When you have an exceptional vehicle, you need the right coverage to protect it. Classic car insurance is the best way to keep your classic or antique car safe and sound.
While regular car insurance has coverage relevant to commuters, classic car insurance policies meet the unique needs of collectible and custom cars. Policies have strict mileage limits, and many offer auto show medical reimbursement and coverage for spare parts you have in your garage for restorations.
The 4 Best Classic Car Insurance Companies
- Safeco – Best Regular Use Coverage
- GEICO – Best Digital Services
- State Farm – Best for Same Company Service
- The Hartford – Best for AARP Members
The Best Classic Car Insurance Companies: Summed Up
|Safeco||GEICO (via American Modern)||State Farm||The Hartford|
|Best For||Regular Use Coverage||Digital Services||Same Company Service||AARP Members|
|J.D. Power 2019 U.S. Auto Claims Satisfaction Study rating||3/5||3/5||3/5||3/5|
|Coverage of Cars Before||Varies||Varies||Varies||2010|
|Agreed Value Coverage||✔||✔||✔||✔|
*This coverage means that your insurer will pay the full agreed-upon value of your vehicle in the event of a covered total loss; in other words, you don’t have to worry about depreciation.
Safeco – Best Regular Use Coverage
Coverage that lets you drive
- Option for use up to 10,000 miles
- Custom-built policies available
- Coverage for multiple classic cars
Safeco allows owners to actually use their classic cars, with the option to build policies to fit your needs. Collectors are also able to cover numerous classic cars.
- Strict list of qualifying cars
- No spare parts or restoration coverage
Safeco doesn’t cover vehicles such as antique motorcycles or tractors. Its website also doesn’t list spare parts coverage or restoration coverage as available add-ons to its policies.
Related: Safeco Auto Insurance Review
Geico — Best for Digital Service
Everything you need at your fingertips
- Helpful mobile app and website
- No appraisal needed
GEICO is a front-runner in the digital world when it comes to auto insurance. You can access and handle almost everything you need from its mobile app or website. GEICO also allows you to pick your agreed value coverage with no appraisal needed for your classic car.
- Strict usage regulations
- Strict classic car specifications
With classic car coverage, GEICO requires customers to keep their classic vehicles in enclosed and locked structures. You can only use them for exhibitions or occasional leisure. In addition, the cars have to be at least 25 years old, unless they’re specifically considered to be appreciating in value.
Related: GEICO Car Insurance Review
State Farm – Best for Same Company Service
Straightforward coverage with no partner companies
- Writes its own policies
- Spare parts coverage
State Farm, unlike other classic car insurers, covers collectible cars in its own policies, not through a partner company. This means you’ll always deal directly with a State Farm agent. It also offers spare parts coverage for your vehicle.
- No restoration coverage
- No extra mileage
The primary drawback to State Farm’s classic car coverage is that it doesn’t offer restoration coverage for your in-progress collectible. It also doesn’t allow for much actual driving, recommending you use your car on a very limited basis.
Related: State Farm Auto Insurance Review
The Hartford – Best for AARP Members
Making things easy for AARP members
- AARP members get affordable rates and discounts
- Allows for possible regular use
The Hartford and AARP provide members with affordable coverage. Cars that are 10 or more years old and driven regularly may be accepted for classic coverage. In this case, these vehicles must have a higher value than other comparable cars.
- Not available to all customers
- Limited online capabilities
Because they are partner companies, The Hartford is only available to AARP members. On top of that, not all coverage is available in all 50 states. When it comes to filing claims, customers can only claim mild accidents online. For everything else, you must work with an agent on the phone.
Related: The Hartford Review
Guide to Classic Car Insurance
Agreed value is the amount both you and your insurance provider agree on when you buy a policy. If you experience a loss during your policy, your car is assessed based on the agreed value. To come to this number, you’ll submit a statement of value to your insurer with your car’s replacement cost or actual cash value listed.
If restoration is your passion, you’ll want restoration coverage to insure your classic car during the restoration process. For reimbursement, you have to provide your insurance company with ample proof of your ongoing work. This includes quality photographs and explanations of your process. Your policy will automatically adjust to reflect the value increase.
Restoration likely means you have back-up parts for your classic car. Spare parts coverage is an add-on that can bolster your main policy. It makes sure the parts outside your classic car are also covered in the case of damage or loss. Some providers also cover tools with this policy add-on.
How We Chose the Best Classic Car Insurance Companies
To determine the best classic car insurance companies, we started by looking at standard coverage and add-on policies. From there, we compared customer satisfaction ratings from J.D. Power and financial strength ratings from AM Best to determine which companies offered the best classic car insurance for shoppers.
Classic Car Insurance FAQ
Classic car insurance is coverage for classic, antique, collectible, exotic, or custom cars. All insurers have a different definition, but a classic car is generally one that appreciates in value over time.
Classic car coverage isn’t designed to keep you safe on the roads, but rather to protect your investment in your unique ride. In fact, most insurers will significantly limit how much you can drive your classic vehicle when you choose this type of policy. In other words, if your classic car is your daily driver, this isn’t the right type of coverage for you.
On top of the fact that it isn’t intended to cover a regular-use car, classic car insurance often offers a different type of coverage: agreed value coverage. While many regular car insurance policies take depreciation into account when paying for damages after a covered event, most classic policies are different. They’ll pay you the full agreed-upon value of your vehicle (determined at the time you purchase your policy, usually with an appraiser) if you experience a covered total loss.
Like all other types of auto insurance, your premium depends on the value of your car, how you use it, and more. But the good news is that regardless of those factors, you’ll pay less for classic car coverage than you would for regular car insurance. In fact, Progressive says that classic car insurance costs around 39% less than regular car insurance, saving you an average of $276 per year.
Because car insurance is so personal, it’s impossible to say which company will have the cheapest car insurance for you. However, you can minimize the cost of your classic car policy in a number of ways: Minimize the amount you drive, increase your deductible, and bundle your classic policy with other types of coverage.
Also, know that when it comes to classic cars, how you store them matters to your insurer. Get a locked, enclosed place to keep your car and your premiums will be lower thanks to the mitigated risk. Beyond that, the best way to get affordable classic car insurance is to shop policies from multiple insurers and choose the best one for you and your budget.