Best Classic Car Insurance Companies in 2022 – Car Insurance
Best Classic Car Insurance Companies in 2022
A classic car requires specialty insurance to ensure you’re protected in the event of a collision, but which classic car insurance company is the best?
In this review, we at the Home Media reviews team will discuss the five best classic car insurance companies currently available, considering each insurer’s industry standing, coverage options, and more. We’ll also look at classic car coverage requirements and available coverage options.
We at the Home Media reviews team have thoroughly researched the best car insurance providers on the market, and we used this research to inform our choices for classic car coverage. Many of our top-recommended insurers also offer classic car insurance.
Classic Auto Insurance Company Reviews
While a classic car insurance policy is often cheaper than standard auto insurance, choosing the right insurer is still an important decision. Whether you own a vintage Porsche 911, a hot rod or a muscle car, it’s a good idea to consider multiple insurance companies for your classic auto insurance coverage.
Compare Classic Car Insurance
Below, we’ve outlined our top five picks for classic car insurance and collector car insurance. Most of these companies cover collector vehicles, antique cars and exotic cars as well.
|Classic Car Insurance Company||Annual Mileage Limit||Customer Experience Rating|
|#1 Grundy Insurance||Unlimited||8.5|
|#2 Hagerty Insurance (Progressive)||Unlimited||8.5|
|#3 American Collectors Insurance (USAA)||7,500||9.0|
|#4 American Modern Insurance (Geico)||Unlimited||7.0|
|#5 Heacock Classic Insurance||6,000||9.0|
Best Classic Car Insurance
Next, we’ll take an in-depth look at each classic car company and give you details about its reputation, coverage add-ons and more.
1 Grundy Classic Car Insurance
Availability: 50 states
Year Established: 1947
Headquarters: Horsham, Pa.
Grundy Insurance is an excellent choice for classic cars with rapidly increasing appreciation. The car insurance provider guarantees 100% of the vehicle’s value in a covered total loss scenario and allows policyholders to reevaluate their car’s agreed value as needed.
Grundy boasts an accredited A+ rating from the Better Business Bureau (BBB), indicating the company’s dedication to resolving customer complaints and issues. The insurer offers the standard types of car insurance coverage — bodily injury liability, property damage liability, collision, comprehensive, personal injury protection, medical payments and uninsured/underinsured motorist.
The classic car insurer also offers spare parts coverage up to $500, trip interruption coverage up to $600, and towing and labor coverage up to $250.
2 Hagerty Classic Car Insurance
Availability: Some coverage options may not be available in every state
Year Established: 1984
Headquarters: Traverse City, Mich.
Hagerty Insurance offers more than just a classic car insurance policy. The insurer also provides vehicle specialists to help you during any repair or replacement process and a top-notch community for car enthusiasts. Hagerty insures classic vehicles from 1979 and older.
Alongside the standard types of car insurance, Hagerty provides coverage for spare parts, trip interruptions, tools, and roadside assistance. Drivers can opt into the Hagerty Drivers Club®, a membership service that offers several auto discounts, roadside assistance, auto-enthusiast events, and more.
Progressive Classic Car Insurance
Hagerty has an A+ rating from the BBB, though it’s unaccredited. However, the insurer is backed by Progressive. Rather than sell its own classic car insurance, Progressive offers policies through Hagerty. This can provide peace of mind to drivers looking for a company with additional financial stability, and it can also be beneficial for drivers who want to bundle their classic car insurance with coverage for other vehicles through Progressive.
3 American Collectors Insurance
Availability: 50 states
Year Established: 1976
Headquarters: Cherry Hill, N.J.
For classic cars, American Collectors Insurance offers agreed value coverage, vehicles in restoration coverage, spare parts coverage, and automatic coverage for newly acquired vehicles.
The auto insurer also has a unique protection program called Collectors Auto Reimbursement Endorsement (CARE). This multi-tier plan provides roadside assistance, car show expense reimbursement, theft reward, cosmetic damage reimbursement, and more, depending on the level of coverage purchased.
USAA Classic Car Insurance
American Collectors Insurance is sold through USAA, one of the most reputable car insurance companies in the nation, and underwritten by American Bankers Insurance Company of Florida, American Reliable Insurance Company and American Security Insurance Company. Each of these insurers has an ‘A’ rating from AM Best, meaning they have a strong ability to meet customer claim obligations.
4 American Modern Classic Car Insurance
Availability: 50 states
Year Established: 1965
American Modern offers several included protections alongside the six standard insurance coverages, such as:
- Agreed value loss settlement: Pays out the agreed amount for a classic vehicle in the event of a total loss
- Spare parts: Covers lost or stolen spare parts up to $2,000
- Towing: Pays up to $75 per occurrence
- Trip interruption: Covers up to $150 for lodging and other expenses if more than 50 miles from home
- Pet: Covers up to $750 in pet medical bills if a pet is injured in a collision
- New purchase: Covers any new classic vehicle (valued up to $50,000) for 30 days before a new policy kick in
The insurer’s add-on coverages include roadside assistance, glass protection, and foreign transport when overseas. American Modern does not have any BBB or Trustpilot ratings but based on other review sites, its customer experience ratings are mixed. While the company may be a specialty insurer, it may not be the best option for customers looking for exceptional customer service.
Geico Classic Car Insurance
Like American Collectors, American Modern Insurance is sold through a larger auto insurer — in this case, Geico. Geico is respected in the industry with an A++ rating from AM Best. This means you can get quotes for both standard and classic car insurance through Geico.
5 Heacock Classic Insurance
Availability: 48 states (not available in Alaska or Hawaii)
Year Established: 1989
Headquarters: Lakeland, Fla.
Heacock Classic Insurance is a great option for drivers looking for a five-star customer experience. Though the company is unrated on the BBB, it holds a 4.9 out of 5.0 rating on Trustpilot. Customers frequently praise the classic car insurer’s agents and their personalized service.
Heacock is underwritten by American Modern Insurance. Regarding its coverage options, Heacock offers all standard types of auto insurance and includes roadside assistance at no extra cost with any auto policy. Spare parts coverage (up to $2,000) and agreed value coverage are also included.
The insurer does not require any professional appraisals before offering coverage. A vehicle’s agreed value is decided between Heacock and the car owner.
Collector Car Insurance
Classic car insurance isn’t the same as standard car insurance. Collector cars differ in value and use from daily drivers, so it makes sense that insurance is set up a bit differently. Let’s take a look at what it is and how it works.
What Is Antique Auto Insurance?
Classic auto insurance differs from a standard auto policy in a few ways. There are not only certain eligibility requirements for classic cars (which we’ll discuss below), but there are also key differences in how an insurance company pays out claims for these vehicles.
Agreed Value vs. Stated Value Car Insurance
Unlike regular-use vehicles, classic cars appreciate in value over time rather than depreciate. To account for this, classic car insurance providers will often reimburse drivers with an agreed value in the event of an auto collision.
Usually, an agreed value takes these things into account:
- The car’s value over time
- The market interest in the vehicle
- The professional appraisal of the vehicle
With regular car insurance, companies will only reimburse the vehicle’s replacement cost and deduct any depreciation.
Classic Car Insurance Mileage Limits
Classic car insurance also has annual mileage restrictions. Since these specialty vehicles are only intended for occasional pleasure driving or auto shows, car insurers cap how many miles the vehicle can be driven per year. This also means that classic car owners are expected to have separate vehicles for daily driving.
Do You Need Classic or Antique Vehicle Insurance?
Classic car qualifications vary from company to company, making it hard to give an exact definition. Most auto insurers define a classic car as between 10 and 20 years old, and antique or vintage cars to be older.
However, some organizations consider vehicles 25 years or older to be classics as well. Other companies may give a date range for their vehicle coverage. For example, Hagerty covers vehicles model year 1979 and older.
Make sure to double-check what your insurance provider considers “classic” to ensure your vehicle’s eligibility.
Eligibility for Classic or Antique Car Insurance
Vehicle age is one part of the puzzle when it comes to classic car insurance. There are a few other factors an insurer considers when offering coverage. Below, we’ve listed commonly reported requirements for classic car insurance coverage:
- An alternative daily driver: Most auto insurers require drivers to own a commuter car for daily use to ensure a classic car is driven sparingly.
- Some form of protection: Be expected to keep your classic car covered under a structure or in a garage.
- No racing allowed: Like standard auto insurance providers, classic car insurance companies want your vehicle to be as low of a risk as possible, so that means no racing — even if your particular classic auto is a race car.
- Driving experience: Companies like Hagerty ask that drivers have a minimum of 10 years of driving experience to purchase insurance coverage.
- Professional appraisals: Many auto insurers will ask to have a classic car appraised to set an agreed value.
- Authentic cars only: Most classic car insurers will only insure genuine factory vehicles and won’t cover replicas, kit cars or street rods.
Custom Car Insurance
Many classic car insurance companies can also cover customized cars like hot rods, replicas, muscle cars and more. We recommend speaking with an agent to see if your custom car qualifies.
Classic Car Insurance Coverage Options
Classic car insurance usually comes in a few standard coverage options, including:
- Bodily injury liability: Covers other drivers and their passengers if you are at fault for an accident
- Property damage liability: Covers other vehicles’ repairs if you are at fault for an accident
- Collision: Covers your classic car regardless of fault
- Comprehensive: Protects your car in the event of environmental damage, theft, or vandalism
- Personal injury protection (PIP): Covers medical bills, lost wages, and death benefits for you and your passengers, regardless of fault
- Medical payments (MedPay): Covers medical expenses for you and your passengers
- Uninsured/underinsured motorist: Protects you if you’re in a collision with a driver with too little coverage or no coverage at all
Other Classic Vehicle Insurance Options
Many classic car insurance providers offer additional coverage options like spare parts coverage, which can help cover the cost of replacement parts. Others offer trip reimbursement coverage and coverage for restoration work.
Agreed value coverage is also available. This protection ensures that you receive the agreed-upon value of your classic car regardless of the vehicle’s current market value. Some insurers may provide auto show coverage as well, which covers you if a collision occurs while driving to an event.
How Much Is Classic Car Insurance?
Classic car insurance typically costs much less than standard car insurance. According to Progressive, classic car rates from Hagerty are about 34% less than standard car insurance rates.
Since you drive fewer miles overall in a classic car, there’s less risk for the insurance company. Now, if you want to drive your ‘67 Camaro every day to work and back, you’ll pay more to use it as a daily driver.
Best Classic Car Insurance Companies: Conclusion
Any of the five classic car insurance providers listed above are excellent options for coverage. However, based on your needs and vehicle, it’s always a good idea to shop around for an auto insurance policy. Comparing multiple quotes ensures that you purchase an affordable insurance premium with the coverage you need.
Since classic car insurers also have different requirements, you may be eligible for one insurer’s coverage but not another. Make sure you’re well aware of classic car requirements when you request a quote for your collectible.
Classic Car Insurers: FAQ
Below are some common frequently asked questions about classic auto insurance companies, coverage, cost, eligibility, and claims:
Which car insurance is best for old cars?
Hagerty, Grundy, American Collectors, American Modern, and Heacock provide the best car insurance for old cars. These companies are the best options for classic car insurance because of their fair rates, accessibility, and experience in the industry.
Is insurance for a classic car expensive?
Insurance for a classic car is actually often less expensive than standard car insurance since most drivers don’t use their classic car as a daily driver. However, classic car insurance also comes with strict mileage limits and other restrictions.
Can you insure a classic car as a daily driver?
If you want to use your classic car as a daily driver, you can insure it. However, since most classic car insurance policies come with low mileage limits, you’ll have to use a standard auto policy to cover it instead.
What year is considered a classic car for insurance?
Most classic car insurance providers define a classic car as between 10 and 20 years old, and antique or vintage cars as older. Some insurers consider vehicles 25 years or older to be classics. Other companies may give a date range for their car coverage. Hagerty only insures vehicles with the model year 1979 and older, for example.
Can you get insurance coverage for classic motorcycles?
You can get insurance coverage for classic motorcycles. Many of the same providers that offer classic car insurance offer coverage for vintage and rare motorcycles too.