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Pros + Cons
✓ Offers inflation guard
✓ Exceptional spare parts coverage
X No online quotes
Read our Safeco review.
✓ Allows everyday use
✓ Option to bundle with regular policy
X Doesn’t cover restoration vehicles
Is it a major challenge to find affordable auto insurance rates for your classic car? Classic cars differ from ordinary vehicles, so they require specialized insurance. When these vehicles need repair, finding the right parts and skilled labor is more difficult. Our team examined thousands of insurers and found the best car insurance providers with diverse price ranges, auto insurance discounts, and flexible coverage options for classic vehicles. Not only did we consider affordability, but we also evaluated multiple factors, including bundled discounts, everyday driving coverage, and roadside assistance.
Whether their car is a classic or modern vehicle, all drivers should enjoy reasonable prices from sturdy car insurance plans. Below, you’ll find the best auto insurance companies that offer classic car insurance.
Looking for more useful auto insurance info? Read our reviews on where to find the best cheap auto insurance providers and the cheapest no-down-payment car insurance providers.
Editor’s note: We updated this page on April 22, 2024, to ensure all data is accurate.
One of the main differences between standard car insurance and classic car insurance policies is something known as an agreed value or agreed settlement. With a standard car insurance policy, your provider will pay you the actual cash value (ACV) of your car in the event of a total loss. The actual cash value accounts for depreciation and the book value of a car. But classic cars are often one of a kind, which means they don’t have a typical book value, and they appreciate in value over time, not depreciate.
A good classic car insurer will work with you to reach an agreement on a price for your vehicle.
With a classic car policy, your agent will work with you to determine an agreed-upon value for the car. You and your agent will weigh factors like age, condition, and type of car to arrive at a value. The higher the value, the more your policy will cover. If something happens to your car, you will receive its full value. For example, if you agree on a value of $50,000 for your 1955 Chevrolet Bel Air and it’s stolen, you’ll receive a $50,000 payout, minus any deductible. On a standard insurance policy, you’d receive the cost of a replacement vehicle minus depreciation and any deductible. Some providers also offer inflation guard, which accounts for the change in your classic vehicle’s value due to inflation.
Classic car insurance is for older vehicles that are considered collectible or have historical value. The eligibility criteria for classic car insurance varies among insurance providers, but they generally share some common characteristics:
Best Classic Car Insurance for Variety of Qualifying Vehicles: American Modern
Best Classic Car Insurance for Restoration Projects: Progressive
Best Classic Car Insurance for Frequent Drivers: Safeco
Best Classic Car Insurance for Inflation Protection: USAA
Best Classic Car Insurance for Occasional Use: State Farm
Company | Annual mileage limit | Spare parts coverage | Roadside assistance | Everyday use allowed | Stated vehicle eligibility requirements |
---|---|---|---|---|---|
American Modern | 1,000, 3,000, 6,000, or unlimited | $2,000 | Included | No | Driven on a limited basis: exhibitions, car club activities, parades, and occasionally for leisure
Unique characteristics, rarity, and/or overall ownership desirability Good to pristine condition Stored in a locked garage |
Progressive (Hagerty) | Unlimited, but you cannot use a classic car as your primary vehicle | $750 | Membership plan (Hagerty Drivers Club) | No | Adequate storage (garage or storage unit preferred, but driveway, carport, or other storage may be acceptable) |
Safeco | 5,000 or 10,000 | Not specified | Policy add-on | Yes | At least 10 years old, or a limited production
Rebuilt to at least 50% (restored to original condition if the vehicle is 25 years or older) Certain vehicles (e.g., kit cars) excluded |
USAA (American Collectors) | 2,500, 5,000, or 7,500 | $500 | Membership plan | No | Not used for timed events or racing, or for driver education
Collectible value Stored in an enclosed, locked garage |
State Farm | 2,500 | $500 | Policy add-on | No | At least 10 years old and has historical interest
Fully restored or actively undergoing restoration Stored in an enclosed building |
American Modern specializes in insuring classic cars. We like it because it accepts a range of vehicles for classic car insurance, has numerous coverage options and discounts, and offers an inflation guard.
Many insurers have minimum requirements on how old a car must be to qualify for classic car insurance. These requirements may prevent you from insuring a vehicle that would benefit from classic car insurance — for example, because you don’t drive it every day, it maintains its value or appreciates, or it’s of special interest or has limited availability.
DID YOU KNOW?
According to the Insurance Information Institute, most vehicles that are eligible for classic car insurance are between 25 and 30 years old.1 However, some people consider a car “classic” only if it is from the 1970s or earlier.
American Modern is unique in that, in addition to covering typical antiques and classics, it also offers classic car protection for a variety of other vehicles:
It’s important to note that the following vehicles do not count as classics:
American Modern offers all of the following coverages standard with any classic car policy:
You also have the option of adding the following coverages:
Additionally, you can choose from annual mileage plans of 1,000, 3,000, 6,000, and unlimited miles.
While some companies limit the discounts you can apply to classic car insurance, American Modern has a number of ways you can save, including a discount that benefits people who own multiple classic vehicles in particular:
In addition to offering standard insurance, Progressive partners with Hagerty — an insurance company that specializes in classic vehicles — to offer protection for classic cars. Customers can join the Hagerty Drivers Club, a paid membership service that offers discounts, roadside services, classified listings, events for car enthusiasts, and more.
Progressive is a great option for hobbyists who enjoy restoring classic cars. Most companies offer $500 in spare parts coverage, but Progressive ups that to $750 in coverage. This protection covers theft or damage to replacement parts, and it’s useful if you have a rare model or a car with parts that are difficult to find.
In addition to paying for the spare part, Progressive will help you find it. Whenever possible, it offers original replacements rather than aftermarket ones, and it employs specialists to track down rare parts. Progressive includes this coverage at no extra cost with your policy. In addition, Progressive is one of a few companies that will write you a policy for a car at any stage of restoration.
Progressive offers a couple of different ways to save on your classic car insurance:
Not all providers allow you to bundle classic and standard car insurance, so it’s a nice discount to take advantage of.
Progressive is one of a few insurers that have no fixed mileage limits, meaning you can take your classic car out for a spin without worrying about the odometer impacting your premium. It’s a good option if you take your ride to trade shows, exhibitions, or conventions that are far from home.
Keep in mind that you cannot use your classic car for your everyday driving needs. If you do and you get into an at-fault accident, Progressive may deny the claim. To qualify for a classic car policy, you must own a daily-driven car as well, even if Progressive doesn’t insure it.
Unlike many other insurers, Safeco lets you use a classic car as your main vehicle, so it’s a great choice if you want to cruise around town in your classic ride regularly.
One of Safeco’s strengths is its mileage policy options, which allow you to use your classic car for daily errands, commuting, and even road trips. If you choose regular-use coverage, you can drive your car up to 10,000 miles each year, or an average of 27 miles each day.
If you take your classic car out for occasional trips only, Safeco may still be a good choice. If you opt for restricted-use coverage, you can drive your vehicle up to 5,000 miles each year and qualify for a lower premium.
In addition to typical coverages like liability, uninsured/underinsured motor vehicle, comprehensive, and collision, Safeco offers add-ons and supplemental coverages for classic cars.
Add-on | What it does |
---|---|
Diminishing deductible | For every year you don’t file a claim, Safeco reduces your collision deductible by $100, up to a maximum of $500. |
Personal property coverage | In the event of a covered loss, Safeco pays for any personal property that needs replacing as a result. |
Roadside assistance | Safeco’s 24-hour roadside assistance will help you in the event your classic car breaks down, including jump starts, tows, and fuel delivery. |
Emergency assistance | In addition to the benefits of roadside assistance, you’ll receive reimbursement for expenses like lodging and taxis, as well as protection for items in your car, like tools and spare parts. |
USAA has a long history as one of the best auto insurance for military members, veterans, and their families. It partners with American Collectors to offer insurance for classic cars.
Because classic cars tend to increase in value over time, the value of your car when you buy the policy might not be the same if and when you need to file a claim. USAA’s inflation protection increases the agreed-upon value of your classic vehicle over time, at no extra cost. That way, in the event of a total loss, you will receive the full value of your car, taking inflation into account.
While most classic car insurers increase your protection limit by up to 2 or 4 percent of the car’s value, USAA offers inflation protection up to a maximum of 6 percent.
USAA gives you the option to purchase American Collectors’ roadside assistance coverage for your classic car, which pays for emergency expenses in the event of a breakdown or accident. This extra coverage comes in different tiers. You’ll receive reimbursement up to covered limits for a number of emergency expenses, including some that are specific to classic cars.
Service | What it covers | Covered limits in Silver plan | Covered limits in Gold plan | Covered limits in Platinum plan | Covered limits in Titanium plan |
---|---|---|---|---|---|
Towing | In the event of an emergency, you can hire any towing service and receive reimbursement. | $100 | $150 | $250 | $350 |
Roadside assistance | If your classic car breaks down (e.g., flat tire, dead battery, out of gas), you’ll receive a reimbursement for the cost of getting it running again. | $50 | $100 | $150 | $200 |
Lockouts | You will receive reimbursement if you need to use a professional locksmith service for your classic car. | $50 | $50 | $50 | $100 |
Emergency travel expense | If you’re more than 50 miles away from home and your classic car breaks down, you’ll get reimbursed for expenses (including meals, lodging, and car rental) for up to five days. | N/A | $250 ($50 per day) | $500 ($100 per day) | $750 ($150 per day) |
Car show expense | If an accident or a mechanical breakdown causes you to miss a car show, you’ll get reimbursed the car show fee (if it’s nonrefundable) and for your hotel. | N/A | $100 | $150 | $200 |
Theft reward | In the event your classic car is stolen, American Collectors will help you recover your car by offering a cash reward for information that leads to its return. | N/A | $2,500 | $5,000 | $5,000 |
Cost per month | N/A | $9.95 | $24.95 | $34.95 | $79.95 |
Cost per year | N/A | $119.40 | $299.40 | $419.40 | $959.40 |
Most classic car insurers have limits on how much you can drive your vehicle. USAA gives you the option to choose how much you can drive your car each year. You can select from limits of 2,500, 5,000, and 7,500 miles. The higher the mileage, the more you pay.
State Farm’s history of low rates and high customer satisfaction makes it a popular choice for regular cars, and it’s also a solid option if you want to insure your classic vehicle with a standard insurance company.
Beginning in 2023, State Farm has partnered with Hagerty to offer a Classic+ coverage option. With Classic+, you get the coverage of a State Farm classic car policy, plus the following benefits:
State Farm currently offers Classic+ in Arizona, Connecticut, Illinois, and Indiana.
Because State Farm underwrites its own classic car policies, you’ll work directly with a State Farm agent if you need to change your policy or file a claim.
State Farm consistently receives above-average scores in customer satisfaction from J.D. Power. In 2023, the company scored above average in every region of the U.S., including first place in Florida and the Southwest.2
To help its teams better understand the value of classic cars, State Farm built a “Split Camaro” for training purposes. One side of the Camaro is yellow and is restored to factory specifications, while the other half represents what someone might build in their garage at home.
The company created the vehicle to better understand the cost of modifications someone might make to their car and how modifications affect the car’s value. That way, its underwriters can determine an accurate insurance value for a modified vehicle. In other words, if you put money into modifying your vehicle, your insurance policy will reflect that.3
In general, American Collectors and Hagerty offer good rates for classic car insurance. However, the cheapest classic car insurance will largely depend on your vehicle, since classic cars are often one of a kind. In general, bundling classic car insurance with your standard insurer will save you money. If your insurer doesn’t offer classic car insurance, get at least three quotes to find the best price.
Classic car insurance typically costs $200 to $600 annually, although it depends on your vehicle. Some classic cars cost as little as $150, while more expensive ones can cost over $1,000. Classic car insurance policies almost always cost less than standard policies.
Most classic cars are at least 25 to 30 years old, though many companies will offer classic car insurance for vehicles that are at least 10 years old. Newer cars can qualify if they are a limited-production model, like kit cars and exotic cars.
Classic car insurance is usually cheaper than standard insurance since most people don’t use their classic cars for everyday errands. However, if you plan to use your classic car as your regular vehicle, expect to pay more than you would for standard car insurance. Many classic car insurers require you to own a separate vehicle for regular use and limit how many miles you can drive your classic car each year.
Our method for determining the best insurance companies for classic cars is based on three main factors:
Insuring your classic car. Insurance Information Institute. (2023).
https://www.iii.org/article/insuring-your-classic-car
Auto Insurance Customer Satisfaction Plummets as Rates Continue to Surge, J.D. Power Finds. J.D. Power. (2023, Jun 13).
https://www.jdpower.com/business/press-releases/2023-us-auto-insurance-study
1968 State Farm Camaro – Jay Leno’s Garage. YouTube – Jay Leno’s Garage. (2012, Oct 24).
https://www.youtube.com/watch?v=4dDHZLR_15o