Insurance Line

Best Insurance for Classic Cars–Free Quotes | Econosurance

What is there not to love about a classic car and its eye-catchingly sleek curves, slick paint job, and sophisticated design? Their nostalgic appearance and driving experience offer an effortless respite into another time in history. Whether you own or drive an old classic of the ‘40s, powerful muscle car, or a restored 1960s camper van, you probably want to protect it at all costs. 

Due to their unique features and nature, classic cars need different insurance than regular auto insurance. Classic car insurance is tailor-made for classic car collectors to cover their specific needs.

What Is a Classic Car?

Insurance companies have different definitions for the classic car. Additionally, classic cars have several subcategories. In general, most classic cars are more than ten years old and used by a private owner on a regular basis. Cars used as collectors’ items and older than 26 years (or 45, depending on which source you consult) are considered antique cars, and cars built before the 1930s are deemed antique. Examples of classic and collectors’ cars include the 1969 Ford Mustang, 1961 Lincoln Continental, and 1974 Dodge Challenger.

Cars that fall under classic car insurance include muscle cars, modern modified vehicles, such as hot rods and lowriders, as well as vintage tractors and military vehicles.

You can find out more about classic cars, including the difference between classic, vintage, and antique cars here.

How Is the Value of the Vehicle Determined?

Typically, the insurance company will first assess the value of the car. They will employ several experts who will inspect the vehicle either in person or using the photographs you provide. They will also consult with the client to set a value that everyone finds accurate.

Classic cars often see a rapid rise in value. Thus, many insurers advise their customers to routinely assess the car to ensure an accurate representation of the vehicle’s worth. Such revaluation is possible under most classic car insurance policies.

What About Depreciating Value?

For most items, their value depreciates over time. However, as mentioned above, the value of classic and collectors’ cars is more likely to increase over time or at least stay the same. Buying a classic car is truly an investment and needs proper insurance.

Can I Use the Car?

While some collectors only take their classic cars to shows and parades, others like to drive their cars at other times as well. Most classic car insurance policies will not dictate the number of miles you are allowed to drive as long as the car is not in daily use. All household members with a valid driver’s licence must own a separate vehicle for everyday driving. Motorcycles and public transportation do not usually count as regular-use vehicles. Otherwise, they do not qualify for classic car insurance. 

Does the Insurance Company Have Any Requirements?

Alongside disallowing daily use of the vehicle, insurance companies often have a range of other conditions that must be met to qualify for classic car insurance. 

Secure storage is a common requirement, with the classic car needing to be stored in a locked garage when not in use. Driveways are generally not viewed as acceptable for classic cars. Fortunately, there is a range of other options to consider:

  • Car hauling trailers
  • Pole barn
  • Storage units

The insurance company may ask for details or photographs of the storage facility.

 What Are the Benefits of Classic Car Insurance?

Classic car insurance can include several coverages. These are the most typical ones:

  • Total loss coverage helps you cover the total loss of the car (minus the deductible) in an accident.
  • Replacing rare parts is coverage for replacing the original parts, that can be quite rare, of a classic car. Oftentimes, a classic car’s value depends on how much its parts resemble its original condition. 
  • You can add a “no attendance” clause to your policy in case something happens to your car at a show while you are looking at other cars.
  • If you want to take your classic car to a tour abroad, classic car insurance can offer you special coverage for that.
  • Optional coverages include roadside assistance and full windshield and safety glass coverage.

If your car is damaged, then many insurance companies provide an in-house team to deal with any classic vehicle repairs. They will let you choose who you want to work with for the repair, and can even assist with sourcing rare parts. 

Despite the higher price of the vehicle, classic car insurance can have up to 43% lower premiums than standard auto insurance according to data collected by Hagerty in 2017. Some agencies offer zero-deductible policies alongside fully comprehensive and collision coverage. If you insure multiple vehicles, you can get a discount.


Want to discuss your classic car coverage options with an insurance expert? Send us an email.

Simple & Convenient

Start saving on insurance by filling out a quick form.

GET INSURED AND GET COVERED: OUR SIMPLE 3-STEP GUIDE

Card image cap
Get a Quote

Get a quote instantly. All we need is some basic information about your home, auto or business.

Card image cap
Complete the Application

Accepted the quote? You are ready to complete the application quickly & easily online! You will receive all the documents you need and any signatures that are required will be captured via Docusign.

Card image cap
Get Covered

Upon carrier approval, you will be covered and ready to enjoy all the peace of mind that comes with it. You'll receive an insurance binder with all supporting documents.

OUR INDUSTRY-LEADING PARTNERS