Collector and Classic Car Insurance Guide (Rates + Coverage)

There are lots of variables that affect the cost of insuring a classic car. Here are some of your options for classic and collector car insurance.

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UPDATED: Jun 1, 2022

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Written By: Laura BerryReviewed By: Joel OhmanUPDATED: Jun 1, 2022Fact Checked

Here's what you need to know

  • Classic car insurance is a type of specialty auto insurance coverage
  • Vehicles must be at least 10 years old to be considered classic cars, but most classic cars are older and carry some historical significance
  • Classic auto insurance policies are often versatile to meet the unique needs of collectors

If you own a classic car, you may be curious about the coverage type you need for your vehicle. Whether you drive your vehicle on the road or show it at car shows, you need to purchase auto insurance for your car to protect against potential damages.

Collector and classic car insurance coverage options are available with several insurance companies, but you will have to research to find the right policy for you.

What is classic car insurance?

There are many differences between classic car insurance and standard car insurance. Classic auto insurance is a type of specialty insurance coverage for vehicles at least 10 years old. Most classic cars are more than 20 years old and have a historical significance which increases their value.

A collector or classic auto insurance policy can cover:

  • Antique vehicles
  • Exotic vehicles
  • High-performance vehicles
  • Exhibitionist vehicles (used for car shows rather than driving)

Many auto insurance companies offer classic car insurance, but companies often have strict guidelines for coverage. For example, many collector auto insurance companies will only provide coverage if the owner stores the vehicle in a locked garage. Classic car insurance without a garage is harder to find.

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How much is classic auto insurance?

The amount you’ll pay for collector car insurance varies based on several factors. 

Some classic car collectors only need a comprehensive car insurance policy to protect a vehicle from non-collision or weather-related damages. Classic car owners that occasionally drive their cars need collision car insurance coverage.

The table below shows the average annual rates for classic car insurance based on state and coverage type.

Average Annual Classic Car Insurance Rates by State
StateFull Coverage Annual RatesComprehensive Annual RatesCollision Annual RatesLiability Annual Rates
District of Columbia$798.44$139.94$281.20$377.29
New Hampshire$491.25$66.46$184.45$240.34
New Jersey$829.67$78.81$229.12$521.74
New Mexico$562.55$103.54$166.19$292.82
New York$816.40$102.67$231.01$482.71
North Carolina$473.45$81.65$176.15$215.65
North Dakota$463.98$138.62$146.45$178.91
Rhode Island$782.10$79.31$246.91$455.88
South Carolina$583.86$108.56$159.04$316.25
South Dakota$460.15$154.87$125.15$180.13
West Virginia$615.47$122.57$197.80$295.10
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As you can see, it can cost nearly $1,000 per year to purchase coverage for your classic car, depending on where you live and whether you need a full coverage policy.

Who needs classic car insurance?

Most people don’t need a classic auto insurance policy. However, people who collect classic and antique cars to drive, show, or enjoy should purchase this coverage.

Many companies will not consider offering classic auto insurance until a car is 20 – 25 years old. Additionally, companies will sometimes require a vehicle to have historical significance before covering it with a classic auto policy.

Many insurance companies will not cover a vehicle with a classic insurance policy if the vehicle owner drives it for everyday use. Classic cars are traditionally kept in storage the majority of the time.

What does a classic auto insurance policy cover?

As you noticed in the table above, classic car insurance policies can include liability, comprehensive, and collision coverage options.

Many classic auto insurance companies also include the following coverage options:

  • Uninsured or underinsured motorist coverage
  • Cherished salvage coverage
  • Medical payments
  • Personal injury protection
  • Spare parts coverage
  • Disabled vehicle coverage
  • Memorabilia coverage
  • Restoration work coverage
  • Roadside assistance

The coverage type you need on your collector or classic car depends on how much you drive it, whether it needs restoration or other work, and how often you take it to car shows and other exhibitionist events.

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How do I find collector car insurance?

Auto insurance coverage for collector and classic cars isn’t difficult to find. There are likely many companies in your area that offer collector auto insurance.

You can research to discover which companies in your area and abroad offer the best coverage options. You may find that certain companies specialize in providing coverage for your specific classic car.

While many different companies offer coverage for classic vehicles, only a few companies are considered the best in terms of classic coverage.

What are the best classic car insurance companies?

Some of the most popular companies offering insurance for classic cars include:

  • American Modern
  • Safeco
  • Hagerty
  • American Collectors
  • Grundy
  • J.C. Taylor
  • State Farm

The best way to decide on a classic car insurance policy is to compare quotes for coverage from multiple companies. Then, you can call the companies directly to speak to a representative or visit each company’s website to get an online quote.

Adding coverage for your classic auto insurance policy will cause rates to increase. However, if you want to protect your collector vehicle, purchasing an expensive policy may be worth it.

Which collector cars are the most valuable?

While all classic automobiles have their charm, some classic vehicles carry more value than others. Some of the most valuable collector cars include:

  • 1962 Ferrari GTO
  • 1957 Ferrari 335 S Spider
  • 1954 Mercedes-Benz W196
  • 1956 Ferrari 290 MM
  • Aston Martin DBR1
  • 1935 Duesenberg SSJ

If you have a valuable classic car like the ones above, you will pay more for coverage since your vehicle is worth more money.

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Classic Auto Insurance: The Bottom Line

Whether you occasionally drive your classic car around town or exclusively take it to car shows, you should ensure you have a classic auto policy for your collector car.

There are plenty of auto insurance companies offering classic car coverage. First, research local companies providing the coverage you want. Then, compare quotes to see who offers the best price for coverage.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.

A former insurance producer, Laura understands that education is key when it comes to buying insurance. She has happily dedicated many hours to helping her clients understand how the insurance marketplace works so they can find the best car, home, and life insurance products for their needs.

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Written by Laura Berry
Former Insurance Agent Laura Berry

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 has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP® Joel Ohman

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