What is Classic Car Insurance?

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  • What Defines a Classic Car?
  • What’s Required to Qualify for Classic Car Insurance?
  • Who Offers Classic and Antique Car Insurance?
For most people, owning a car that’s 30 or 40 years old just means that they’re driving a really old car. But for some models, like the Ford Mustang, Chevy Camaro, Dodge Power Wagon, and other icons, they could be considered a valuable classic car. When they’re running well, the body is in good shape, and there’s demand for the vehicle, they can be worth more than you would think. It isn’t unheard of for classics to sell at auction for $50,000 and up, sometimes even more than $200,000!
But the classic car marketplace is fickle, and valuations are all over the map. So what happens if the worst-case scenario comes true and you get into an accident with your prize-winning Plymouth? Will your insurance cover what it’s really worth? That’s where classic car insurance coverage comes into play for your collector car.

What Defines a Classic Car?

How old does a car have to be to get a classic car policy? If age were the only criteria for determining if a car is a classic, then every old, rusty, broken-down vehicle would be considered one. But according to Insurance Information Institute, most vehicles like the following may qualify as a classic car and be eligible for classic auto insurance:
  • The vehicle is least 25 years old. Depending on the insurer, 25 years seems to be the minimum age for collectible cars to qualify as a classic car, but it’s often 30 years of age or more.
  • It’s modified or is a hotrod. Think things like rat rods, hood scoops, shaved door handles, and fancy sparkly paint jobs may qualify for classic or collector car insurance.
  • It’s an exotic brand or a luxury vehicle. Lotus, BMW, Mercedes, and Ferrari are a few types that could qualify if they’re over 25 years of age.
  • The car is high-performance. Cars commonly considered muscle cars are the idea here, although a muscle shirt is not required.

What’s Required to Qualify for Classic Car Insurance?

For most insurers, your classic car insurance policy is going to limit how you use it. The fact is, most classic or vintage vehicles aren’t driven very much (people tend to drive 1,000 miles per year or so). There might even be capped mileage limitations for your classic car coverage.
  • Its use must be limited. It can’t be your grocery-getter or commuter car, and in some cases, you must have another primary vehicle registered with a regular car insurance policy.
  • Car shows and meets are permitted. It differs between insurers, but most policies from classic car insurers allow travel to shows and meets.
  • It has to be stored securely. Insurers like Hagerty require that you store your car in a garage, pole barn, or other secure facility when it’s not in use.
  • Your driving record must be clean. You must have a clean driving record without any serious violations in recent years like excessive speeding, reckless driving, and alcohol-related convictions like a DUI.
The same types of policies apply for cars that are even older than classics which are called vintage or antique. Qualifications for drivers are the same.

Who Offers Classic and Antique Car Insurance?

You might be able to find classic or vintage car insurance with a common insurance provider like Progressive, Allstate, and GEICO. But what you might not know is that the insurance product you receive is likely from a third-party. The most common carriers that truly offer classic car insurance are Hagerty Insurance Agency and Assurant.

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