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The Best Classic Car Insurance for 2024

Updated
Dana George
By: Dana George

Our Insurance Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

If you are the proud owner of a classic car, there is no doubt that you're interested in car insurance. Classic car insurance is, by far, the best way to protect a vehicle someone has poured time, attention, and financial resources into. To help owners of classic vehicles find the best option for collector car insurance, we've compiled a list of the five best classic car insurers for 2024.

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State Farm

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Best for bundling coverageState Farm
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State Farm has played a role in protecting American families since 1922. Because it offers all types of coverage, it's one of the best classic car insurance companies to work with when a driver wants to bundle coverage and score discounts.

One attractive feature of working with State Farm is that it's been in the classic and collector car insurance business for many years. In fact, State Farm's employees even created a 1968 Camaro to use as a teaching tool. The "split" car demonstrates the differences between a car in its original state and one that has been modified or fully restored. It's a great way to help State Farm employees understand the added value of a classic car and why it must be insured in a different way.

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Geico

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Best for mobile and online managementGeico
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Geico has the edge when it comes to mobile and online apps. As another company with a familiar name, Geico offers some of the best technology in the business, making everything -- from getting a quote to making a claim -- faster and easier. Geico's classic car insurance coverage is based on how much the vehicle owner and Geico agree the vehicle is worth. That way, if the customer is involved in an accident, their classic car can be made good as new. In addition, Geico offers up to $500 coverage for spare parts, a nice bonus for classic car owners.

American Collectors

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Best for additional coverage optionsAmerican Collectors
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American Collectors offers a wide range of perks, like Spare Parts Coverage and Inflation Guard. The company also has a stellar reputation for coming to the aid of classic car drivers when they're stuck on the side of the road. American Collectors reimburses drivers for emergency expenses like towing and lock-out. What's more, the company offers an impressive amount of features, including:

  • Emergency travel expenses
  • Missed car show reimbursement
  • Cash reward for information leading to the return of the vehicle if it is stolen
  • Personal item protection
  • Towing and labor for collectors
  • Automatic coverage for newly acquired vehicles (up to 30 days)
  • Coverage for vehicles in restoration

Grundy

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Best for vehicles with increasing valueGrundy
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Grundy guarantees up to 150% of the agreed value to offset the loss if the car is totaled. And because it's been insuring classic cars since 1947, Grundy knows what drivers want. For example, unlike most classic car insurance companies, Grundy allows unlimited driving miles.

While this insurer doesn't want drivers using a classic car as their daily car -- and still requires drivers to have another car for everyday use -- it does not ask anyone to track their mileage or prove how little they're driving their classic car. Grundy also insures larger car collections ranging in value from $500,000 to $5,000,000 and above. Coverage can be extended worldwide.

Safeco

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Best for drivers who need more milesSafeco
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Safeco's classic vehicle coverage allows drivers to put up to 10,000 miles per year on their cars, 2,500 miles more than most carriers. This is perfect for snowbirds who want to bring the vehicle along as they escape the winter chill or couples who need an extra set of wheels on a semi-regular basis. Safeco also offers a diminishing deductible, where the insurer will reduce your deductible by $100 with each annual policy renewal for a maximum of $500.

What is classic car insurance?

Classic car insurance is ideal for individuals who own vintage automobiles. It helps protect a car that has been restored or well-maintained and is typically worth more than a standard vehicle. Usually, classic car policy rates are lower than regular policies because the vehicles are not driven as much. This type of coverage typically allows for limited mileage discounts along with the ability to customize coverage plans tailored to the needs of the individual policyholder.

Imagine a 1966 Ford Mustang, restored to better-than-new condition and driven only on Sundays. Classic auto insurance companies provide coverage for cars like this Mustang. They also protect other collectibles, such as:

  • Antique cars
  • Modern classics from the 1980s, 1990s and 2000s
  • Muscle cars, sports cars, and race cars
  • Classic trucks and SUVs
  • Hot rods
  • Exotic and luxury vehicles
  • Old trucks
  • Military vehicles

Not only does classic auto insurance protect drivers from losses associated with their vehicles, but it can also provide assistance in finding repair shops for said vehicles. Ultimately, classic auto insurance allows drivers to insure their investments without worrying about compromising coverage or breaking the bank.

What's the difference between classic or collector auto insurance and standard auto insurance?

Classic or collector auto insurance is a specialized variant of automobile insurance that appeals to owners of antique, vintage, and classic cars. In general, it provides broad coverage options and offers lower premiums than traditional auto insurance policies. There are at least four major differences between classic car insurance and traditional (standard) car insurance.

  1. Classic auto insurance policies generally cover the full value of a classic or collector car, as opposed to standard auto insurance, which typically covers only the depreciated value of a vehicle -- unless the driver has gap insurance that makes up the difference.
  2. To be covered by classic car insurance, a vehicle must meet certain criteria such as restrictions on how much the car can be driven per year, usually limiting it to an agreed upon number of miles for hobby use or parades.
  3. Classic car insurance is typically cheaper than traditional insurance because the owner is not driving the car like they would a "regular" vehicle.
  4. Before deciding how much coverage is needed, a car owner will be expected to have their vehicle appraised by a third-party appraiser.

Types of collectible cars

In a nutshell, if a driver doesn't use a vehicle for their everyday transportation, a vehicle may be considered collectible. Every state's DMV, individual insurance companies, and classic car clubs have different historical designations and license plates recognizing classic, historical, or antique vehicles. Since each insurance company and state may classify them differently, it is important to clarify when comparing policies. Here are some examples of the types of vehicles drivers cover with a classic car insurance policy.

Antique cars

An antique car is typically a motor vehicle more than 25 years old that has historic interest. Many define it as a car manufactured in 1975 or earlier. Many are "survivor" cars, where they are restored in conformance to the original manufacturer's specifications. Here are some examples:

  • 1956 Porsche Speedster
  • 1957 Chevrolet Corvette
  • 1957 Chevrolet Bel Air Convertible
  • 1932 Ford Roadster
  • 1968-1968 Dodge Charger
  • 1954 Rolls Royce Phantom
  • 1938 Volkswagen Beetle
  • 1951 Oldsmobile Super 88
  • 1964 Chevy El Camino Coupe

Classic cars

A classic car is typically a motor vehicle that has historic interest and ranges from 10 to 50 years old. Certain insurance companies like State Farm limit age to 24 years. Classic cars are defined very broadly in California, and there is no differentiation between classic, vintage, or antique vehicles. The California DMV defines a Historical Vehicle as one that dates from 1922 or later, and is at least 25 years old. Some define classic cars as those manufactured in 2000 or earlier. Some examples are:

  • 1978 Chevrolet Camaro Z28
  • 1963 Mercedes-Benz 300SL Gullwing
  • 1972 Ford Mustang Mach 1
  • 1979 Ford Bronco
  • 1979 Pontiac Trans Am
  • 1986 Chevrolet Monte Carlo SS
  • 1987 Buick Grand National GNX

Vintage cars

A vintage car is a motor vehicle typically manufactured between 1919 and 1930. These types of cars are exceedingly hard to find and can be quite pricey. Here are some examples:

  • ​1919 Ford Model T Sedan
  • 1921 Hudson Super Six Phaeton
  • 1925 Flint Model E-55
  • 1924 Aston Martin Grand Prix
  • 1930 Cadillac V-16

Hot rods

Some say that hot rods were the brainchild of bootleggers who customized their vehicles to outrun the law in the 1920s prohibition era. Since that time, car lovers have continued to enhance their vehicles, managing to make them drive fast and look cool at the same time. A hot rod is not a specific "type" of car, but the National Street Rod Association describes a hot rod as an automobile manufactured in 1948 or earlier that has undergone modernization to the engine.

Exotic vehicles

To be termed "exotic" a vehicle must be truly unique, one-of-a-kind, or one of a handful of models that were manufactured. Examples are one of Enzo's original Scuderia Ferrari cars.

Luxury vehicles

A luxury vehicle is practically a work of art. Think 1933 Silver Arrow or 1954 Bentley R Type.

Vintage trucks

A vintage truck is one that was manufactured between 1919 and 1930. A good example is the 1927 Ford Model T 1 Ton Pickup.

Muscle cars

A muscle car is a vehicle with a little extra horsepower under the hood. Mustangs, GTOs, and Camaros are all examples of classic muscle cars.

Military vehicles

The military routinely sells unused and outdated equipment, including airplanes, jeeps, trucks, cars, and tanks. To be considered a collector vehicle (and eligible for classic car insurance), the vehicle in question must be from 1974 or earlier.

Are you eligible for classic car insurance coverage?

To be eligible for classic car insurance, the insured vehicle must meet minimum qualifications, which include:

  • Typically, the vehicle must be at least 25 years old.
  • Mileage driven per year must be low. Classic car insurance companies set their own limits, but it is typically 7,500 miles or less.
  • Driver must have access to another vehicle to drive on an everyday basis.
  • Vehicle must be safely stored, protected from theft and weather conditions.
  • Driver must agree not to drive -- or race -- on a racetrack.
  • Vehicle must be in good condition. Further, the driver must be able to provide proof of regular maintenance.

How old does a car have to be for classic car insurance?

Most insurance companies have strict guidelines on age requirements for classic cars, usually requiring a vehicle to be 10 or more years old to qualify for classic car insurance. Age requirements may vary by company, so it's important to do thorough research in order to find the right provider and coverage plan. Vintage cars are those built between 1919 and 1930, antique cars before 1975, and classic cars before 2000.

Qualifications for the driver

Driver criteria varies by insurer. Here are the requirements seen most often among classic car insurance companies:

  1. The primary policyholder must be at least 25 years of age (for the primary policyholder)
  2. Policyholders must have a clean driving record for five to 10 years.
  3. Policyholders have another car to use for commuting
  4. Miles driven are limited
  5. Car is stored in climate-controlled or fully closed garage

How much does it cost to insure a classic car?

Another way classic car insurance is different from standard car insurance is that the price depends on so many factors that it can be difficult to pin down an average rate. Generally, a driver will pay from $200 to $600 annually for classic car insurance coverage, unless their vehicle has an extremely high value. Here's a partial list of factors that go into determining cost:

  • Type of vehicle
  • Value of vehicle
  • Age of vehicle
  • Amount of restoration completed and whether there are unusual elements added
  • The level of coverage the driver needs and is comfortable carrying

In short, the answer to the question, "How much is classic car insurance?" depends on a number of factors. The cost of classic car insurance varies, depending on how much coverage a person requires and how valuable the vehicle in question is to repair.

How to save on classic car insurance

The fact that the cost of classic car insurance varies so wildly can work in favor of the driver looking to save money. Here are some of the ways they can make that happen:

  • Only buy the coverage needed. If a driver plans to take the vehicle out a few times a year, there's no reason to pay for a policy that covers putting thousands of miles on the odometer.
  • If possible, bundle policies. If a driver can insure their classic car with the same company that insures their everyday vehicle, home, and life, it could result in saving money.
  • Store the car in the safest possible spot.
  • Conduct an annual classic car insurance check-up to make sure the current policy provides the best rate.

Important note: Drivers should not make the mistake of choosing a company solely because it offers the cheapest classic car insurance. Instead, they should work with an insurer with a strong reputation that will be there when needed. Classic car insurance cost should be just one of the factors considered when choosing the right insurer.

Coverage options for classic or collector vehicle insurance

Chances are, you're already familiar with the terms associated with classic car insurance. That's because classic car insurance offers the same types of basic coverage as traditional car insurance. They include:

Liability

If you are at fault for an accident that causes damage or injury, liability will help cover the injured party's losses.

Collision

If you're in an accident with another party and there is damage to your vehicle, collision coverage will help make repairs.

Comprehensive

If something happens, like a tree falls on your car or the vehicle is burned in a fire, comprehensive insurance provides coverage.

Medical

Medical coverage works in conjunction with your current health insurance to pay medical bills if you are injured in an accident.

Uninsured and underinsured motorist

Say you're in an accident and the other party is found at fault. If they don't have insurance coverage (or have too little to cover your damages) uninsured and underinsured motorist coverage kicks in.

Emergency roadside assistance

As much as a driver pampers their classic car, it can break down like any vehicle. If it does, most insurers offer some kind of roadside assistance to get the driver (and their treasured vehicle) back on the road.

As much as you already enjoy your classic car, the experience can only be enhanced by knowing that you've done everything within your power to protect both the classic vehicle and yourself.

RELATED: See The Ascent's guides to the best cheap car insurance and best car insurance companies.

The Picks
Offer Best For Next Steps
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State Farm
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5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Great For: Best for bundling coverage
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Geico
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
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Great For: Best for mobile and online management
Graphic of American Collectors
American Collectors
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Great For: Best for additional coverage options
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Grundy
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Great For: Best for vehicles with increasing value
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Safeco
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Great For: Best for drivers who need more miles

FAQs

  • This will depend on the driver and the features that matter most to them. State Farm is best for bundling coverage, Geico for mobile and online management, American Collectors is great for roadside assistance, and Grundy Insurance protects rapidly appreciating vehicles. Finally, for drivers who can't stick to the 7,500 mile per year rule, Safeco allows for more miles.

  • You must be at least 25 years old, drive 7,500 miles or less per year in the classic vehicle, have access to another "everyday" car, store the vehicle inside, agree not to race, and keep up with maintenance.

  • Yes, because you don't drive as many miles.

  • Yes, full coverage is available and is a good idea if you can afford it.

  • Typically, no. Almost all classic car insurers require drivers to stay under 7,500 miles per year and want assurance that the vehicle will only be driven on "special occasions" like car shows and parades.

  • Car insurers typically limit miles to 7,500, although the number varies by insurer.

Our Insurance Expert