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Last updated: February 5, 2024Best Classic Car Insurance Companies in 2024
Find the right protection for your passion project.
Best for Range of Qualifying Vehicles
Pros + Cons
✓ Offers inflation guard
✓ Exceptional spare parts coverage
X No online quotes
Best for Restoration Projects
Best for Frequent Drivers
Read our Safeco review.
✓ Allows everyday use
✓ Option to bundle with regular policy
X Doesn’t cover restoration vehicles
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Classic cars are more than a way to get around; they can be a source of joy, pride, and community. Maybe you fixed up a vehicle yourself, or maybe you purchased it restored after carefully searching the market. Whether it’s an investment, a passion project, or some combination of the two, you want to protect your classic car — but not every insurance company will cover you.
Classic cars differ from ordinary vehicles, so they require specialized insurance. When classic cars need repair, finding the right parts and skilled labor is more difficult. And because these cars gain value over time, rather than depreciating, insurance adjusters can’t determine their values easily.
Classic car insurance reflects the unique value of the vehicle. We’ll walk you through insurance companies that offer classic car insurance.
Best Auto Insurance Companies for Classic Cars
- American Modern – Best for Variety of Qualifying Vehicles
American Modern specializes in selling classic car insurance and offers coverage for a range of qualifying vehicles, including antiques, race cars, custom builds, and even fire engines. - Progressive – Best for Restoration Projects
Some companies don’t insure vehicles under restoration. Not only does Progressive cover these vehicles, but it will also help you track down the parts you need. - Safeco – Best for Frequent Drivers
Unlike most classic car insurers, Safeco lets you use your classic vehicle for daily use. It’s a great option for people who want to drive their classic cars on a regular basis.
What Is Classic Car Insurance
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.
TIP:
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.
What Counts as a Classic Car
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:
- Age: Typically, vehicles must be at least 10 years old for insurers to consider them classic cars, and some insurers classify vehicles 25 years or older as antiques.
- Limited usage: Classic car insurance policies often have restrictions on how much you can drive the vehicle, usually between 1,000 and 7,500 miles per year.
- Storage: Classic cars are typically expected to be stored in a secure, enclosed space when not in use, like a garage, storage unit, or a similar secure location.
- Condition: Some insurers require the vehicle to be in good, restored, or well-maintained condition, while others will provide coverage for vehicles under restoration. Some insurers might require periodic appraisals to determine the car’s value.
Summary of the Best Auto Insurance for Classic Cars
- 1.
Best Classic Car Insurance for Variety of Qualifying Vehicles: American Modern
- 2.
Best Classic Car Insurance for Restoration Projects: Progressive
- 3.
Best Classic Car Insurance for Frequent Drivers: Safeco
- 4.
Best Classic Car Insurance for Inflation Protection: USAA
- 5.
Best Classic Car Insurance for Occasional Use: State Farm
Comparison of the Best Auto Insurance for Classic Cars
| 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 |
Detailed List of the Best Auto Insurance for Classic Cars
1. Best Classic Car Insurance for Variety of Qualifying Vehicles - American Modern
What We Like Most:
- Multiple options for annual mileage, including unlimited
- Coverage option to drive your classic car to work
- $2,000 in spare parts coverage
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.
Who It's Best For- Enthusiasts who own unconventional collectible cars
- People who own multiple classic cars
- GEICO customers, as you can bundle your standard vehicle policy
- Owners of investment vehicles
Who It's Not Best For
Drivers with a DUI or other major violation- People who use their classic car on a regular basis
Many Qualifying Vehicles
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:
- Muscle cars
- Exotics
- Street and hot rods
- Customized and modified vehicles
- Kit cars
- Replicas
- Race cars
- Trucks
- Military vehicles
- Tractors
- Fire engines
- Restorations in progress
It’s important to note that the following vehicles do not count as classics:
- Driven daily to work (unless you purchase commuting coverage), to school, or for errands
- Used as a second vehicle
- Rented to others
- Used for commercial purposes
- Held for sale or consignment
- Unsafe hydraulics or lifted
- Used for rock climbing, off-pavement racing, or sand/rail riding
- Mass-produced electric
- Monster truck or vehicle with extremely large tires
Numerous Coverage Options
American Modern offers all of the following coverages standard with any classic car policy:
- Agreed value
- Bodily injury and property damage liability
- $200 reimbursement for disaster relocation
- Full safety glass
- Personal effects
- Pet protection
- $2,000 in spare parts coverage (most providers offer $500)
- Towing and emergency expense
- Travel loss
- Any additional state requirements
You also have the option of adding the following coverages:
- Appreciation of value security (inflation guard)
- Automobilia protection (e.g., collectible badges, license plates, oil cans)
- Breach of warranty
- Coverage to drive your vehicle to work
- Collision and comprehensive
- Diminishing deductible
- Medical payments
- Subrogation waiver exclusion
- Trailer physical damage
- Trip coverage
- Uninsured/underinsured motorist
Additionally, you can choose from annual mileage plans of 1,000, 3,000, 6,000, and unlimited miles.
Many Discounts
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:
- Anti-theft device
- Membership affiliation
- Automatic fire suppression system
- Central station fire protection and/or burglar alarm
- Customer loyalty (renewal)
- Homeownership, even if you don’t insure your home with American Modern
- Large classic car collection
- Bundling two or more policies with American Modern
- Insuring multiple vehicles
- Violation-free
- Paperless
- Pay-in-full
- Claims free
- Prior insurance (from another carrier)
- Safety course completion
2. Best Classic Car Insurance for Restoration Projects - Progressive
What We Like Most:
- Cheaper rates for drivers with a DUI
- Several ways to save if your premium increases
- Accident forgiveness automatically applies to policy in most states
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.
Who It's Best For- Enthusiasts who undertake restoration projects themselves
- Owners of multiple classic cars
- High-mileage drivers
Who It's Not Best For- People who bought their classic car already restored
- Drivers with a DUI or other serious violation
Great for Restorations
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 Discounts
Progressive offers a couple of different ways to save on your classic car insurance:
- Multiple classic vehicles: You’ll get a reduced premium if you add two or more vehicles to your policy, making Progressive a good option for collectors.
- Bundle standard and classic: You can get a discount if you bundle your regular car’s policy with your classic car’s.
Not all providers allow you to bundle classic and standard car insurance, so it’s a nice discount to take advantage of.
No Fixed Mileage
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.
3. Best Classic Car Insurance for Frequent Drivers - Safeco
What We Like Most:
- Average rates are half the national average
- Customizable coverages and add-ons
- Backed by Liberty Mutual, ensuring its financial stability
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.
Who It's Best For- People who want to use their classic vehicle every day
- Owners of modern classics
- People who aren’t sure how much they’ll drive their classic cars, as Safeco has different mileage limit options
- Owners of fully restored or near fully restored vehicles
Who It's Not Best For- People who own ineligible vehicles, as Safeco has stricter limits on what counts as a classic car (it insures only vehicles that are 10 years old or older, limited-production modern classics less than 10 years old, and antique cars that are 25 years old or older)
- Owners of kit cars, race cars, cars with nitrous oxide, and vehicles restored less than 50 percent, which aren’t covered
Coverage for Everyday Driving
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.
Customizable Policies
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. |
Bundles and Discounts
- Accident prevention: If you take an accident prevention course, you’ll get a discount that lasts a minimum of three years. (Note: In most states, you’ll need to be at least 55 years old to qualify.)
- Low mileage: If your annual mileage is less than 5,000, you’ll get Safeco’s limited-use rate.
- Bundling across cars or policies: Safeco does not require that you insure a regular car on the same policy, but if you do, you’ll qualify for a multi-car discount. You can get a multi-policy discount if you insure a boat, RV, home, or motorcycle as well.
4. Best Classic Car Insurance for Inflation Protection - USAA
What We Like Most:
- Cheapest rates for teens on a family policy or on their own
- Special discount for teens transitioning off their parents’ policy
- Strong customer service and claims process
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.
Who It's Best For- Owners whose vehicles will appreciate over time
- Customers looking for roadside assistance coverage options
- Drivers who like to take their classic ride out for a spin
- Collectors with multiple vehicles, who will benefit from USAA’s automatic coverage offering (most qualifying vehicles you add to your collection will be covered up to $100,000 for 30 days)
Who It's Not Best For- Households who share a car, as every licensed driver in the household must have at least one regular-use vehicle on the policy in addition to the classic car
- Drivers who want to use their vehicle for racing, timed events, or driver education
Inflation Guard
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.
Towing and Labor for Collectors
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 |
Tiered Mileage Options
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.
5. Best Classic Car Insurance for Occasional Use - State Farm
What We Like Most:
- Multiple discounts for safe driving, including one specifically for young drivers
- Local agents
- Discounts for multiple cars
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.
Who It's Best For- Low-mileage drivers of classic cars
- Drivers of custom vehicles
- Drivers seeking roadside assistance coverage
Who It's Not Best For- People who own modern classics
- Owners of investment vehicles, as State Farm does not offer inflation guard
Partnership With Hagerty
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:
- Specialty claims service to help track down rare parts, as well as the option to choose a repair shop or get paid to do the work yourself
- Evacuation assistance to move your vehicle in the event of events like wildfires or hurricanes
- Ability to bundle classic and standard car insurance policies
- Option to join Hagerty Drivers Club for $70 per year, which includes 24/7 emergency roadside service and access to the Hagerty Marketplace
State Farm currently offers Classic+ in Arizona, Connecticut, Illinois, and Indiana.
24-Hour Customer Service
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
Expertise in a Vehicle’s Value
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
Frequently Asked Questions
Who has the cheapest classic car insurance?
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.
How much does classic car insurance cost?
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.
How old does a car have to be for classic car insurance?
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.
Why is classic car insurance so cheap?
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.
Methodology
Our method for determining the best insurance companies for classic cars is based on three main factors:
- Company information: We search the auto insurance market for companies that offer classic car insurance and collect information on each provider’s coverages, perks, restrictions, and available bundles/discounts. Additionally, we look at ratings from third-party sources that assess providers’ financial strength and history of customer satisfaction, like Moody’s, the Better Business Bureau, the National Association of Insurance Commissioners (NAIC), AM Best, J.D. Power, and S&P Global Ratings.
- Proprietary data: Since its founding 20 years ago, AutoInsurance.com has been committed to ensuring customers find the best policies for them at the most affordable rates. We’ve compiled millions of data points from customer transactions, which we analyze to determine the factors that predict the greatest success for each company. We leverage our data on classic car insurance providers to match customers with the provider they are most likely to be satisfied with, based on their needs.
- Institutional knowledge: After two decades in the business, we’ve amassed a great deal of institutional knowledge. Our team of experts knows each auto insurance provider and what its strengths and weaknesses are. At the helm is Paul Ford, a professional with almost 30 years of industry experience. We leverage Paul’s knowledge to match individuals with the perfect policy for them. Paul’s past experience includes time with Bankrate, InsLogic, Datalot, NetQuote, Capital One Insurance Services, and Canadian Access. Currently, Paul is president of insurance at Centerfield, AutoInsurance.com’s parent company.
Citations
Insuring your classic car. Insurance Information Institute. (2023).
https://www.iii.org/article/insuring-your-classic-carAuto 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-study1968 State Farm Camaro – Jay Leno’s Garage. YouTube – Jay Leno’s Garage. (2012, Oct 24).
https://www.youtube.com/watch?v=4dDHZLR_15o
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