Penny Gusner is a senior insurance writer and analyst at Forbes Advisor. For more than 20 years, she has been helping consumers learn how insurance laws, data, trends, and coverages affect them. Penny enjoys translating the complexities of insurance into easy-to-understand advice and tips to help consumers make the best choices for their needs. Her work has been featured in numerous major media outlets, including The Washington Post and Kiplinger’s.
Penny Gusner
Penny Gusner is a senior insurance writer and analyst at Forbes Advisor. For more than 20 years, she has been helping consumers learn how insurance laws, data, trends, and coverages affect them. Penny enjoys translating the complexities of insurance into easy-to-understand advice and tips to help consumers make the best choices for their needs. Her work has been featured in numerous major media outlets, including The Washington Post and Kiplinger’s.
Michelle is a lead editor at Forbes Advisor. She has been a journalist for over 35 years, writing about insurance for consumers for the last decade. Prior to covering insurance, Michelle was a lifestyle reporter at the New York Daily News, a magazine editor covering consumer technology, a foreign correspondent for Time and various newswires and local newspaper reporter.
Fact Checked
Michelle Megna
Michelle is a lead editor at Forbes Advisor. She has been a journalist for over 35 years, writing about insurance for consumers for the last decade. Prior to covering insurance, Michelle was a lifestyle reporter at the New York Daily News, a magazine editor covering consumer technology, a foreign correspondent for Time and various newswires and local newspaper reporter.
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
If you’re the proud owner of a pristine antique, classic, vintage or modern classic car—or in the process of restoring a collector car—you’ll want specialized classic car insurance to meet your unique needs.
Our analysis for February 2024 found that American Collectors, American Modern and Leland-West are among the best classic car insurance companies.
Read more
Show Summary
- Best Classic Car Insurance Companies of 2024
- Summary: Classic Car Insurance Ratings
- Annual Mileage Limits by Company
- How Much Is Insurance on a Classic Car?
- How Do I Find the Best Classic Car Insurance?
- Best Classic Car Insurance by Car Type
- Methodology
- Best Classic Car Insurance Companies FAQs
- Next Up In Car Insurance
Best Classic Car Insurance Companies of 2024
- American Collectors – Best for Annual Mileage Limit Options
- American Modern – Best for Occasional Commuting
- Leland-West – Best Overall Classic Car Insurance Company
- Chubb – Best for OEM Parts Repair
- Hagerty – Best for Restorations
- Condon Skelly – Best for Lay-Up Discount
- Heacock – Best for Race Cars
Summary: Classic Car Insurance Ratings
| Company | Forbes Advisor Rating | Online quote available? | Spare parts included in coverage | LEARN MORE | ||||
|---|---|---|---|---|---|---|---|---|
| American Collectors |  |
5.0 |  |
Yes | $500 | Compare Rates | Compare rates from participating partners via EverQuote's secure site. | |
| American Modern |  |
5.0 | |
No | $2,000 | Compare Rates | Compare rates from participating partners via EverQuote's secure site. | |
| Leland-West |  |
5.0 | |
Yes | $2,000 | Compare Rates | Compare rates from participating partners via EverQuote's secure site. | |
| Chubb |  |
4.5 |  |
No | $1,500 | Compare Rates | Compare rates from participating partners via EverQuote's secure site. | |
| Hagerty |  |
4.5 | |
No | $1,500 | Compare Rates | Compare rates from participating partners via EverQuote's secure site. | |
| Condon Skelly |  |
4.0 |  |
Yes | $500 | Compare Rates | Compare rates from participating partners via EverQuote's secure site. | |
| Heacock |  |
4.0 | |
Yes | $2,000 | Compare Rates | Compare rates from participating partners via EverQuote's secure site. |
Annual Mileage Limits by Company
The best classic car insurance companies offer a variety of annual mileage limits, with most including an unlimited option. Some standard car insurance companies partner with classic car companies to offer insurance, such as Allstate with Hagerty.
Classic Car Insurance Annual Mileage by Company
An unlimited mileage plan may not come with a fixed limit, but you may have to explain your mileage if it goes beyond a certain limit, such as 7,500 or 10,000 miles a year. That is because a classic car is expected to be driven only occasionally.
Using your car for exhibitions, car club activities, parades, car shows or the occasional pleasure drive is how classic car insurance companies envision you putting miles on your collector car. If you want your classic car used as a daily driver, you’ll likely need to look for a standard car insurance policy that won’t come with mileage restrictions.
How Much Is Insurance on a Classic Car?
The cost of classic car insurance is typically cheaper than a regular car insurance policy because a classic car spends less time on the road than a daily driver, so has less chance of being in an accident. American Collectors and Heacock say their classic car rates are up to 40% less than standard auto insurance rates, while Hagerty says they are 34% less on average.
The best way to find out how much classic car insurance will cost for your vehicle is to compare car insurance quotes from multiple companies. Prices can vary significantly because insurers weigh risk factors differently.
Common Factors That Impact the Cost of Classic Car Insurance
Key factors that affect classic car insurance rates usually include:
- Annual mileage. The more you drive, the more you’ll pay due to a higher chance of being in an accident.
- Classic car insurance coverage choices. If you add on motorsports coverage or other extras, your cost will increase.
- Deductible amount. Many classic car insurers offer a zero deductible option, but if you choose a higher value one, such as $500 or $1,000, you’ll save.
- Your age and years of driving experience. Some classic car companies have eligibility limitations based on age (drivers must be at least 25) and driving experience (wanting at least five years).
- Your credit score. A higher credit-based insurance score will result in cheaper rates (in most states).
- Your driving record. A clean driving record (one without traffic violations or accidents) will get you cheaper classic car insurance costs.
- Vehicle model and value. The more valuable your car is, the more expensive your policy will be because classic car insurance is typically based on an agreed value. That means you and the insurer agree on the value of the vehicle to be paid out if there is a total loss.
- Where the vehicle is garaged. Most classic car insurers require keeping your car in an enclosed locked garage or storage location.
- Where you live. Location-based factors like the cost of car repairs, medical care costs and frequency of thefts, claims and auto accident lawsuits in your area will impact your rates.
How Do I Find the Best Classic Car Insurance?
To find the best classic car insurance evaluate your needs and determine which coverage features you require and which you can skip. For instance, if you drive a 1972 Porsche 911 to a lot of car shows, then mileage limits will be important to you. On the other hand, restoration coverage may be your top priority if you’re restoring a 1964 MGB.
Once you know what you want in a classic car insurance policy, shop around to find the insurer that best suits your situation. Our analysis of the best classic car insurance companies is a good jumping off point.
Items and features to consider when looking for the best classic car insurance may include the following.
Mileage Limits
If you’re active in classic car hobby activities—such as car shows and parades—and put a lot of miles on your car each year in this capacity, mileage limit options will be important. Look for a classic car insurance policy with a flexible or unlimited mileage limit.
If you look at your classic car much more than you drive it, choosing a lower fixed limit can be a better option as you’ll usually see a discount. Leland-West allows you to roll over unused miles to your next policy year if you choose a fixed limit and drive less than your limit.
Classic car insurance policies typically state your car is only for occasional pleasure and hobby use and require you to have a separate daily driver vehicle. If you plan to use your car regularly or as a commuter car, you’ll likely need to add an endorsement for that or buy a standard car insurance policy.
Flexible Deductibles
Flexible car insurance deductibles allow you to choose from a range of options. For instance, you can go up to $10,000 with American Modern or 20% of your car’s value with American Collectors. Higher deductibles may be right for you if you have a high value vehicle or want to take on more of the cost and save on your classic car insurance rates.
All of our best classic car insurance companies have a zero deductible option. While zero dollars may sound good, you’ll pay more for the policy. That’s because the lower your deductible, the more your auto insurance company will have to pay out when you make a claim. The most common deductible choices are typically $250 or $500.
Inflation Guard
Inflation guard is a coverage feature that automatically increases your agreed value limit to keep up with inflation so you won’t become significantly underinsured. The increase may only last until the end of your policy term unless you update your limits to the higher amount at your renewal.
Typically, an inflation increase is around 2% every three months, with some insurers having a maximum annual increase limit. For example, American Collectors inflation guard adjusts the agreed value limit of your classic car for up to a maximum of 6% per year.
Spare Parts
Spare parts coverage pays for theft or damage to spare replacement parts and automotive tools that you own and intend to use to restore or maintain your classic car.
Many car insurers offer $500 of spare parts coverage, but some of the best classic car insurance companies include higher amounts. Hagerty pays up to $750 in spare parts coverage, Chubb up to $1,500, while American Modern, Heacock and Leland-West provide $2,000 in coverage.
Discounts
See what car insurance discounts companies offer to make your classic auto insurance more affordable. If you’re getting your classic car policy with the company you already have a home or life insurance with, look for a bundling discount.
Some classic car companies partner with standard companies—such as Hagerty with Progressive—so you may also get a bundling discount. And if you’re insuring multiple cars or an entire car collection, there are discounts available with some classic car insurance companies.
Condon Skelly and Erie have lay-up discounts for storing your car away and not driving it for months at a time. Other discounts offered by some insurers are for being part of a car club, insuring a high-value vehicle, having anti-theft or security devices for your car and having an automatic fire suppression system for your garage area.
Shop Around
You’ll want to shop around with multiple companies to get the best price for your classic car insurance. Look at the companies that provide the coverage features and mileage requirements that fit your classic car’s situation and then compare car insurance quotes.
Best Classic Car Insurance by Car Type
The best classic car insurance companies will offer coverage for a broad range of specialty vehicles.
Every classic car insurance company will insure antiques and classic cars. But coverage options don’t stop there. If you have a kit car, a modified car, a show-worthy modern classic or an antique military vehicle, you can find the classic car insurance you need.
Methodology
To identify the best classic car insurance companies we scored companies based on coverage offerings, mileage allowance and online quoting availability.
Car insurance coverage options: 70% of score: Any auto insurance company can provide the basics of liability insurance, collision and comprehensive coverage and other standard offerings like agreed value for classic cars. But it’s also important to have access to additional coverage types that can provide greater protection or cost savings. In this category, we gave points to companies that offer a zero deductible option, an inflation guard feature, spare parts coverage, restoration coverage and disaster relocation reimbursement.
Maximum mileage allowance (20% of score): Classic car insurance companies can restrict the number of annual miles allowed under a policy as most require the car to be used for occasional hobby use and pleasure drives. We gave points based on the maximum mileage limit offered.
Online quote availability (10% of score): Being able to obtain a classic car insurance quote online can save time. We gave points to the classic car insurance companies that offered online quotes.
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Best Classic Car Insurance Companies FAQs
What is classic car insurance?
Classic car insurance is a contract between you and an insurance company that provides specialized coverage for a classic or antique car in exchange for the premium you pay. A classic car insurance policy will outline what coverages you receive and what type of claims you can make.
Classic car insurance is similar to a standard car insurance policy but has restrictions on what cars it will insure and how the cars can be used. Generally, a car must be in good condition and driven infrequently for hobby or pleasure use. Also, because classic cars can maintain or increase in value, you determine an agreed value to be paid out if it’s totaled out.
Is it cheaper to insure a classic car?
Yes, classic car insurance is typically cheaper than a standard car insurance policy you’d carry on your daily driver. American Collectors and Heacock say their classic car rates are up to 40% less than standard auto insurance rates, while Hagerty says they are 34% less on average.
The reason for cheaper prices is classic cars are less of a risk to insurers. Classic cars are generally restricted to being used for hobby and pleasure use, so their chances of being in an accident are lower. Also, classic cars must usually be stored in an enclosed, locked garage, reducing the chance of theft or severe weather damage.
How old does my car need to be to qualify for classic car insurance?
In general, to qualify for classic car insurance your car must be at least 10 years old to be considered a classic and 25 years old or more to be an antique. Check eligibility requirements when you’re shopping around as it varies by insurer.
American Collectors, American Modern, Hagerty, Heacock, Grundy and Leland-West insure classic and collector cars of all ages, from vintage to modern. Some car insurance companies with minimum car ages of note include:
● American Family says your car should be at least 20 years old.
● Chubb usually covers cars that are at least 30 years old or of limited production.
● J.C. Taylor requires vehicles be at least 19 years old in most states.
Who has the best classic car insurance?
The best classic car insurance companies are American Collectors, American Modern, Leland-West Chubb, Hagerty, Condon Skelly and Heacock, according to Forbes Advisor’s analysis.
These classic car insurance companies are the best options based on our evaluation of coverage offerings, mileage allowance and online quoting availability. To find the best classic car insurance company for your particular collector car, compare car insurance quotes from multiple companies.
