Oleksandr Rohovnin What Is Classic Car Insurance?
Classic car insurance is insurance for old cars and cars with historical interest, although the definition varies. Classic car insurance companies cover upgrades, replacement parts, repairs after an accident, and agreed value coverage, with the latter standing out, and here’s why:
- Typical car insurance is priced based on the current state of the market, the price of a new car, and the repair cost. For example, if the car value depreciates over time, the total payout cost will decrease.
- Classic car insurance offers agreed-value coverage, meaning you can update your insurance as your car’s value rises (over time, due to upgrades, wins in car shows, etc.). That allows you to get insurance payments relevant to the current value of your classic car, not the value when you purchased your insurance.
What Are the Advantages of Classic Car Insurance?
Some people may find it challenging to meet the requirements for classic car insurance, and one may tick one check box but be worried about the other one. Amidst this, it’s vital to re-evaluate the advantages this particular classic car insurance can offer to have a clear vision:
Collision Damages
Classic car insurance policies usually cover all physical damages caused due to a collision, including the cost of replacing parts (if required post-accident). The car’s value rarely depreciates, and the entire cost is given to the insurance owner in case of theft.
Roadside Assistance
Various classic car insurance companies offer roadside assistance to their customers. Suppose your classic car got a flat tire and no workshops nearby. In such cases, the policy’s roadside assistance can be utilized to tow the vehicle to the nearest workshop or facility.
Replacement Cost
The best part about classic car insurance has to be the replacement cost. The car’s value will never be lower than the initial but will likely go up, as is always the case with classic and vintage cars. You will get the car’s worth at the moment of replacement, not when you purchased your insurance (and, duh, you will get more).
Auto-show Damage Reimbursement
Classic cars are sent to a variety of auto shows. Any damages to the vehicle during the auto show are covered by classic car insurance. 
What Are the Advantages of Classic Car Insurance?
Some people may find it challenging to meet the requirements for classic car insurance, and one may tick one check box but be worried about the other one. Amidst this, it’s vital to re-evaluate the advantages this particular classic car insurance can offer to have a clear vision:
Collision Damages
Classic car insurance policies usually cover all physical damages caused due to a collision, including the cost of replacing parts (if required post-accident). The car’s value rarely depreciates, and the entire cost is given to the insurance owner in case of theft.
Roadside Assistance
Various classic car insurance companies offer roadside assistance to their customers. Suppose your classic car got a flat tire and no workshops nearby. In such cases, the policy’s roadside assistance can be utilized to tow the vehicle to the nearest workshop or facility.
Replacement Cost
The best part about classic car insurance has to be the replacement cost. The car’s value will never be lower than the initial but will likely go up, as is always the case with classic and vintage cars. You will get the car’s worth at the moment of replacement, not when you purchased your insurance (and, duh, you will get more).
Auto-show Damage Reimbursement
Classic cars are sent to a variety of auto shows. Any damages to the vehicle during the auto show are covered by classic car insurance.
What Are the Disadvantages of Classic Car Insurance?
- Mileage limit: You cannot drive your classic car as much as you want as long as you want it to remain insured. There may be exclusions to this rule, but most insurers will limit you to a few thousand miles per year.
Fewer discounts: Classic car insurance is rare among drivers, so policymakers only bother creating a few discount options. 
What’s the Difference Between Classic Car Insurance and Regular Car Insurance?
Classic car insurance is 40% cheaper because of the mileage limit and the time-based appreciation of classic cars. The insurance payment may even double with time if the car’s value increases accordingly. With regular car insurance, something else is needed.Can You Get Regular Car Insurance for a Classic Car?
Technically, you can, but it could be more practical. Classic car insurance does not sustain the car’s value, costs more, and provides fewer benefits.What Are the Best Classic Car Insurance Companies?
You can get the best insurance for classic cars here:-
- Grundy Insurance: As one of the most famous classic car insurance companies, it offers unlimited mileage to its customers, and the customer service is commendable. Cars older than 25 years are eligible for classic car insurance, and the company provides guaranteed agreed value, zero deductibles, and a $1,000,000 liability.
- Hagerty: They have been in the business for more than 30 years. Hence, they have hundreds of customers, and all have only good things to say about the company. The insurance policy includes unlimited mileage for the classic car and additional services like spare parts coverage and roadside assistance. Customers like to call it the best classic car insurance provider.
- Heacock Classic Insurance: The company has a mileage restriction of 6000 miles, but it offers free roadside assistance to customers who opt for their classic car insurance. Restoration assistance and the total agreed value are part of the plan. The customers are happy with their service and recommend it to others.
- Safeco Insurance: It is a prominent name within classic car insurance companies. Like others, they offer agreed-value coverage, 24/7 roadside assistance, and emergency assistance. However, there’s a condition that the car must be driven only 5,000 miles or less. If the customer abides by this, they can pay less for the insurance.
- Leland-West: With over 29 years of experience in the insurance industry, they offer the best of everything—unlimited mileage with roadside assistance, apart part and accessory coverage, and lots more.
- American Modern Insurance: The insurance company provides its customers with various mileage plans. Flexible payment options are available, and the most essential agreed value total loss settlement is also included. Get a classic car insurance quote to form an idea about the cost.
| 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 |
How Is the Insurance Determined for a Classic Car?
Let’s take a closer look at the factors determining insurance for a classic car. Here are the most common ones:- The model and age of the vehicle typically determine the initial cost of the insurance.
- The storage method may win a discount if you keep your classic car in a safe and secure parking space.
- The period of vehicle usage implies that the more you drive, the more expensive the insurance, and vice versa.
- The state and the insurance provider are the traditional factors influencing the appropriate insurance coverage.
Classic Car Insurance Quotes:
Every insurance company will quote the price for classic car insurance by looking at the model of the car, its age, and how often it’s driven around the city. The packages may differ based on the services offered by the classic car insurance company (for example, unlimited mileage).- A survey was conducted to determine the classic car insurance for a 1967 Mustang. Grundy’s charged 198$, whereas American Collectors insurance priced their package at $232.
Conclusion
With tons of classic car insurance options, narrowing down classic car insurance can be daunting. Not only should you learn the theory, but you should also get some first-hand experience with this specific type of insurance. Alternatively, you can ask fellow classic car owners about their insurance plans. What do they offer, what insurer are they from, and how much do they cost? After that, you can get classic car insurance quotes and choose the best insurance for classic cars.
Frequently Asked Questions
Classic car insurances are cheaper than standard insurance due to the difference in mileage. A regular car can be driven anywhere daily, whereas there are restrictions when it comes to a classic car. The cheapest classic car insurance can be customized.
The best classic car insurance companies will offer the agreed value. Agreed value is the value determined between the car owner and insurance company to be covered in case of theft or any other incident.
Mileage limitations play a crucial role in determining the cost of classic car insurance. Clients can acquire the cheapest classic car insurance by choosing the most affordable mileage option.
It depends on the insurers. Some classic car insurers will allow you to modify your car and re-evaluate the insurance.
Classic car insurance companies perform a background check on the driver. A record of reckless driving, speed tickets, and other similar things can impact your classic car insurance.
Being a part of a car club can multiply the chances of receiving a discount on the insurance cost. Similarly, it helps build connections, and buying/re-selling becomes slightly more accessible. It’s always a good idea to be a part of a local car club.
Acquiring insurance on a classic car comes with challenges. Most insurance companies ask for a minimum age of 25 to obtain classic car insurance, and the maximum age is 80. These are averages, and the requirements may vary from company to company.
Oleksandr is an expert in deep research. He covers insurance topics across four major insurance verticals – auto, health, life, and home insurance – while taking into account the legal landscape of the state in question. Come rain or shine, you can expect regular quality blogs and timely updates from Oleksandr.
