Are classic cars more expensive to buy coverage for?

Insurance for classic cars is based upon agreed-upon value instead of the KBB value. A specialty classic car insurance company can offer aspects of the auto policy that standard companies may not.

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UPDATED: May 25, 2022

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Written By: Laura BerryReviewed By: Joel OhmanUPDATED: May 25, 2022Fact Checked

Here's what you need to know...

  • There is more involved in insuring a classic car than a standard vehicle
  • Consider specialty insurance for your classic car
  • There are usually restrictions on getting a specialty insurance
  • Classic cars are usually insured by agreed-upon value rather than the classic cars value

If you have never had a classic car before, you should be aware that insuring it can be more confusing and involved than insuring regular cars.

Are classic cars cheaper to insure? Classic auto insurance is considered a specialty insurance product and, in general, classic cars tend to be more expensive to buy coverage for than regular car insurance policies, although that is not always the case. Affordable classic car insurance can be found.

When you are searching for classic car insurance quotes, you want to take many things into consideration, just like you would when insuring a standard car.

This article will help you figure out what to keep in mind when looking for specialty car insurance and if it is the right fit for your car and situation.

To compare classic car insurance rates right now, just put in your ZIP code at the top of this page.

Why are classic cars more expensive to insure?

Are antique cars cheaper to insure? You may think that, since a classic or antique car is used and driven less than a standard car, it will be cheaper to insure. This is not always the case.

Cars that are used only occasionally for fun are sometimes more expensive to insure.

A standard car insurance policy usually does not offer enough coverage to replace or repair a classic car. An antique, vintage, or classic car is often more expensive to fix, as the parts usually are harder to find and cost more.

How much does it cost to insure a classic car? The table below shows the average classic automobile insurance rates by state.

Classic Car Insurance Rates by State
South Dakota$180.13$154.87$125.15$460.15
North Dakota$178.91$138.62$146.45$463.98
North Carolina$215.65$81.65$176.15$473.45
New Hampshire$240.34$66.46$184.45$491.25
New Mexico$292.82$103.54$166.19$562.55
South Carolina$316.25$108.56$159.04$583.86
West Virginia$295.10$122.57$197.80$615.47
Rhode Island$455.88$79.31$246.91$782.10
District of Columbia$377.29$139.94$281.20$798.44
New York$482.71$102.67$231.01$816.40
New Jersey$521.74$78.81$229.12$829.67
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Specialty classic or antique car insurance offers the coverage needed to fully repair or replace the car, but it often comes with a higher price tag.

Another major reason it is often more expensive to insure a classic car is that the value of the vehicle is calculated differently. If you put a stack of cash and years of work into a vehicle that has the base model of an older car, you may not get any of that back with a standard insurance policy.

That’s why classic cars are generally insured with agreed-upon value, rather than the stated value. Agreed-upon value is what you and the insurer agree that the vehicle is worth and the amount your rates are based upon.

This video from Heacock Classic discusses the difference between agreed value and stated value.

This is pretty important because you don’t want to be out of a lot of money if anything ever happens to your classic car.

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Do all insurance companies offer insurance for classic cars?

To start, it is important to know that not all insurance companies offer classic car insurance. The company with which you insure your regular vehicle may not offer specialty car insurance coverage, so you may have to look around.

In general, most insurance companies will give discounts if you insure more than one product with their company. If you find a company that sells both classic car and standard car insurance, you may be able to save money by insuring all of your vehicles with them.

When you are searching for a company that offers specialty classic car insurance, one of the considerations you should take into account is whether the company is financially stable. You can find that information out from the insurance rating company A.M. Best.

Are there certain requirements for classic car insurance?

Not all insurance companies have qualifiers for being able to insure through their specialty car program, but some do.

Here are some general requirements:

  • You must use and own another vehicle that you use for daily driving.
  • You, as the driver, need to be of a particular age or older.
  • The car needs to be of a particular age or older.
  • The classic car cannot be driven for business reasons, it can only be driven for particular activities.
  • The classic vehicle has to be driven less than 2,500 miles a year.

The cheapest old cars to insure aren’t usually considered classics, but that doesn’t mean you can’t get good rates.

Can you insure your classic car with standard car insurance companies?

Many of the classic cars that are being driven on the road are actually insured by standard insurance companies, so some do offer that as a policy.

Collector car insurance costs more than regular coverage most of the time.

Standard insurance companies tend to charge more for the premiums, even though they are more restrictive policies. You may find that insuring with a specialty car company will save you more money.

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Classic Car Insurance VS Standard Car Insurance

You definitely should search for a specialty classic car insurance company in certain situations, as they offer aspects of the auto policy that standard car insurance companies may not.

One situation may be that you would like to use a mechanic of your choice in the event it needs repairs. You may also want to check out specialty companies if you want the car insured for the actual amount you think it is worth.

Keep in mind that you may need to insure with a specialty insurance company if you are looking for liability insurance at club events, would like coverage for any damage that may occur at car shows, or would like coverage during the time the car is being restored.

Other situations may include wanting to be covered if you are shipping your classic car somewhere overseas or out of state, or premiums that are flexible based on how many miles you drive it per year.

Frequently Asked Questions: Insurance for Classic Cars

For those seeking to buy classic car insurance, we’ve added a few more FAQs below in this classic and antique car article.

Is car insurance higher for older cars?

This depends. As we’ve touched on, classic cars are generally more expensive to insure.

However, if you own an older vehicle that doesn’t qualify as a classic, chances are good that insurance for it will be pretty cheap. One factor insurance companies use to determine your rates is the monetary value of your vehicle. They go by the Kelley Blue Book antique cars value and cheaper vehicles are cheaper to repair, so they don’t charge as much.

Generally speaking, a newer car is not cheaper to insure than an older one.

Are old cars cheap to insure for young drivers?

In most cases, older drivers have much cheaper insurance than young drivers.

While your driving record and credit history have a massive impact on your rates, your age does as well. 17-year-olds can pay multiples times as much as a 60-year-old driver, for instance. Insurers determine risk partly by how much experience you have out on the roads, so more years out driving means less risk to them and more money in your pocket.

Just enter your ZIP code in the box at the bottom of this page to compare classic or antique car insurance quotes.

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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