Classic Car Insurance: What to Know About the Best Companies

Finding the best companies for classic car insurance can be challenging. The average classic car insurance cost can range from around $200 to $600 per year. All classic vehicles do not qualify for classic car insurance. To meet classic car insurance requirements, a vehicle and its policyholder should be at least 25 years old or more.

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Chris Tepedino is a feature writer that has written extensively about home, life, and car insurance for numerous websites. He has a college degree in communication from the University of Tennessee and has experience reporting, researching investigative pieces, and crafting detailed, data-driven features. His works have been featured on CB Blog Nation, Flow Words, Healing Law, WIBW Kansas, and C...

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent Laura Walker

UPDATED: Feb 18, 2022

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The Rundown

  • The average price to purchase a classic car is between $10,000 and $50,000
  • The best companies for classic car insurance typically have the level of insurance coverage you desire, and it has insurance plans within your budget 
  • Classic car insurance is more affordable than traditional car insurance 

There’s nothing like owning a classic car. The feeling of knowing that, out of all the vehicles on the road, there’s a slim chance that any of them will be identical to yours. From the moment you sit down and close the car door, you are surrounded by luxury interiors, and you can anticipate a smooth and pleasant ride. 

Before hitting the road, it’s required for your classic car to be insured. In this article, we will explore the best companies for classic car insurance and how selecting the right one can make your life much easier. This classic car insurance review will tell you everything you need to know.

Before you learn about the best companies for classic car insurance, enter your ZIP code to receive a free auto insurance quote today. 

How can I identify the best companies for classic car insurance?

When searching for the best insurance companies, it’s essential for you first to think about the type of vehicle you would like to get insured, the kind of coverage you need, and most importantly, what will be considered affordable within your budget.

Compare The Best Insurance Quotes In The Country

Compare quotes from the top insurance companies and save!

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What is classic car insurance?

Classic car insurance is an auto insurance policy designed to protect classic or antique vehicles. All antique vehicles do not qualify for classic car insurance, which can also be referred to as collectors car insurance. Cars that are over 25 years old generally qualify for classic car insurance. 

When it comes to eligibility for classic car insurance, your vehicle’s history isn’t the only thing considered. For starters, there is an age limit. Generally, policyholders must be at least 25 years old to meet the classic car insurance requirements. A policyholder’s driving history is also a significant factor in how your classic car insurance rate will be calculated.

What does classic car insurance cover?

Classic car insurance comes with all of the basic services a traditional insurance policy covers, such as bodily injury liability, collision coverage, comprehensive coverage, and property damage. Once you have been approved for a policy, a number referred to as a coverage limit is identified to determine the value of additional coverage your vehicle can receive. 

How do classic car insurance companies determine the value of classic cars?

Once it comes time to have your classic car insured, an insurer can determine its value by examining these factors. How much is your classic car worth? Since classic cars are desired for their aesthetic and not so much for driving, insurance companies view them similar to the way they would view an antique or a valuable painting. 

To put it simply, the with of a classic car can vary, but it is generally based on the make and model of your car, its condition, and the supply and demand. Like any valued possession that is considered a luxury item, its features and rarity can cause the price to increase, decrease, or remain in a state of flux.

Compare The Best Insurance Quotes In The Country

Compare quotes from the top insurance companies and save!

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What is a classic car?

According to The Classic Car Club of America, a classic car, or an antique car, is a fine or distinctive automobile created around 1915 to 1948. Classic cars can be either American-built or foreign-built. There are a handful of other characteristics most, if not all, classic cars share.

  • Highly-priced. According to, The Car Investor, the average classic car in good condition ranges from $10,000 to $50,000
  • Exclusive. Since classic cars are not mass-produced, there are very few of them available to purchase
  • Luxury features. Quality details (such as leather seats) and high engine displacement

Classic cars can be separated into three different categories.

Original Cars

Original cars are authentic classic vehicles that have been well-maintained throughout their lifespan. These cars typically require minimal repairs, and instead of replacing parts, they get repaired. Since these classic car types are very rare, if you believe you’ve come across a classic car, it’s essential to verify its status.

One of the best ways to confirm the status of a classic vehicle is to look for matching numbers. These are the serial numbers that were initially assigned to the car. Because VINs were not made popular until the 1980s, authenticating classic cars differs from verifying vehicles developed in more recent years.

Restored Cars

Restored cars are classic vehicles that have been refurbished using authentic factory parts. The purpose of a restored car is to restore it with original parts to keep it operating like new throughout its lifespan. If you’ve ever had a classic car restored before, you’re probably familiar with NOS. New old stock, or NOS, refers to vehicle parts built long ago but never sold. These parts can be challenging to find. So if the antique parts required to get the job done are not available, there are a few other methods you can use to have your classic car restored.

There are four different levels that can be used to restore a classic car. 

Driving Condition

This type of restoration is performed with the intention of restoring the vehicle into an acceptable condition to drive it on the road. Since this method is not centered around keeping its appearance and parts original, it is typically the most affordable option, and it is also less time-consuming.

Street Show Condition

This type of restoration aims to get the vehicle back to working in optimal condition and with zero unresolved cosmetic issues. Since the value of a classic car relies on its condition, the street show condition really considers the grading system used in classic car shows to assure that the vehicle won’t lose its beauty or value.

Show Car Condition

This type of restoration is a little more advanced than the other two previously mentioned. With the classic car show in mind, a show car condition should be able to score around the 90 to 95 range. With that being said, it will require a great deal of effort to accomplish that level of polishedness. To achieve this, the vehicle has to be disassembled and rebuilt from the ground up. 

Concours Condition

This type of restoration is top-notch, and it is commonly used for classic cars in car shows. Vehicles that are restored to concours condition are generally not to be driven or operated. Concours level restoration requires completely disassembling a classic car. Then, a great deal of research and a commitment to finding, retrieving, and installing any new components is necessary to restore the vehicle to look like new.

With driving condition restoration, the easiest method to concours condition restoration, the most complex, each repair level has its own goals and benefits.

Resto-Mod Cars

Resto-mod cars are classic vehicles that have been restored using modern parts and technology. While they may look identical to a restored car or an original car, resto-mod cars are not the same. They have been updated with present-day features, such as airbags or a GPS system. Since these modern features have been added to the vehicle’s internal structure and not its exterior, resto-mod cars still comply with the assignment of making repairs to refresh the car but keeping its exterior the same. On many occasions, these new additions are added so that the vehicle can comply with the legal regulations.

What are the best classic car insurance companies?

How can you tell when you found the best company for classic auto insurance? For starters, the monthly or annual insurance rate of your choice should have the coverage you need (or be flexible and customizable), and it should be logical and affordable. While several auto insurance companies on the market offer classic car insurance, some are more popular than others.

American Collectors

American Collectors was founded in 1976 in Cherry Hill, New Jersey. The company received an A+ rating from the Better Business Bureau (BBB) and an A- rating from A.M. Best. American Collectors has car insurance plans available in all 50 states in the U.S.

American Modern

American Modern was founded in 1965 in Cincinnati, Illinois. The company received an A+ rating from A.M. Best. American Modern classic car insurance is available in all 50 states in the U.S. 

Grundy Insurance 

Grundy Insurance was founded in 1947 in Horsham, Pennsylvania. The company received an A+ rating from the Better Business Bureau (BBB) and an A++ rating from A.M. Best. Grundy Insurance has car insurance plans available in all 50 states in the U.S.

Heacock

Heacock car insurance is available in 48 out of 50 states in the U.S. Heacock does not offer insurance plans in Alaska or Hawaii. 

Hagerty

Hagerty was founded in 1984 in Traverse City, Michigan. The company received an A rating from A.M. Best. All of Hagerty’s car insurance rates and coverage options can vary by state. 

Safeco

Safeco was founded in 1943 in Seattle, Washington. The company received an A rating from A.M. Best, an A2 rating from Moody’s, and an A- from Standard & Poor’s. Safeco has car insurance plans available in 47 states in the U.S. Insurance from Safeco is not available in Delaware, Florida, Hawaii, or Washington D.C. 

State Farm

State Farm was founded in 1922 in Bloomington, Illinois. The company received an A++ rating from A.M. Best and an AA rating from Standard & Poor’s. State Farm has car insurance plans available in all 50 U.S. states.

USAA

USAA, also known as the United Services Automobile Association, was founded in 1922 in San Antonio, Texas. The company received an A++ rating from A.M. Best, an Aa1 rating from Moody’s, and an AA+ rating from Standard & Poor’s. All of USAA’s car insurance rates and coverage options can vary by state. You will need to be a current or former member of the military to purchase USAA classic car insurance.

GEICO classic car insurance and Progressive classic car insurance are available as well, and if you already have a policy with either of these two companies, it may be most cost-effective to insure your classic car with them. However, always consider all factors of a car insurance company. Don’t just look for the cheapest classic car insurance.

Is classic car insurance cheaper than regular auto insurance?

Although classic car owners are no stranger to paying top dollar for their precious vehicles, it is usually much cheaper to insure a classic car. In fact, according to Baily Insurance Agency, the average classic car insurance cost can range from around $200 to $600 per year. 

Compare The Best Insurance Quotes In The Country

Compare quotes from the top insurance companies and save!

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An Overview of Classic Car Insurance

Whether you decide to go with American Modern, Grundy, or USAA classic car insurance, you can select from some of the best companies for classic car insurance on the market. Owning a classic vehicle can be costly, but insuring it is affordable. In comparison to traditional car insurance average, collectors car insurance can save classic car owners $721 or more on their annual car insurance rate. 

When it comes to which company is a cheap classic car insurance option, it should be affordable, but it should also offer quality benefits. While American Modern provides some of the best benefits overall, Hagerty offers the most affordable insurance rates. If cost is not your only priority, Safeco would be a great option for individuals in search of a classic car insurance policy that offers good mileage.

American Modern and USAA are alternative options that offer convenient and flexible plans, which could be a great fit for you and your classic car. 

Now that you are familiar with the best companies for classic auto insurance, learn which rates are available. Enter your ZIP code and get a free insurance quote today.

The Rundown

  • The average price to purchase a classic car is between $10,000 to $50,000
  • The best companies for classic car insurance typically have the level of insurance coverage you desire and it has insurance plans within your budget 
  • Classic car insurance is more affordable than traditional car insurance 

There’s nothing like owning a classic car. The feeling of knowing that, out of all the vehicles on the road, there’s a slim chance that any of them will be identical to yours. From the moment you sit down and close the car door, you are surrounded by luxury interiors, and you can anticipate a smooth and pleasant ride. 

Before hitting the road, it’s required for your classic car to be insured. In this article, we will explore the best companies for classic car insurance and how selecting the right one can make your life much easier. 

Before you learn about the best companies for classic car insurance, enter your ZIP code to receive a free auto insurance quote today. 

How can I identify the best companies for classic car insurance?

When searching for the best classic car insurance companies, it’s essential for you first to think about the type of vehicle you would like to get insured, the kind of coverage you need, and most importantly, what will be considered affordable within your budget.

What is classic car insurance?

Classic car insurance is an auto insurance policy designed to protect classic, or antique, vehicles. All antique vehicles do not qualify for classic car insurance, which can also referred to as collectors car insurance. Cars that are over 25 years old generally qualify for classic car insurance. 

When it comes to eligibility for classic car insurance, your vehicle’s history isn’t the only thing considered. For starters, there is an age limit. Generally, policyholders must be at least 25 years-old to meet the classic car insurance requirements. A policyholder’s driving history is also a significant factor in how your classic car insurance rate will be calculated.

Compare The Best Insurance Quotes In The Country

Compare quotes from the top insurance companies and save!

secured lock Secured with SHA-256 Encryption

What does classic car insurance cover?

Classic car insurance comes with all of the basic services a traditional insurance policy covers, such as bodily injury liability, collision coverage, comprehensive coverage, and property damage. Once you have been approved for a policy, a number referred to as a coverage limit is identified to determine the value of additional coverage your vehicle can receive. 

How do insurance companies determine the value of classic cars?

Once it comes time to have your classic car insured, an insurer can determine its value by examining these factors. How much is your classic car worth? Since classic cars are desired for their aesthetic and not so much for driving, insurance companies view them similar to the way they would view an antique or a valuable painting. 

To put it simply, the with of a classic car can vary, but it is generally based on the make and model of your car, it condition, and the supply and demand, Like any valued possession that is considered a luxury item, its features and rarity can cause the price to increase, decrease, or remain in a state of flux.

What is a classic car?

According to The Classic Car Club of America, a classic car, or an antique car, is a fine or distinctive automobile created around 1915 to 1948. Classic cars can be either American-built or foreign-built. There are a handful of other characteristics most, if not all, classic cars share.

  • Highly priced. According to, The Car Investor, the average classic car in good condition ranges from $10,000-$50,000
  • Exclusive. Since classic cars are not mass produced, there are very few of them available to purchase
  • Luxury features. Quality details, such as leather seats, and high engine displacement

Classic cars can be separated into three different categories.

Original Cars

Original cars are authentic classic vehicles that have been well-maintained throughout their lifespan. These cars typically require minimal repairs, and instead of replacing parts, they get repaired. Since these classic car types are very rare, if you believe you’ve come across a classic car, it’s essential to verify its status.

One of the best ways to confirm the status of a classic vehicle is to look for matching numbers. These are the serial numbers that were initially assigned to the car. Because VINs were not made popular until the 1980s, authenticating classic cars differs from verifying vehicles developed in more recent years.

Restored Cars

Restored cars are classic vehicles that have been refurbished using authentic factory parts. The purpose of a restored car is to restore it with original parts to keep it operating like new throughout its lifespan. If you’ve ever had a classic car restored before, you’re probably familiar with NOS. New old stock, or NOS, refers to vehicle parts built long ago but never sold. These parts can be challenging to find. So if the antique parts required to get the job done are not available, there are a few other methods you can use to have your classic car restored.

There are four different levels that can be used to restore a classic car. 

  • Driving condition. This type of restoration is performed with the intention of restoring the vehicle into an acceptable condition to drive it on the road. Since this method is not centered around keeping its appearance and parts original, it is typically the most affordable option, and it is also less time-consuming.
  • Street show condition. This type of restoration aims to get the vehicle back to working in optimal condition and with zero unresolved cosmetic issues. Since the value of a classic car relies on its condition, the street show condition really considers the grading system used in classic car shows to assure that the vehicle won’t lose its beauty or value.
  • Show car condition. This type of restoration is a little more advanced than the other two previously mentioned. With the classic car show in mind, a show car condition should be able to score around the 90 to 95 range. With that being said, it will require a great deal of effort to accomplish that level of polishedness. To achieve this, the vehicle has to be disassembled and rebuilt from the ground up. 
  • Concours condition. This type of restoration is top-notch, and it is commonly used for classic cars in car shows. Vehicles that are restored using the concours condition are generally not to be driven or operated. The concours condition requires completely disassembling a classic car. Then, a great deal of research and a commitment to finding, retrieving, and installing any new components is necessary to restore the vehicle to look like new.

With driving condition restoration, the easiest method to concours condition restoration, the most complex, each repair level has its own goals and benefits.

Resto-Mod Cars

Resto-mod cars are classic vehicles that have been restored using modern parts and technology. While they may look identical to a restored car or an original car, resto-mod cars are not the same. They have been updated with present-day features, such as air bags or a GPS system. Since these modern features have been added to the vehicle’s internal structure and not its exterior, restro-mod cars still comply with the assignment of making repairs to refresh the car but keeping its exterior the same. On many occasions, these new additions are added so that the vehicle can comply with the legal regulations.

Compare The Best Insurance Quotes In The Country

Compare quotes from the top insurance companies and save!

secured lock Secured with SHA-256 Encryption

What are the best companies for classic car insurance?

How can you tell when you found the best company for classic auto insurance? For starters, the monthly or annual insurance rate of your choice should have the coverage you need (or be flexible and customizable), be logical, and affordable. While several auto insurance companies on the market offer classic car insurance, some are more popular than others.

American Collectors

American Collectors was founded in 1976 in Cherry Hill, New Jersey. The company received an A+ rating from the Better Business Bureau (BBB) and an A- rating from A.M. Best. American Collectors has car insurance plans available in all 50 states in the U.S.

American Modern

American Modern was founded in 1965 in Cincinnati, Illinois. The company received an A+ rating from A.M. Best. American Modern has car insurance plans available in all 50 states in the U.S. 

Grundy Insurance 

Grundy Insurance was founded in 1947 in Horsham, Pennsylvania. The company received an A+ rating from the Better Business Bureau (BBB) and an A++ rating from A.M. Best. Grundy Insurance has car insurance plans available in all 50 states in the U.S.

Heacock

Heacock car insurance is available in 48 out of 50 states in the U.S. Heacock does not offer insurance plans in Alaska or Hawaii. 

Hagerty

Hagerty was founded in 1984 in Traverse City, Michigan. The company received an A rating from A.M. Best. All of Hagerty’s car insurance rates and coverage options can vary by state. 

Safeco

Safeco was founded in 1943 in Seattle, Washington. The company received an A rating from A.M. Best, an A2 rating from Moody’s and an A- from Standard & Poor’s. Safeco has car insurance plans available in 47 states in the U.S. Insurance from Safeco is not available in Delaware, Florida, Hawaii, or Washington D.C. 

State Farm

State Farm was founded in 1922 in Bloomington, Illinois. The company received an A++ rating from A.M. Best and an AA rating from Standard & Poor’s. State Farm has car insurance plans available in all 50 U.S. states.

USAA

USAA, also known as the United Services Automobile Association, was founded in 1922 in San Antonio, Texas. The company received an A++ rating from A.M. Best, an Aa1 rating from Moody’s, and an AA+ rating from Standard & Poor’s. All of USAA’s car insurance rates and coverage options can vary by state. 

Is classic car insurance cheaper than regular auto insurance?

Although classic car owners are no stranger to paying top dollar for their precious vehicles, it is usually much cheaper to insure a classic car. In fact, according to Baily Insurance Agency, the average classic car insurance cost can range from around $200 to $600 per year. 

An Overview of Classic Car Insurance

Whether you decide to go with American Modern, Grundy, or USAA classic car insurance, you can select from some of the best companies for classic car insurance on the market. Owning a classic vehicle can be costly, but insuring it is affordable. In comparison to traditional car insurance average, collectors car insurance can save classic car owners $721 or more on their annual car insurance rate. 

When it comes to which company is a cheap classic car insurance option, it should be affordable, but it should also offer quality benefits. While American Modern provides some of the best benefits overall, Hagerty offers the most affordable insurance rates. If cost is not your only priority, Safeco would be a great option for individuals in search of a classic car insurance policy that offers good mileage.

American Modern and USAA are alternative options that offer convenient and flexible plans, which could be a great fit for you and your classic car. 

Now that you are familiar with the best companies for classic auto insurance, learn which rates are available. Enter your ZIP code and get a free insurance quote today.

Free Insurance Comparison

Compare quotes from the top insurance companies and save!

secured lock Secured with SHA-256 Encryption