Classic or collector car insurance can save you a significant amount of money and increase your coverage because traditional auto insurance carriers are geared towards insuring a larger volume of lower end vehicles. Normal P&C insurers don’t know how to treat your specialty or collector car. Regular non classic carriers may allow you an extra $5,000 rider for modifications, but that’s a maximum of additional coverage.
Over 50% of collector cars are insured by regular (expensive) car insurance programs. So vintage car drivers are overpaying for inferior coverage.
My classic car insurance
I owned a vintage Camaro and paid much lower car insurance, about $250 per year through Hagerty. Compare that to regular car insurance, over $500 per year, and lower overall coverage.
Qualifying for Vintage Coverage
You don’t automatically qualify for collector car insurance just because you have an older car. Classic cars are usually considered antique vehicles (15 – 20 years old or older). Collector cars can also include:
- Exotic autos new and old.
- Muscle cars.
- Sports cars of all ages.
- Rare or desirable
- Kit cars
The driver also needs to qualify for the classic insurance.
- You have to use a primary commuter vehicle
- The car must be classified as rare, exotic or a certain age
- You may need to be 30 or older
- You must have a good driving record (no street racing!)
Please be aware Classic Car Insurers typically will not usually insure teen drivers or cars that are regular commuters.
A vintage car means much more to a collector than a regular beater. That’s why they typically will drive at lower speeds, use car covers, garages, etc. Vintage car insurers know we baby our cars, so they charge lower premiums.
Classic Car Claims:
The largest benefits with Classic Car Insurance are Agreed Value and Roadside Assistance. Agreed value gives you fair compensation if the car is wreaked or stolen. Hagerty is my personal favorite for classic car insurance, and they offer an agreed upon value, you just have to pay for an official appraisal of your car. Hagerty puts out a list of the most stolen vintage cars.
Regular car insurers pay out Actual Cash Value (ACV) which pays out a depreciated value in a claim; the older a car is, the less value it has. Some insurance companies offer Stated Value policies for collector cars. Stated Value pays more than Actual Cash Value because they allow you to ‘state’ a value for your vehicle that is greater than its ‘book’ value. Insurance companies only to pay up to the “stated” amount. Agreed Value insurance policies are the best fit for Vintage Cars because they guarantee you will get much of your investment back if your car is totaled.
If you do get into an accident, the superior roadside assistance of classic car insurance means if you need to be towed, they will send a flatbed. But you have to make sure your policy specifies FLATBED. If one is not available, you might have to resort to waiting, or using a regular town truck.
If you own a high value car, you certainly don’t want it bouncing up and down and being dragged by a tow truck. A high value car could be damaged being towed by a normal tow truck with modifications, like lowering. Especially after an accident, the last thing you need is more damage.
I carry a full size spare, since I do not want to drive my car on a miniature donut designed for low mph.