Top-rated classic car insurance providers

The insurance coverage for classic cars, which are typically at least 25 years old or rare collector's items, is different from that of everyday vehicles. Instead of being based on actual cash value, which takes into account depreciation, coverage for classic cars is usually agreed upon a value basis.

There are restrictions on how far you can drive them and guidelines for securely storing them.

It is essential to have an insurance policy that safeguards your investment in a classic car. We have chosen the top insurance providers for these distinctive vehicles.

Best for availability: American Collectors

American Collectors Insurance covers collectors' vehicles in all 50 U.S. states.

The American Collectors' Freedom Tier offers up to 7,500 miles per year and occasional general usage, as well as reimbursing up to $250 for relocating your car during a natural disaster.

Best for restored vehicles: Hagerty

What is the plan for? If you present proof that your vehicle is being constructed or restored, Hagerty will increase the agreed value by 10% every quarter, up to a maximum of $25,000. Additionally, the plan includes $750 in coverage for your automotive tools.

Standout benefit:

Best for regular use: Safeco

What is Safeco's regular-use option for? It allows you to accumulate up to 10,000 miles per year. Noteworthy advantages: You can insure both your classic vehicle and your everyday car with Safeco and receive a multi-policy discount and a diminishing deductible for both vehicles.

Best for immediate coverage: Grundy

This coverage is for you? Grundy provides automatic protection for new acquisitions, safeguarding your special ride during the process of adding it to your policy.

Classic cars are not subject to annual mileage limits with Grundy. Additionally, the policy offers up to $600 in trip interruption coverage and $250 for roadside assistance in case of a breakdown.

Best for high-value vehicles: Chubb

Chubb offers top-tier insurance, with its classic car policies providing coverage for repairs using original equipment manufacturer (OEM) parts or unique fabricated parts if the originals are unavailable.

Non-competitive rallies and tours do not require driver authorization.

American Collectors

Since 1976, American Collectors has been providing insurance for exotic and vintage vehicles. The company offers traditional auto insurance benefits such as zero-deductible glass coverage and up to $750 worth of veterinary coverage if your pet is injured in a covered event. American Collectors is available nationwide in all 50 U.S. states and Washington, D.C.

Annual mileage allowance: 7,500 miles (plus occasional general usage)

Coverage for spare parts: $500

Hagerty

Hagerty, headquartered in Traverse City, Michigan, offers insurance for a variety of restored vehicles, including campers, trailers, decommissioned military vehicles, motorcycles, and boats. Additionally, the company sponsors a drivers club with over 850,000 members and operates a marketplace for buying and selling classic vehicles.

Nationwide availability: All 50 U.S. states and Washington, D.C.

Annual mileage allowance: 7,500 miles

Coverage for spare parts: $750

Safeco

In 2008, Liberty Mutual acquired Safeco, which was founded in 1923 and is known as the Selective Auto and Fire Ensurance Company of America. Despite earning an A- from the Better Business Bureau, Safeco has a higher-than-expected volume of complaints and scored below average for customer satisfaction in all regions of J.D. Power's 2024 U.S. Auto Insurance Study.

Safeco provides auto insurance across the country, excluding Alaska, Delaware, Hawaii, and Washington, D.C.

For limited-use rates, the annual mileage allowance is 5,000 miles, while for regular-use rates, it is 10,000 miles.

Coverage for spare parts: Not included

Grundy

Since its establishment in 1947, Grundy has been one of the oldest classic car insurers in the U.S. and the largest for hot rods. Through its Motor Vehicle Program, it enables policyholders to insure collector cars, daily drivers, pickup trucks, trailers, and motor homes all on a single policy with agreed value protection.

Nationwide availability: All 50 U.S. states

Annual mileage allowance: Unlimited

Coverage for spare parts: $500

Chubb

Since its establishment in 1792 as a marine insurance company, Chubb has earned a reputation for exceptional coverage. Its classic car insurance policy covers vehicles that are at least 30 years old, limited production models, or part of a larger collection. Chubb's coverage is available nationwide in all 50 U.S. states.

Annual mileage allowance: Unlimited (limited to hobby use)

Coverage for spare parts: $1,000

Classic car insurance mileage limit by company

Strict mileage limits may apply to classic car insurance policies.

What is agreed-value insurance?

Instead of paying out based on the actual cash value of your vehicle, which takes into account depreciation, agreed value coverage pays you the amount you and your insurer agreed upon in advance if your car is stolen or totaled in a covered event. Many classic car insurance policies operate on an agreed value basis.

What does classic car insurance cover?

Full coverage insurance includes the same basic coverage as classic car insurance.

Liability coverage: Pays for injuries or property damage caused by your vehicle.
Collision coverage: Protects your vehicle from damages resulting from a collision with another vehicle or object.
Insurance covers repairs resulting from vehicle collisions, including damage caused by flooding, vandalism, or hitting an animal.

Classic car insurance policies typically pay out on an agreed value basis, rather than deducting depreciation. Some companies offer cherished salvage coverage, which enables you to retain the car and still receive its guaranteed value if it is deemed a total loss.

Some insurers also cover:

Tools and spare parts
Vehicles being restored or constructed
Memorabilia
Roadside assistance
Emergency relocation
Auto show medical reimbursement if someone is injured at an exhibition

A classic car policy can provide coverage for additional towing and repair costs, which are not typically included in a standard auto policy. Additionally, all of the insurers we recommend allow you to select your preferred repair shop, ensuring that a trusted specialist is working on your vehicle.

If you're traveling abroad for a car show or other event, your auto insurance policy may cover your vehicle.

What does classic car insurance not cover?

Typically, insurance for classic cars does not cover daily use, such as commuting, and most providers do not provide liability-only policies.

The insurance policy covers only street-legal vehicles used in timed events or on racetracks.

Who is eligible for classic car insurance coverage?

To get classic car insurance, your vehicle must meet certain qualifications:

Age: The vehicle must typically be at least 25 years old.
Condition: The car must be in good condition with proof of regular servicing
Annually, vehicles must not be driven more than 7,500 miles, which varies by insurer.
A locked garage is necessary to safeguard the car from theft and the elements.

There are also guidelines for drivers looking for classic car insurance.

Age: The primary policyholder should be at least 25 years old
A clean driving record is necessary for the past five years, with no accidents or severe violations.
Alternate vehicle: The car must not be the owner's primary vehicle

How much does classic car insurance cost?

Classic cars are usually 40% to 50% cheaper to insure than standard daily-use vehicles, with a typical policy costing between $200 and $600 a year, according to Car and Driver.

The cost of your car insurance will be determined by various factors, including the value of your car, your driving history, and other relevant information.

How to save on classic car insurance

Although classic car insurance is less expensive than a standard policy, there are still methods to reduce costs even further.

Combining your auto insurance for your daily driver and classic car with the same provider can result in savings from numerous companies, including Chubb and Safeco, who also provide homeowners insurance and additional coverage options.
Keeping a clean driving record can help lower your car insurance rates, similar to traditional policies.
Discounts: Some insurers offer rate reductions for car clubs and other associations.
Lower mileage discount: Certain insurers provide reduced rates for individuals who drive their cars infrequently.
Raising the deductible on your classic car insurance policy can lower your premium, but it means you'll pay more out of pocket if you're in an accident, so make sure it's affordable.

Pros and cons of classic car insurance

Why trust CNBC Select?

Our mission at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions when it comes to their finances. Each insurance review we publish is the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of insurance products. In order to identify the best insurance companies, we gathered over 100 data points on more than a dozen companies. At CNBC Select, we take pride in our commitment to journalistic standards and ethics, and we ensure that all our content is created without any input from our commercial team or external third parties.

Our methodology

Classic car insurance companies were evaluated by CNBC Select based on rates, availability, features, usage limitations, and customer service to determine the best coverage.

We utilized information from J.D. Power, the National Association of Insurance Commissioners, and the Better Business Bureau in our analysis.

We took into account CNBC Select audience data, including demographics and engagement with our content and tools, when possible.

We sorted our recommendations based on availability, regular use, immediate coverage, restored vehicles, and high-value vehicles.

The policy and premiums for classic car insurance may vary according to the company's policy.

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