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        home > guides > Insurance > Is It More Expensive to Insure Classic Cars?

        Is It More Expensive to Insure Classic Cars?

        Our guide to protecting your one-of-a-kind ride.

        TDB Reviews Team
        TDB Reviews Team
        July 26, 2021

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        Affiliate Disclosure

        Whether you have already made a purchase or are still shopping around, buying the classic car of your dreams is an extremely rewarding process. However, it can also leave you with plenty of questions about classic car insurance. You might even be asking yourself, “Is it more expensive to insure classic cars?” If so, then you have come to the right place.

        In this article, our experts will answer key questions about insuring antique cars. We can even help you obtain multiple quotes from the best car insurance companies in the nation. Our team has reviewed big names, like Nationwide, Progressive, GEICO, USAA and more. If you would like to start obtaining free quotes right now, try our rate comparison tool above by simply entering your zip code.

        Why are Classic Cars More Expensive to Insure?

        Classic vehicles are highly sought after due to their rarity and uniqueness. The downside is that vintage cars are often more expensive to insure. This is true despite the fact that classic vehicles are often driven far less than other automobiles.

        Insurance companies set rates based on a risk assessment. Since classic cars are often considered to be one-of-a-kind vehicles, standard car insurance policies usually do not provide enough coverage. A true classic car is difficult, if not impossible, to replace.

        Oftentimes, classic cars are insured based upon an agreed value instead of the stated value. This is because the value of classic cars can fluctuate quite a bit, especially if they suddenly become more sought-after. If your classic car is severely damaged and considered to be a total loss, the insurer will pay out the agreed-upon value instead of the current market rate.


        Is Classic Car Insurance Offered by All Insurance Companies?

        Insurance for classic cars does not represent a huge market. It is not the most profitable endeavor for car insurance companies. As a result, not every insurance company offers classic car coverage. However, some providers do offer specialty collector car insurance that is designed to protect your unique automobile.

        If you are happy with your current provider, you might be able to simply modify your coverage. Check with your insurance agent to find out whether their company will cover a classic car. If so, getting additional protection for your nostalgic ride will be easy. 

        However, we still recommend shopping around to make sure that you get the best rate on your classic car insurance.

        Remember, it is free to compare quotes from different insurance companies. It “costs” you nothing but a few minutes of your time, yet it can result in big savings. You can even get quotes without giving up all of your personal information.


        What are the Requirements for Classic Car Insurance?

        As you may already know, classic car insurance is a bit more complicated than traditional coverage. Not only is classic car insurance more expensive, but it can also be quite limited. 

        For instance, when insuring your classic car, providers may include several conditions. Failing to adhere to these conditions can cause insurance companies to increase your premium or drop the policy altogether.

        When you’re shopping for classic car insurance, make sure to find out what the annual mileage limit is. While you most likely aren’t driving your classic car every day, it is important that your policy’s mileage restrictions give you enough wiggle room to still enjoy your ride.

        In addition to mileage limits, many auto insurance companies have strict requirements when it comes to the age and intended purpose of your car. For instance, your classic car may not be able to be used for daily commutes according to the conditions of your policy. Your antique car insurance might even specify that your vehicle cannot be kept in a carport, but must instead be kept in an enclosed garage. 

        Also, your antique car may have to be within a certain age range to qualify for classic car insurance coverage. Vehicles that are unique but do not meet age requirements may be classified as exotic cars, hot rods or muscle cars instead of classic cars.


        Classic Car Insurance vs. Standard Car Insurance

        Since classic car insurance is vastly different from regular auto insurance, we encourage drivers to do their research and ask plenty of questions when they are shopping for a classic car policy. 

        If you are tech-savvy, most of this information can be found on an insurance company’s website. You can also contact your local auto insurance agent for a more personalized approach to gathering information.

        When you’re building your policy, you will have the opportunity to choose from some unique coverage types. For instance, you can opt for protections like spare parts coverage that may not be available with regular car insurance policies. This will add to your car insurance cost, but it will also help protect your collectible car. 

        Your policy may address issues such as how many miles you can drive per year. It might also dictate where you can have your classic car repaired. If you travel often or like to hit the classic car show circuit or parades, you might want to add shipping coverage to your policy.

        By taking your time and asking plenty of questions, you can find the perfect classic car insurance policy to meet your needs. Make sure that you only buy the coverage that you need to keep costs down and maximize savings. It would also serve you well to seek out multiple classic car insurance quotes. We recommend this approach whether you’re insuring collector vehicles or your daily driver. 


        Our Recommendations for Auto Insurance

        Now that we have answered the question “Is it more expensive to insure classic cars?” it is time to connect you with a reputable provider. If you are ready to begin, simply enter your zip code into the rate comparison tool below. Within minutes, you can compare quotes from some of the most reputable providers in the insurance industry today.

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        We have reviewed all of the major car insurance companies so that you can find the perfect provider to meet your needs. Our experts assigned the insurers cumulative scores and awarded titles to recognize each company’s specific area of excellence. 

        Keep reading to see what our experts had to say about two of these great companies.

        GEICO: 9.1 out of 10.0 

        During our experts’ review of the nation’s largest car insurance companies, GEICO stood above the rest. The long-standing insurance provider earned a cumulative score of 9.1 out of 10.0. It also received high scores in every category that we rated, which is why our team named it the “Best Overall” provider.

        GEICO is widely known for its commercials featuring a cute gecko, but it is also known as being a well-respected, trusted, and all-around great company. GEICO has flexible coverage options to meet the specific needs of any driver. It also has low rates and add-ons that might be perfect for insuring your classic car.

        State Farm: 9.1 out of  10.0

        State Farm is the largest insurance provider in the nation in terms of total policies. It is also an excellent option for cheap car insurance. State Farm offers tons of discounts, rideshare coverage and more. 

        State Farm is also a great choice for student drivers because it offers good grade discounts and other related opportunities for savings.


        FAQ: Is It More Expensive to Insure Classic Cars?

        Is car insurance higher for older cars?

        Yes, car insurance for classic cars is higher. However, vehicles that are not considered to be official classics but are just a bit older may be cheaper to insure. This is because you will not need full coverage if the vehicle is paid off.

        Are classic cars cheaper to insure for young drivers?

        No, as young drivers are considered to be high risk. This means that they will often experience higher auto insurance rates. Classic cars are also more costly to insure, which compounds the problem.

        Should I insure my classic car?

        Yes, not only is it a good idea to do so, but it is also legally required. While the exact car insurance requirements vary from state to state, you must have coverage. Find out whether your state requires basic liability coverage or additional protections. Failing to do so can leave you open to serious liability. It may even be considered a criminal offense.


        Methodology

        The Detroit Bureau collects data from every major car insurance provider to formulate rankings of the best insurers. Our in-depth rating system takes into account market share, coverage, auto insurance rate estimates generated by Quadrant Information Services, customer satisfaction and ratings from industry experts. Each insurer is given a weighted score in four categories, as well as an overall score out of 10.0.

        We recommend auto insurance companies based on these rankings, but we also encourage you to perform your own research and compare quotes to find the best coverage.

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