Collector Car Auto Insurance Coverage

Classic car insurance is incredibly important to making sure your collector, classic, or historical car is properly protected. Without finding the right collector car insurance, you could end up paying 500% more than you have to for the less coverage. If you decide to go with an auto insurance company that specializes in cars you will find that you will be paying far less.

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Rachel Bodine graduated from college with a BA in English. She has since worked as a Feature Writer in the insurance industry and gained a deep knowledge of state and countrywide insurance laws and rates. Her research and writing focus on helping readers understand their insurance coverage and how to find savings. Her expert advice on insurance has been featured on sites like PhotoEnforced, All...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insurance...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Nov 12, 2020

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Insuring your collector, classic, or historical car may seem like a pain in the neck.  There are many things to consider and think about if you want to keep “your baby” protected.  Below, we’ll attempt to clear the air on whatever confusion you may have on classic car insurance, including whether or not you should insure with a major or specialized insurance company, what the different types of collector car coverage are, and where to go to get insurance for your collectible car.

Insuring Your Classic Car With A Major Insurance Provider

Even though specialty auto insurance companies that only insure collectible and antique cars have been around for over a decade, more than 50% of classic cars are still paying more than they have to buy going with your standard auto insurance company.

The problem with using a big named auto insurance company like GEICO or Allstate to insure your collectible car is that most insurance companies don’t understand the value of these cars (both in terms of cost and nostalgia). Without finding the right collector car insurance, you could end up paying 500% more than you have to for the less coverage.

If you decide to go with an auto insurance company that specializes in cars you will find that you will be paying far less. Most auto insurance companies look at cars at the face value. But as you and I know, a ’64 Ford Mustang is worth much more than a few thousand dollars.

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Different Kinds of Collector Coverage

The three most common types of collector car insurance are Actual Cash Value, Stated Value, and Agreed Value.

  • Actual Cash Value (ACV): This is the type of coverage most auto insurance companies will cover you under. This is the blue book value of a car. As a car gets older, the value of it goes down. This is ideal for most cars, but for a collector car, you can see where this type of coverage isn’t adequate.
  • Stated Value: This type of coverage is more ideal for collectible cars, but not necessarily the best option. This coverage is rather flexible and lets you state the value of your car. As time passes your car will hold the same value.
  • Agreed Value: Agreed Value coverage is the best option for those looking to insure their collectible. With this type of coverage, the value of your car will always be what other collectors are willing to pay. To get this type of coverage you will probably need a collector car specialist to appraise the value of your car. Agreed value coverage also takes modifications and restorations performed on your car.

What Types of Cars Are Covered Under Collectible Car Insurance?

Your ordinary car insurance policy may not cover a collector’s car. The reason is simple: an ordinary car depreciates in value over time. A collector car, meanwhile, appreciates in value over time. This drastically changes your car insurance needs.

Of course, collectible car insurance doesn’t just cover classic cars. It can also cover specialized cars – like hot rods and custom vehicles. The types of cars covered under collectible or specialized car insurance include:

  • Antiques
  • Foreign and domestic sports cars
  • Custom cars
  • Modified cars
  • Classics
  • Hot rods
  • And more

Ultimately, specialized or collectible car insurance policies can be modified to meet your unique needs – no matter what type of vehicle you have.

Classic Car Insurance is Approximately 40% Cheaper than Standard Car Insurance

Some drivers expect to pay more for classic car insurance. After all, your 1967 Ford Mustang may be worth more than your 2000s-model year Honda Civic.

However, this isn’t typically the case. Instead, classic car insurance typically costs about 40% less than standard car insurance.

What’s the “catch”? Well, most classic car insurance policies come with several strict requirements. We’ll talk about those requirements below.

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What Are the Requirements for Classic Car Insurance?

In order to qualify for classic car insurance, you might need to abide by a few strict rules.

The most common requirement, for example, is that you park your vehicle in a garage overnight. You can’t leave your antique car parked on a busy street in a rough neighborhood overnight and receive protection, for example. You’re typically required to park it in a garage, and that garage may need to be locked.

Another common requirement is that you need to keep your car in good working condition. You need to maintain your car over time. You can’t drive your antique car on a freeway at 65mph with a barely-functional braking system, for example, and expect to be covered.

One final requirement is that you need to use your classic car as a secondary vehicle – not your daily driver. You can’t drive your classic car to work every day, for example, and expect it to be covered under your classic car insurance.

As long as you abide by these requirements, however, you should be able to enjoy the benefits of classic car insurance on your vehicle. You’ll be able to enjoy using your classic car while being completely covered under a car insurance policy.

How To Buy Insurance For Your Collectible Vehicle

There are some limitations to insuring your collectible. You must be at least 25 years old (30 in some cases) and must have a relatively clean driving record. Even though you probably will be driving safely and won’t be in danger of getting a speeding ticket while driving your classic vehicle, the high value of these cars still makes it harder to insure for less experienced drivers. In addition, your vehicle needs to be at least 25 years old. A vehicle aged 25 years or older is qualified to be a “classic vehicle” with historic value.

If you are insuring multiple collectible cars, you can typically get a pretty hefty discount. Every specialty car insurance company varies in rates, coverage types, and restrictions so make sure you ask plenty of questions.

There are a few different companies that offer collectible car insurance including Hagerty Insurance, which refers to themselves as the “classic and collector car insurance specialists.” Grundy Insurance, another classic vehicle insurer, claims to offer “specialized Automobile Liability and Physical Damage insurance for the Antique and Collector Car industry.”

To get quotes for your collectible car from multiple insurers all in the same place, use our insurance quote comparison tool here on Scroll up to the top of this page and enter your zip code to begin.

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