Best Auto Insurance For Classic Cars Of 2022

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When you own a classic car, you need specialty insurance to make sure you’re protected in case of a collision. But which is the best classic car insurance company?

Here at Home Media Reviews, we will be reviewing the five best classic car insurance companies currently available. We will look at each insurer’s industry reputation, coverage options, and more. Additionally, we will consider the coverage options available for classic cars.

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We used this research to inform our choices for classic car coverage when we reviewed the best car insurance providers on the market. The top carriers we recommend also offer coverage for classic cars. Here you can get free, no-obligation quotes from top providers about car insurance.

Table of Contents

Exactly What Is Classic Car Insurance?

Best auto insurance for classic cars

Standard auto insurance differs from classic auto insurance in several ways. Classic cars are not only subject to specific eligibility requirements (which we will discuss below), they are also subject to key differences in how an insurance company handles claims for them.

The value of classic cars appreciates over time instead of depreciating. In such a case, classic car insurance companies often reimburse drivers with a fixed value in the event of a collision.

In addition to the car’s value over time, a professional appraisal of the vehicle is usually included in an agreed value. Typically, auto insurers will reimburse you only for the vehicle’s replacement cost and deduct any depreciation.

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You may also be limited to a certain number of miles per year under classic car insurance. Car insurers cap the number of miles that these specialty vehicles can be driven every year since they are only used for occasional pleasure driving or auto shows. Additionally, this means that classic car owners need a separate vehicle for driving around town.

What Is The Best Classic Car Insurance Company For You?

MoneyGeek has conducted extensive research to find the best classic car insurance companies. If you’re looking for classic car insurance, keep in mind that it might not be the same as what someone else needs.

When choosing a policy for your classic car, you will need to consider the type of vehicle and how often you drive it.

Leland-West Is Best For Insuring Multiple Vehicles

LELAND-WEST

People who own more than one classic car are best served by Leland-West insurance. Besides the exotic or classic car already insured, this company offers up to $50,000 coverage for any eligible classic car you buy.

Additionally, Leland-West offers coverage for several brand new vehicles that are collector’s items, including Ferraris, Porsches, as well as Aston Martins, and Rolls Royces. A collector car insurance policy from Leland-West is an excellent option for drivers who don’t just drive classic cars.

Best For Everyday Driving: Safeco

Safeco

The best option for classic car owners who drive their classics on a daily basis is Safeco. Safeco offers classic car insurance policies for those who drive up to 10,000 miles per year.

For classic car owners who drive less than 5,000 miles per year, Safeco offers lower rates on classic auto insurance. Classic cars and daily-use vehicles can both be insured under the same policy, making it easier for people whose classic car gets little use in a year.

Hagerty Is The Best Choice For Cars Going Through Restoration

HAGERTY

Restorations of classic cars are often extensive. You may want to consider Hagerty insurance if you are restoring a classic car. In addition to a 10% value increase per quarter, tool coverage of $750, and a dedicated toll-free number for towing specialists, classic cars undergoing restoration are provided special coverage.

The coverage is not only available for people who have their cars professionally restored. You can also apply for coverage for project cars if you can provide pictures and documentation showing that you are actively restoring the vehicle.

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American Modern Has The Best Spare Parts Coverage

insurance for classic cars

AUTO CLUB OF SOUTHERN CALIFORNIA INSURANCE GROUP

In terms of spare parts insurance, American Modern offers coverage up to $2,000. For spare parts, you can also purchase additional coverage if you need more than the standard $2,000 coverage.

In addition to the company’s coverage for restorations in process, American Modern also offers coverage for damage caused to a vehicle’s spare parts while they are being restored.

American Collectors Offers The Best Inflation Protection

NJM INSURANCE CO

American Collectors’ coverage for inflation is the best, according to MoneyGeek’s analysis. The vast majority of classic car insurance companies offer 4% inflation coverage, but American Collectors offers inflation guard, an increase of 6% for inflation, and vehicle appreciation without increasing premiums.

The Difference Between Classic Car Insurance And Traditional Car Insurance

Traditionally, car insurance is designed for cars that are used every day. It offers the same basic coverage as regular auto insurance (liability, comprehensive, collision, etc.) but is intended to protect an asset that appreciates over time, as opposed to a vehicle that is only used for transportation.

A classic car requires specialized insurance coverage because of the drastic difference in value between a classic car and a standard vehicle.

Requirements For Classic Car Insurance

car insurance for classic cars

There are many reasons why classic car insurance is typically required, but insurance laws and requirements will differ from state to state. If you cause damage to someone while driving, liability coverage will pay for it, but comprehensive and collision coverage will pay for damage to your vehicle until you have paid off your loans.

Typically, classic car insurance requirements are as follows:

  • Classic cars cannot be used every day.
  • Classic cars must meet certain definitions (over 25 years old, etc.).
  • In most cases, classic cars are stored in enclosed garages or other indoor spaces.
  • The insurance company may deny claims if damage to an insured car is found to have occurred during racing.
  • Generally, drivers must have a clean driving record, without any accidents or violations within three years.
  • The classic car must be insured separately from any daily use vehicles that household members have.

Is Insurance Required For A Car Undergoing Restoration?

insurance companies for classic cars

Leaving your classic car uninsured while it is being restored may seem tempting, but it can prove financially disastrous. The liability coverage for a vehicle that isn’t moving might seem unnecessary, but if it caused a fire or fell on someone, you could be held liable for tens of thousands of dollars.

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A lot of classic car insurers also offer comprehensive coverage for cars that are being restored, including coverage for tools, towing, parts, etc.

Coverage Options For Classic Cars

For classic cars, there are different types and levels of coverage available. A classic car policy typically includes comprehensive and collision coverage. It may still make sense to increase your liability requirements if you have significant financial assets or live in a state with low liability requirements.

Some people may wish to add roadside assistance or other extra coverages to their policies. Liability, comprehensive, and collision are the most common types of coverage in a basic policy while higher coverage may include:

Medical payments: If you are injured, your medical bills may be repaid in part or in full if you have medical payments coverage.

Coverage for uninsured and underinsured motorists: If an uninsured driver is at fault in an accident, you are covered to the same extent as your liability coverage.

Traveling collector insurance provides coverage for your classic car while you are on the road, such as trip interruption and parts coverage.

The classic car parts in your garage are protected by spare parts coverage.

Emergency evacuation coverage: This coverage protects you in case of an emergency, like a hurricane or wildfire.

In case of a total loss, you can still get the salvaged vehicle back with cherished salvage coverage.

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Best auto insurance for classic cars of 2021 12

What You Need To Know About Classic Car Insurance

Anyone whose car appreciates in value over time should have classic car insurance. A classic car policy is needed by owners of classic cars, collector cars, and other specialized vehicles. Your insurance needs will vary depending on your unique circumstances, such as:

Classic cars you own and what type they are.

Whether or not you are restoring your car.

Your collection of classic cars.

In a given year, the number of miles you drive.

If you’re looking to insure your prized, one-of-a-kind vehicle, get a personalized quote to ensure you’re getting the best coverage and rate.