Most of us rely on automobiles to get us where we need to go, but for others, antique vehicles are more than just a mode of transportation; they're also a worthwhile investment. Both vehicles require insurance, but historic automobiles have specific coverage requirements that regular cars don't.
Classic car insurance is designed to safeguard your investment and guarantee that your automobile will be around for years to come, in contrast to other forms of auto insurance that only cover vehicles that depreciate. This necessitates the purchase of specialized insurance for vintage and historic cars.
Classic cars are at least 25 years old and have historical importance. Classic American muscle cars and unique edition cars also fall within this category. Whether you have a 1969 Dodge Charger or a 1954 Chevrolet pickup, the value of your historic automobile is likely increasing as its parts age and wears out.
An excellent landmark automobile insurance coverage is as rare as the vehicles it protects. We compared rates and coverage offered by eight niche insurers and twenty large auto insurance companies to determine who offers the best classic vehicle insurance.
Top 2022 Insurance Companies for Collector Vehicles
American Modern
Since 1949, American Modern has been an industry leader in specialty insurance, including coverage for vintage and antique automobiles and other valuable vehicles. If you're worried about the ethics of a lesser-known firm, you may rest easy knowing that American Modern has an A+ rating with the Better Business Bureau.
Safeco
Safeco Insurance provides coverage options that allow you to drive your historic car semi-regularly, whether you have a muscle car from the '50s or an antique automobile. Safeco, a division of Liberty Mutual, provides specialty auto insurance backed by a large, financially stable, and well-regarded insurance provider.
Hagerty
Since 1984, Hagerty has been the go-to insurance company for collector vehicles. The owners put money back into the classic automobile community while offering fantastic deals. Hagerty is the auto insurer of choice for those who enjoy restoring older vehicles since they provide coverage for restoration projects and have staff members trained to assist with locating components.
Classic vs. Regular Car Insurance: What's The Difference?
Classic car insurance is similar to regular auto insurance in many respects, but important distinctions must be made. This is because the value of antique automobiles typically rises with age rather than falls, necessitating a fundamentally different approach to appraisal.
Instead of the retail price or any other metric, "agreed value" is commonly used in vintage automobile insurance coverage. This settled price accounts for the car's current market worth and any work or improvements you've put into it.
The lower cost of insurance for classic cars is often the result of mileage limits or use restrictions imposed by insurance providers. Your risk to the insurance company is reduced because you won't be driving your classic muscle vehicle or antique automobile to and from work every day.
What Is the Average Price of Classic Car Insurance?
On average, insuring an antique automobile may save you 36 percent compared to insuring a modern vehicle. There is a reasonable probability that you may save several hundred dollars a year on historic automobile insurance compared to what you would pay for a more generic coverage.
Will a Classic Car Insurance Policy Cover Everything?
Due to the unique character of historic cars, insurers typically mandate comprehensive coverage. It is in your best advantage to have a whole range that covers collision and thorough and your state's minimal requirements for liability insurance because historic automobiles hold such high value, and repairs can be significantly more costly.
What Is Considered a Classic Car for Insurance?
Classic automobiles must generally meet the following standards. However, they may vary by provider:
- 25- to 30-year-old antique and vintage autos
- Modified cars
- Unique and costly automobiles
- Muscle cars
- Vintage pickups
In addition, these vehicles should be historically significant and shown in a restored state using at least some of the original components.
Finding The Best Coverage For Our Vintage Automobile
We analyzed over insurance providers specializing in vintage automobile insurance, considering each provider's policy options, financial stability, claims satisfaction ratings, and online consumer reviews to arrive at our top recommendations.
We also compared information from specialized auto sites like The Truth About Cars, Car and Driver, and others with the prices and savings provided on each company's website. Although we have done extensive research, we advise you to shop for classic automobile insurance before settling on a single company.
The Verdict
If you own a classic automobile, you've probably put a lot of thought, work, and money into maintaining it. You must ensure the safety of your treasured vehicle by purchasing classic car insurance. We think the firms we recommended are worth looking into so you can relax and enjoy your classic automobile on a Sunday drive.
