factors that affect classic car insurance rates usually include:
- Annual mileage. The more you drive, the more you’ll pay due to a higher chance of being in an accident.
- Classic car insurance coverage choices. If you add on motorsports coverage or other extras, your cost will increase.
- Deductible amount. Many classic car insurers offer a zero deductible option, but if you choose a higher value one, such as $500 or $1,000, you’ll save.
- Your age and years of driving experience. Some classic car companies have eligibility limitations based on age (drivers must be at least 25) and driving experience (wanting at least five years).
- Your credit score. In most states, having a higher credit-based insurance score will lead to lower rates.
- Your driving record. A clean driving record (one without traffic violations or accidents) will get you cheaper classic car insurance costs.
- Vehicle model and value. The more valuable your car is, the more expensive your policy will be because classic car insurance is typically based on an agreed value. That means you and the insurer agree on the value of the vehicle to be paid out if there is a total loss.
- Where the vehicle is garaged. Most classic car insurers require keeping your car in an enclosed locked garage or storage location.
- Where you live. Location-based factors like the cost of car repairs, medical care costs and frequency of thefts, claims and auto accident lawsuits in your area will impact your rates.
How Do I Find the Best Classic Car Insurance?
When searching for the best classic car insurance, assess your needs and determine the essential coverage features. For example, if you frequently take your 1972 Porsche 911 to car shows, mileage limits will be crucial. Conversely, if you’re restoring a 1964 MGB, restoration coverage may be your primary concern. After identifying your requirements in a classic car insurance policy, compare different insurers to find the most suitable option. Our evaluation of the top classic car insurance companies can serve as a helpful starting point. When seeking the best classic car insurance, consider the following items and features.
Mileage Limits
If you are actively involved in classic car hobby activities such as car shows and parades, and you drive a significant number of miles each year in this capacity, it is important to consider mileage limit options. It is advisable to seek out a classic car insurance policy that offers a flexible or unlimited mileage limit. On the other hand, if you spend more time admiring your classic car than driving it, opting for a lower fixed limit may be a more suitable choice as it often comes with a discount. Leland-West provides the option to carry forward any unused miles to the following policy year if you select a fixed limit and drive less than your limit. Typically, classic car insurance policies specify that the car is intended for occasional pleasure and hobby use, and they require you to have a separate daily driver vehicle. If you intend to use your classic car regularly or as a commuter vehicle, you may need to add an endorsement for that purpose or purchase a standard car insurance policy.
Flexible Deductibles
You have the option to select from a variety of car insurance deductibles, ranging from a higher amount like $10,000 with American Modern to a percentage of your car’s value with American Collectors. Opting for a higher deductible may be suitable if you own a high-value vehicle or wish to bear more of the cost to lower your classic car insurance rates. Our top classic car insurance providers offer a zero deductible choice, but this may result in higher policy costs. This is because the lower your deductible, the greater the amount your auto insurance company will need to pay out in the event of a claim. Typically, the most popular deductible options are $250 or $500.
Inflation Guard
The inflation guard coverage feature automatically raises your agreed value limit to account for inflation, preventing you from being underinsured. This increase is usually temporary unless you adjust your limits at renewal. Many insurers implement a 2% increase every three months, with a maximum annual increase limit in place. As an illustration, American Collectors’ inflation guard can adjust the agreed value limit of your classic car by a maximum of 6% per year.
Spare Parts
You are tasked with restating a provided piece of text to maintain its original meaning and information. ### Output: Spare parts coverage provides compensation for the theft or damage of spare replacement parts and automotive tools that you possess and plan to use for the maintenance or restoration of your classic vehicle. While numerous car insurance providers offer $500 in spare parts coverage, top classic car insurance companies offer higher amounts. For instance, Hagerty provides up to $750 in spare parts coverage, Chubb offers up to $1,500, and American Modern, Heacock, and Leland-West give $2,000 in coverage.
Discounts
Consider the various car insurance discounts available to reduce the cost of your classic auto insurance. If you already have home or life insurance with a company, look for a bundling discount when getting a classic car policy with them. Some classic car companies partner with standard companies, offering bundling discounts. Additionally, discounts may be available for insuring multiple cars or an entire car collection, storing your car away for months, belonging to a car club, insuring a high-value vehicle, having anti-theft or security devices for your car, and having an automatic fire suppression system for your garage area.
Shop Around
It’s important to compare prices from different companies in order to find the best classic car insurance deal. Consider the coverage and mileage that suit your classic car, and then compare insurance quotes.
Best Classic Car Insurance by Car Type
The best classic car insurance companies will offer coverage for a broad range of specialty vehicles. Every classic car insurance company will insure antiques and classic cars. But coverage options don’t stop there. If you have a kit car, a modified car, a show-worthy modern classic or an antique military vehicle, you can find the classic car insurance you need.
Methodology
Car insurance coverage options
70% of score: Any auto insurance company can provide the basics of liability insurance, collision and comprehensive coverage and other standard offerings like agreed value for classic cars. But it’s also important to have access to additional coverage types that can provide greater protection or cost savings. In this category, we gave points to companies that offer a zero deductible option, an inflation guard feature, spare parts coverage, restoration coverage and disaster relocation reimbursement.
Maximum mileage allowance (20% of score)
Classic car insurance companies can restrict the number of annual miles allowed under a policy as most require the car to be used for occasional hobby use and pleasure drives. We gave points based on the maximum mileage limit offered.
Online quote availability (10% of score)
Being able to obtain a classic car insurance quote online can save time. We gave points to the classic car insurance companies that offered online quotes.
Summary
When it comes to protecting your classic car, choosing the right insurance company is crucial. After exploring the options available in the market, we have compiled a list of the 7 best classic car insurance companies for 2024. These companies specialize in providing coverage specifically tailored to the unique needs of classic car owners. Whether you own a vintage muscle car, a timeless roadster, or a rare collectible, these insurance providers offer comprehensive policies that will give you peace of mind. Don’t settle for just any insurance company; protect your investment with one of these top-rated providers.
Best Classic Car Insurance Companies 2024 Faqs
How old does my car need to be to qualify for classic car insurance?
In general, to qualify for classic car insurance your car must be at least 10 years old to be considered a classic and 25 years old or more to be an antique. Check eligibility requirements when you’re shopping around as it varies by insurer. American Collectors, American Modern, Hagerty, Heacock, Grundy and Leland-West insure classic and collector cars of all ages, from vintage to modern. Some car insurance companies with minimum car ages of note include:
● American Family says your car should be at least 20 years old.
● Chubb usually covers cars that are at least 30 years old or of limited production.
● J.C. Taylor requires vehicles be at least 19 years old in most states.
What is classic car insurance?
Classic car insurance is a contract between you and an insurance company that provides specialized coverage for a classic or antique car in exchange for the premium you pay. A classic car insurance policy will outline what coverages you receive and what type of claims you can make.
Classic car insurance is similar to a standard car insurance policy but has restrictions on what cars it will insure and how the cars can be used. Generally, a car must be in good condition and driven infrequently for hobby or pleasure use. Also, because classic cars can maintain or increase in value, you determine an agreed value to be paid out if it’s totaled out.
Who has the best classic car insurance?
The best classic car insurance companies are American Collectors, American Modern, Leland-West Chubb, Hagerty, Condon Skelly and Heacock, according to Forbes Advisor’s analysis. These classic car insurance companies are the best options based on our evaluation of coverage offerings, mileage allowance and online quoting availability. To find the best classic car insurance company for your particular collector car, compare car insurance quotes from multiple companies.
Is it cheaper to insure a classic car?
Certainly! Classic car insurance is usually more affordable than the standard car insurance you would have for your everyday vehicle. American Collectors and Heacock claim that their classic car rates are as much as 40% lower than standard auto insurance rates, while Hagerty states that they are typically 34% lower. This is because classic cars pose less risk to insurers. They are typically only used for hobby and pleasure, reducing the likelihood of accidents. Additionally, classic cars are usually required to be stored in an enclosed, locked garage, decreasing the risk of theft or weather-related damage.
