{"id":7811,"date":"2024-11-10T20:05:43","date_gmt":"2024-11-11T04:05:43","guid":{"rendered":"\/wp-site\/?p=7811"},"modified":"2025-03-31T17:48:04","modified_gmt":"2025-04-01T00:48:04","slug":"classic-car-insurance","status":"publish","type":"car-insurance","link":"https:\/\/jerry.ai\/car-insurance\/classic-car-insurance\/","title":{"rendered":"The Best Classic and Collector Car Insurance"},"content":{"rendered":"\n

Specialty car insurance companies like Hagerty, Grundy and American Modern offer some of the best coverage for classic, vintage and other specialty or high-value vehicles. Despite highly-specialized provisions, car insurance<\/a> premiums for classic cars average about 20% to 40% less than regular auto insurance policies.<\/p>\n\n\n\n

Classic car insurance: The basics<\/h2>\n\n\n\n

Classic or collector car insurance is designed to meet the needs of drivers with unique, rare and often high-value vehicles. The qualifiers for classic car coverage vary by provider, but this umbrella term often applies to everything from antique pickups to select modern exotic sports cars.<\/p>\n\n\n\n

Classic car insurance vs. traditional insurance: How each works<\/h3>\n\n\n\n

The biggest difference between traditional car insurance and classic car insurance is agreed or guaranteed value coverage. This means that your insurer promises to pay the appraised value if your vehicle is stolen or deemed a total loss after an accident, without subtracting for certain factors.<\/p>\n\n\n\n

With standard auto coverage, insurers pay your vehicle\u2019s actual cash value<\/a> (ACV) minus depreciation. This depreciation accounts for your vehicle’s condition, mileage and market conditions at the time of the accident. In other words, your total loss claim is limited to your vehicle\u2019s market value on the day it was wrecked.<\/p>\n\n\n\n

By contrast, classic car insurance companies issue a check for <\/strong>the amount you and your insurer agreed on at the time your policy was issued, regardless of market fluctuations or vehicle use. Depending on your insurer, classic car owners may also have the option to update their vehicle’s value if they get a new appraisal, complete restoration work or add rare parts.<\/p>\n\n\n\n

More:<\/strong> What is agreed value car insurance?<\/a><\/p>\n\n\n\n

Classic car insurance offers highly-customizable coverage<\/h3>\n\n\n\n

Each state has its own minimum coverage requirements regarding liability, personal injury protection and even uninsured motorist coverage. Beyond those minimums, you can purchase additional coverage to better protect yourself from damages and loss, though many classic and custom car policies require drivers to buy comprehensive and\/or collision insurance.<\/p>\n\n\n\n

Classic car policies typically offer the same basic types of coverage<\/a> as you\u2019d find with a regular full coverage<\/a> auto insurance.<\/p>\n\n\n\n

Coverage<\/th>Definition<\/th><\/tr><\/thead>
Collision insurance<\/a><\/td>An optional coverage type that pays to repair or replace your car if it\u2019s damaged in a collision with another vehicle. You can only file an accident-related claim for your vehicle\u2019s repairs if your policy has collision coverage.<\/td><\/tr>
Comprehensive insurance<\/a><\/td>An optional coverage type that covers damage to your vehicle caused by non-collision hazards, such as car theft, falling tree branches, hail and other unexpected events.<\/td><\/tr>
<\/a>Bodily injury liability (BI)<\/a><\/td>Pays others\u2019 medical costs in an accident you cause, up to your policy limits. It\u2019s mandatory in most states.<\/td><\/tr>
<\/a>Property damage liability (PD)<\/a><\/td>Pays for repairs or replacements of any vehicles or objects you damage in a crash, up to your policy limits. It\u2019s mandatory in most states.<\/td><\/tr>
Personal injury protection (PIP)<\/a><\/td>Helps cover medical expenses for you and your passengers after a car accident, regardless of who caused it. This is required in some states.<\/td><\/tr>
Medical payments<\/a><\/td>Additional coverage outside of PIP that pays for medical care for you and your passengers after an accident, regardless of who caused it. This is optional in most states.<\/td><\/tr>
<\/a>Uninsured\/underinsured motorist coverage (UM\/UIM)<\/a><\/td>Covers you, your passengers and any property damage in a case where the other driver is at fault but doesn\u2019t have insurance, or carries insufficient coverage to pay for your costs. This is required in some states.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Learn more:<\/strong> How to save money by comparing car insurance quotes<\/a><\/p>\n\n\n\n


There are also some special types of coverage that may be available on a classic car policy, which you won’t often find with standard auto coverage.<\/p>\n\n\n\n

Type of coverage<\/th>How it works<\/th><\/tr><\/thead>
Cherished salvage coverage<\/td>Provides a total loss payout and also lets you keep your totaled vehicle, minus its salvage value and your deductible<\/a>.<\/td><\/tr>
Cash settlement option<\/td>Gives you a cash payment after a total loss without requiring you to repair or replace the vehicle.<\/td><\/tr>
Specialized roadside assistance<\/td>All the basic roadside assistance perks, plus guaranteed flatbed transport or tow charge reimbursement.<\/td><\/tr>
Spare parts, automotive tools and automobilia coverage<\/td>Allows coverage for items lost in a covered event, even if they\u2019re technically not part of your vehicle.<\/td><\/tr>
No attendance clause<\/td>Ensures your vehicle is protected when it\u2019s on display, even if you\u2019re not with it.<\/td><\/tr>
Auto show medical reimbursement<\/td>Coverage for injuries that occur at, or on your way to or from, a car show.<\/td><\/tr>
Restoration coverage<\/td>Coverage for vehicles throughout the restoration process; this often includes periodic increases to keep pace with your restoration work as well as coverage for tools and parts.<\/td><\/tr>
Extended mileage<\/td>On limited-mileage plans, some providers offer increased mileage when traveling to shows or driving for pleasure.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Eligibility for classic car insurance<\/h2>\n\n\n\n

Because classic car insurance policies can sometimes offer hundreds of thousands of dollars worth of coverage, both the vehicle and driver must meet certain requirements to qualify.<\/p>\n\n\n\n

Vehicle eligibility<\/h3>\n\n\n\n

Providers sell classic and collector car insurance policies to cover everything from a retired fire truck to a brand new Ferrari. For this reason, classic car insurance can be a bit of a misnomer.<\/p>\n\n\n\n

According to the Classic Car Club of America<\/a> (CCCA), a classic car is one that was a high-priced, top end vehicle when it was built; produced in limited quantities; and manufactured between 1915 and 1948. However, this isn’t the criteria for every insurer.<\/p>\n\n\n\n

In fact, you’ll find that most providers use the term “classic car” or “collector car” as an umbrella term to cover policies designed for the wide range of vehicle types. <\/p>\n\n\n\n