Does classic car insurance cost more than standard insurance?

Will classic car coverage be more expensive than my current policy? My aunt just gifted to me her fully restored lime green 1977 Chevrolet Chevette. It is an amazing car and I love it, but I am worried that I will not be able to afford the insurance.

Answer provided by
Shannon Martin
Answered on Jul 12, 2021
Shannon is an expert in personal lines liability insurance with 13 + years of insurance industry experience. She also served as a special insurance liaison to AARP members for 6 of those years. She is a graduate of UL Lafayette and currently resides in NY with her family. Shannon is also an amateur juggler, ukulele player, and is a time travel paradox theory enthusiast.
“Your concern is understandable. The cost to insure the Chevette will depend on how you plan on using the car and how you want to insure it.
Since the car is fully restored, classic car coverage makes the most sense. On average, classic coverage is 36% less than a standard policy. If you plan on driving the car less than 3,000 per year and have a good driving record, the cost can be very affordable.
It will also depend on how much the vehicle appraises for. The higher the value, the higher the premium.
Suppose you are not interested in using the car as a showpiece or investment. In that case, it can be added to your current insurance policy along with your existing vehicle.
Due to the car’s age, if it is involved in an accident, the actual cash value is extremely low, so liability coverage would be a reasonable option.”

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