The Best Classic and Collector Car Insurance Companies


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By Rachael Brennan
Reviewed byMark Fitzpatrick
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By Rachael Brennan
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Reviewed byMark Fitzpatrick
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Updated: May 20, 2024

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Car buyers are told that the value of a car significantly drops when it's driven it off the lot. While that is true, one car category actually appreciates in value — classic and collector cars. Because of this, classic car insurance companies must go above and beyond standard car insurance. But how do you know if you have a classic car? Typically, a classic car must be at least 25 years old and, according to the Classic Car Club of America, a fine or distinctive vehicle.

Best Overall for Classic Car Coverage

Hagerty

Hagerty was chosen as the best auto insurance for classic cars because the company offers the widest breadth of coverage options. It provides insurance for classic cars and trucks, including vintage motorcycles, antique tractors, boats, historic military vehicles and so much more.

Hagerty offers guaranteed value coverage, which means that you will receive your car's total insured value with no depreciation if you have a total loss. They also offer a roadside assistance plan specifically designed for classic cars, with services such as flatbed towing with soft straps to protect your vehicle.

Because classic cars are so rarely driven, Hagerty auto policies are priced accordingly, which includes charging up to 36% less than insurance for a car that is driven daily. Unlike some classic car insurers, Hagerty has no fixed mileage limit, meaning there are no restrictions on how or when you drive your classic car.

Top 5 Classic and Antique Car Insurance Companies for Your Needs

MoneyGeek has done extensive research to determine which companies have the best classic car insurance on the market. However, keep in mind that the best classic car insurance for you might not be the same as the best car insurance for someone else. The type of classic car you have and how often you drive it are just two of the many factors that you will need to consider when choosing a policy for your classic car.

Best for Insuring Multiple Cars: Leland-West

Leland-West

Leland-West is the best insurance option for people who have more than one classic car. The company won for this category because they offer up to $50,000 in coverage for any eligible classic car you buy in addition to the exotic or classic car already insured.

Leland-West also insures several brand new vehicles that are collector's items, including exotic cars such as Ferraris and Porches along with luxury vehicles such as Aston Martins and Rolls Royces. Drivers who aren't just driving classic cars and need a proper collector car insurance policy will want to look into Leland-West coverage.

Best for Everyday Driving: Safeco

Safeco

When it comes to using your classic car for everyday driving, the best insurance option is Safeco. Unlike most insurance companies, Safeco offers insurance policies for classic cars driven up to 10,000 miles per year.

Safeco also offers lower classic auto insurance rates for people who drive their classic cars less than 5,000 miles per year. The company allows drivers to put their daily-use vehicles and classic cars on the same policy, making it easier for people who aren't sure exactly how much use their classic car might get in a year.

Best for Cars Undergoing Restoration: Hagerty

Hagerty

Classic cars often require extensive restoration. If you have a classic car that is being lovingly restored, Hagerty could be the best insurance option for you. Classic cars undergoing restoration are given special coverage, including 10% value increases per quarter, $750 tool coverage and a dedicated toll-free number for towing specialists to and from the shop.

This coverage isn't only available for people having their car restored professionally. This coverage is also available for project cars, provided you can provide pictures and documentation showing you are actively restoring the vehicle.

Best for Spare Parts Coverage: American Modern

American Modern

When it comes to insuring spare parts, American Modern offers up to $2,000 in parts coverage. They also allow you to buy additional coverage for spare parts if you need more than the standard $2,000 coverage.

American Modern also makes the list because the company offers some coverage for restorations in process, including damage done by or to spare parts as they are used to restore your vehicle.

Best for Inflation Protection: American Collectors

American Collectors

MoneyGeek’s analysis found that when it comes to inflation protection, American Collectors has the best coverage available. Most classic car auto insurance companies offer 4% inflation coverage, but American Collectors offers inflation guard, a 6% increase for inflation and vehicle appreciation with no cost increase.

Comparing Classic Car Insurance Rates

Rates can vary from company to company by hundreds of dollars per year, even for the same make and model vehicle. Choosing a affordable car insurance policy can save you thousands of dollars throughout your life. Take a look at the chart below for examples of how your premium can change from company to company.

Average Annual Premiums for Popular Classics

Company
66 Mustang ($15K Value)
69 Camaro ($23K Value)

American Collectors

$201

$244

American Modern

$190

$278

Grundy

$284

$305

Hagerty

$284

$376

Leland-West

$152

$198

Safeco

$707

$863

Types of Vehicles Eligible for Insurance Coverage

Because classic, collector and antique cars are so unique, every type of vehicle may not be covered by every classic car insurance company. Some companies only insure antique or classic vehicles, while others will insure those along with brand new luxury vehicles. There are some companies that require specific insurance coverages and others that may offer monthly car insurance.

You can explore the expandable menu below to see which companies handle each vehicle type. For example, if you own a hot rod, you'll want to expand the "Modified, Replica and Rods" section by clicking on the down arrow on the right-hand side. Then you'll see the companies MoneyGeek found that can insure your one-of-a-kind ride.

It is still essential to do your own research, so you can work with the right company to insure your specific vehicle.

Vehicles Covered by Company

Classic Antique Cars
Modified, Replica and Rods
Kits
Exotic and Special Edition
Military
Sport
Antique Tractors
Vintage Motorcycles
Classic Antique Trucks

How Classic Car Insurance Differs From Traditional Car Insurance

Traditional car insurance is designed for cars that are used daily. While classic car coverage offers the same basic benefits (liability, comprehensive, collision, etc.), it is designed to protect an asset that appreciates over time as opposed to a vehicle that is solely a form of transportation. Classic cars need exclusive insurance coverage because the difference in the value of a classic car and a standard car is so drastically different.

Classic Car Insurance Requirements

While insurance laws and requirements vary by state, classic car insurance is typically required for many of the same reasons traditional car insurance is required. Liability coverage is necessary to pay for any damages you may cause while driving, where comprehensive and collision coverages are often required by your lender to pay for damages to your vehicle until you have paid off your loans.

To qualify for classic car insurance, you typically need to meet the following requirements:

  • Your classic car cannot be your daily-use vehicle.
  • Your classic car must be defined as a classic car (25 years or older, etc.).
  • Classic cars must be stored securely, typically in an enclosed garage or other indoor location.
  • Racing is not allowed and, if it is discovered that damage was done to an insured car while racing, claims may be denied.
  • Drivers typically need to have a clean driving record, with no accidents or violations within three years.
  • All household members with a valid driver’s license must have their own daily use vehicle with active insurance separate from the classic car.

Do I Need Insurance on a Car Undergoing Restoration?

While it may be tempting not to insure a vehicle undergoing restoration, it could be financially disastrous to leave your classic car uninsured while it is being restored. A vehicle that isn’t moving might not seem like it needs liability coverage, but if it caused a fire or fell onto someone, you could be responsible for tens of thousands of dollars or more in damages. Many classic car insurance companies also offer special coverage for cars that are being restored, providing coverage for tools, towing, parts and more.

Types of Classic Car Insurance Coverage

Like any insurance policy, there are different levels and types of coverage available for classic cars. Comprehensive and collision coverage is typically included in a classic car policy. Still, people who have significant financial assets or who live in states with low liability requirements may want to increase their liability levels. In contrast, others may want to add roadside assistance or other additional coverages to their policies. A basic policy might only cover liability, comprehensive and collision, while higher coverage levels might include:

  • Medical payments: Medical payment coverage provides reimbursement for part or all of your medical bills in the event of an accident.
  • Uninsured/Underinsured motorist coverage: Uninsured motorist coverage covers you at the same levels as your liability coverage if you are in an accident where an uninsured driver was at fault.
  • Traveling collector coverage: Traveling collector insurance covers losses while on the road in your classic car, including trip interruption coverage and coverage for parts.
  • Spare parts coverage: Spare parts coverage protects the classic car items that stay in your garage.
  • Evacuation expense coverage: Evacuation expense coverage pays when you need to evacuate your classic car in the event of an emergency, such as an impending hurricane or wildfire.
  • Cherished salvage coverage: Cherished salvage coverage allows you to get the full value of your car and still get the salvaged vehicle back in the event of a total loss.

Coverage Options and Offerings by Insurance Company

Just like insurance companies that offer standard car insurance, classic car insurance companies all have unique products. Each provider offers different services and prices, and they also have different requirements to insure a classic car.

Coverage Option
Description

Age of vehicle

Any, if the car has collector merit

Annual mileage limit

2,500, 5,000 and 7,500 miles per year mileage tiers

Regular use allowed?

No, your car can't be used for daily commuting. The amount of use depends on mileage tier.

American Family

Coverage Option
Description

Age of vehicle

20+ years

Annual mileage limit

None

Regular use allowed?

No, your car can't be used as a daily commuter vehicle.

Coverage Option
Description

Age of vehicle

Not specified. It depends on the type of car.

Annual mileage limit

1,000, 3,000, 6,000 or unlimited miles

Regular use allowed?

No

Coverage Option
Description

Age of vehicle

Not mentioned

Annual mileage limit

Generous amount. You may want to contact American National directly.

Regular use allowed?

Not mentioned

Coverage Option
Description

Age of vehicle

Not specified. It depends on the type of car.

Annual mileage limit

It depends on the policy. There is unlimited mileage available.

Regular use allowed?

No, your car cannot be used as a daily commuter vehicle.

Farmers

Coverage Option
Description

Age of vehicle

Not mentioned

Annual mileage limit

Not mentioned

Regular use allowed?

Not mentioned

Coverage Option
Description

Age of vehicle

25+ years old. Muscle cars and exotics can be any age.

Annual mileage limit

No limit

Regular use allowed?

No. Although there is no mileage limit, the car must not be used for daily commuting.

Coverage Option
Description

Age of vehicle

Any, if your car is in very good or better condition and holds a minimum value of $3,500

Annual mileage limit

No fixed limit

Regular use allowed?

No, you must also have a daily driver and separate insurance for your car.

Coverage Option
Description

Age of vehicle

Any, if your car lives Heacock's Collector Car Lifestyle requirement

Annual mileage limit

Up to 6,000 miles per year

Regular use allowed?

No, you cannot use the car as a daily commuter. There's a limited number of miles per year.

Coverage Option
Description

Age of vehicle

19+ years

Annual mileage limit

None, but J.C. Taylor only underwrite 2,500 miles per year

Regular use allowed?

Yes, only occasional. Your car cannot be used for commuting.

Coverage Option
Description

Age of vehicle

Not specified. Any car that is considered a collectible.

Annual mileage limit

Unlimited. If you don't need it, you may have lower rates.

Regular use allowed?

No, you cannot be a daily driver.

Coverage Option
Description

Age of vehicle

25+ years old for antiques; 10+ years for classics; no minimum for limited production

Annual mileage limit

A regular policy is 10,000 miles per year. You can keep your price down by driving less than 5,000 miles per year.

Regular use allowed?

Yes, this is fine up to 10,000 miles per year.

Coverage Option
Description

Age of vehicle

10+ years for classic; 25+ years for antique

Annual mileage limit

Limited use

Regular use allowed?

No

Key Takeaways on Classic Car Insurance

Classic car insurance is a necessity for anyone whose vehicle appreciates over time. Anyone who owns a classic car, collector car or other specialized vehicle needs a classic car policy. The coverage you need will depend on your unique situation, including:

  • What type of classic car you have.
  • Whether or not your car is under restoration.
  • The number of classic cars you own.
  • The number of miles you drive in a given year.

Getting a personalized quote for your vehicle is the best way to guarantee you are getting the best coverage and rates available for your prized, one-of-a-kind vehicle.

About Rachael Brennan


 Rachael Brennan headshot

Rachael Brennan is a licensed insurance agent who has worked in the insurance industry for over a decade. She specializes in property, casualty, health, life, accidental death and disability insurance. She is P&C-licensed in all 50 states, and life, health and AD&D-licensed in New York and the surrounding states. Rachael has worked for respected companies such as 21st Century Insurance and BlueCross BlueShield, and was the insurance plans coordinator for the Unitarian Universalist Association (UUA) for three years.

Rachael earned her Bachelor of Science degree in Communications from Texas A&M University-Commerce. As a writer, she is committed to using her insurance and personal finance experience to share practical knowledge and help people make informed financial decisions.


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