Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florid...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Nov 15, 2020

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Insurance Tips for Covering a Classic Car

For various reasons, it is unlikely a classic car owner will want to go with a traditional provider to cover the specialized vehicle. These cars simply are not the same as traditional ones.

Because of this, it is even more important not to drive the vehicle without insurance. The following considerations should be taken into account when purchasing a policy.

Restoring a classic car in the a body shop

Image Credit: Scottsdale Muffle & Automotive

Top Insurers & the Coverage Offered

Below is a table list of insurers offering classic and/or antique coverage. Among all of them you should be able to find coverage for a old military vehicle, 1940’s vintage motorcycle, or an exotic automobile.

Company Classic and/or Antique Modified / ReplicaKitsExotic MilitarySportAntique Tractors Vintage Motorcycle 
Hagerty NYYYY
Classics Inc.YYYYYYYN
American CollectorsYYYYNNNY
American ModernYYYYYYYY
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Specialize for More Coverage at Less

It might take more time, but it can be important to shop around for an carrier that specializes in classic cars.

Also, look for an independent firm rather than one of the large companies available through the Internet.

For this category my top pick is Grundy Worldwide. 

Independent firms, such as Grundy, will be more willing to get to know you and can provide a better idea of what coverage will be needed.

It can be even better to try to find someone who has the same passion for collectible cars.

1966 Shelby GT350H

The beautiful 1966 Shelby GT350H, 1 of 59 Built

Image Credit: Marc Schiliro’s Classic Cars

Requirements of Each Carrier & Benefits Offered

Below is a list of benefits of each insurer offering classic/antique coverage. A nice benefit with the large companies is the ability to bundle for a cheaper rate.

However, for more expensive classics it may be smart to get coverage from a company which specializes in antique coverage.

Auto Insurance Company Min. Vehicle AgeMileage LimitRegular UseSpare Parts CoverageRestoration coverage Inflation Guard Bundling 
Grundy None NN$500NN
Hagerty None N$750NN
Classics Inc.None NN$750YN
State Farm 10YY$500NNN
Safeco 10YYN/ANNY
American CollectorsNone NN$500YYN
American Modern NoneNN$2,000NYN
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Damaged and/or Spare Parts Coverage

Getting the parts for a classic car can require more work and be more expensive. Some insurers may offer a service to help locate parts that are damaged.

Check with the provider to see how it will assist with certain repairs that may be needed.

One of the best companies for spare parts is American Modern. 

Interior of Volkswagen Karmann Ghia

The interior of the Volkswagen Karmann Ghia had high-quality materials like wood-grain, leather, and steel. Photographer: ullstein bild via Getty Images via Bloomberg.

Experience & How Old does the Vehicle have to Be?

Some companies will not provide a policy unless the vehicle has a certain age to be considered at all. One such example is JC Taylor which requires the vehicle to be at least 19 years old.

Some companies require the policyholder to be a certain age too. Again, JC Taylor requires an owner/policyholder to be 25 years of age. While this may not be a problem for most owners, it is a good idea to check on it before signing anything.

Some carriers require applicants and/or drivers listed on the policy to have a good driver record. For example, JC Taylor requires drivers to have no more than one moving violation and one at-fault accident within 3 years.

And serious moving violations (think DUI, reckless driving), beyond 3 years are subject to underwriting review.

Restoration Coverage Bringing Back to a Beauty

If the vehicle has only recently been purchased, it may not yet be in the condition the owner would prefer.

If more restoration is likely, check with the provider to see if this process will also be covered.

My overall top pick for this category is Hagerty.

Chart showing the upward trend of the classic car market.

Note: From 2006 to 2014 the classic car market increase nearly 500%. Out pacing the price of Gold and the FTSE 100. In the future there will be dips, etc. However, many believe the trend to continue to climb.

Limitations? Mileage, Regular Use, or Minimum Age?

Carefully check over the policy to make sure you understand what is expected for your part. It may be helpful to use a car depreciation calculator like the one from Money-zine.com

Some polices may put a limit on the number of miles the vehicle can be driven in a given time period, or they may only cover it during a particular time of the year.

How the car will be stored may also have an effect on the price of the policy. Any damage sustained by the vehicle outside of these parameters will not be covered.

My overall pick for this category is Grundy.

1958 Corvette “Restomod”

1958 Corvette “Restomod” Definition: Classic American cars that have been restored using modern components to enhance their performance, safety, comfort and beauty.

Image Credit: Myrideisme.com

How the Vehicle Will be Used which Makes a Big Difference

Driving the car a few miles once or twice a year to a car show will call for a different type of policy than if the intent is to enter the vehicle in weekend races among other collectors.

Classic car owners are extremely proud of their vehicles and should take every precaution to protect them.

Finding the right coverage will provide peace of mind that not all of their hard work will be lost if something should go wrong with the car.

Ford Mustang Shelby GT350

Ford Mustang Shelby GT350

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Top Overall Choices

#1 – American Modern

With an impressive spare parts coverage and few limitations, American Modern Insurance Group (AMIG) is the top choice for classic car coverage. From vintage military to an old milk truck the company insures just about everything classic.

Below is American Modern’s features:

1Spare parts coverage
2Inflation Guard
3Flexible usage
4Few limitations
5Wide deductible options
6Auto show reimbursement
7Trip interruption
9Emergency services
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#2 – Hagerty

One of the bigger players in the classic coverage market is Hagerty. They have been in business since 1984 and have excellent financial strength with an A rating by AM Best.

1Under restoration coverage
2No mileage restrictions
3Valuation tool
4Spare parts
5Auto show reimbursement
6Motorcycle safety equipment
7Roadside assistance
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#3 – Grundy

Known for their “Worldwide Collector Vehicle” program, Grundy offers coverage in all 50 states. There is no restriction on vehicle age when you get coverage through Grundy.

They have been in business since 1947 plus top notch financial strength with an A++ rating by AM Best.

2No restrictions on vehicle age
3No mileage limitations
4Inflation Guard
5Auto show reimbursement
6High liability limits
7Spare parts
8Emergency towing
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#4 – American Collectors

American Collectors has been in business since 1976 with an A rating by AM Best.

They offer rich coverage to keep your vehicle safe off and on the road. There are 2,000, 5,000, and 7,500 mileage plans with awesome roadside assistance coverage through their TLC plan.

1Emergency services
2Vehicles in restoration
3Vehicle-specific plans and discounts
4Broad coverage
5Inflation guard
6Spare parts
7Mileage plans
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