It doesn’t matter whether you’re a typical gearhead who’s been in love with engines your whole life, whether you’re one of those who has a soft spot for nostalgia, or whether you’re simply filthy rich and want an exotic yet conventionally classy way to show off your wealth. If you decide to invest in a classic car, you’re going to need a completely different type of insurance for that vehicle. And we are here to help you find it. There are specific financial needs that most conventional car insurance companies are either unable or unwilling to meet when it comes to insuring a classic car. So if you really want to protect your investment, you need to make sure it’s protected by the right kind of insurance, and the right kind of insurance company.
To start, we want to explain one very important point that differentiates classic car insurance from regular car insurance. You see, with an everyday vehicle that you drive to work, school, the grocery store, or downtown for a fun night out, that vehicle will suffer wear and tear. It will depreciate in value. It will eventually get to the point where it is so old and broken down that it is no longer drivable. Classic cars, on the other hand, don’t get around that much. their purpose is to sit around and be appreciated, not used for everyday transportation needs. For this reason, especially if they’re well maintained, classic cars usually appreciate in value. It’s one thing to carry an insurance policy on a vehicle that will become less and less valuable (and, therefore, less and less costly to repair or replace) over time; it’s an entirely different financial risk to insure a vehicle that will only become more expensive to repair or replace as the years go by.
So how does a vehicle go from “conventional” to “classic”? well, if it meets the following criteria, it could easily qualify for classic car insurance:
On top of those criteria, classic car insurance companies may be reluctant to offer you an insurance policy on your vehicle if Any of the following circumstances apply to you:
In the event that one or more of the items on the checklist above happened to apply to you or your vehicle, there’s a very real chance you may be denied classic car insurance by your chosen provider.
To offset the fact that the financial risk increases with your vehicle’s age, classic car insurance companies have created unique policies which cater to the special needs of classical cars, as well as their owners. On the surface, these policies seem very similar to conventional car insurance policies. They cover things like collision, medical payments, comprehensive, uninsured/underinsured motorists, and whatever the mandated liability limits are in your state. But they also offer unique types of coverage which regular motorists don’t have access to. Some of those options include:
People may be surprised to learn that collector car insurance is actually relatively affordable compared to an automotive policy on your primary vehicle. Most of the savings comes from the fact that the classic car is driven very few miles each year (if any) and that it is protected from external wear and tear by being kept indoors and out of sunlight. On top of that, many classic car insurance providers offer identical or similar discounts to those that you may already have on your primary vehicles policy. Some experts estimate that classic car insurance can be up to one-third less expensive than the premiums you’re paying right now for your everyday vehicle. The graph below illustrates a visual estimate of how much you can expect to pay for your classic car insurance depending on which state you live in:Classic Car Insurance Monthly Premiums Legend: Classic Car Insurance Regular Vehicle Insurance Oregon Rhode Island Utah Missouri South Carolina Texas New York 20 40 60 80 100 120 140 160 180 200 $75 $114 $93 $141 $91 $138 $102 $155 $85 $129 $133 $202 $145 $219
Shopping around for classic car insurance also has many things in common with the regular auto insurance purchase process. Several major providers a regular car insurance also provide classic car insurance, and we’ll be happy to give you a quote. Furthermore, there are specific car insurance companies which exists to fill the niche market of financially protecting antique vehicles. Unfortunately, though, the onus is on you to contact these companies directly and get quotes from them; no matter how much they want your business, they’re not going to approach you first.
When you find a company like and you want to sit down to crack your policy, you’ll have to be concerned with the same things you would normally with any other insurance company. You want to pay attention to the fine print, review your coverage at least once a year, and choose a carrier that has strong experience financially protecting vehicles like yours. If you’re ready to start shopping around for a classic car insurance carrier, what is help you out. Just answer a few simple questions and we’ll have quotes ready for you in a few minutes.