If you’re looking for protection for your beloved antique, vintage, or collectible car, classic car insurance is typically the most comprehensive (and generally least expensive) option. Classic car insurance not only covers your dream car at an agreed upon market value, but it usually does so at a lower cost than standard auto insurance. So, how much does classic car insurance cost for the coverage that you get?


What does classic car insurance cover?

First, let’s take a look at what this type of insurance covers. Take a look at our resource, What Does Classic Car Insurance Cover? for details about what you can get with classic car insurance. What’s most important to note is that classic car insurance generally covers the agreed upon value of your car. This means that you and your insurer agree upon a fair value for your car, which is the amount you would receive t in the case of a total loss (subject to your coverage, policy terms and deductible).

Most cars depreciate in value over time due to regular wear and tear. Standard auto coverage considers that a car will depreciate in value, so they usually offer “actual cash value.” This means the owner gets paid the depreciated value of the car at the time of loss.

Actual cash value doesn’t work in the case of classic cars. Classic cars are meant to appreciate in value, so depreciation-over-time shouldn’t be a factor. Classic car insurance recognizes the market valuation of your car as a classic, antique, vintage, or collectible asset.

The valuation of your car can come from: a professional classic car appraisal, research by the underwriter, documentation you offer, and/or car valuation guides like Kelley Blue Book and the Old Cars Report Price Guide

Want to learn more? Check out The Ultimate Guide to Classic Car Insurance.

How much does classic car insurance cost?

Classic car insurance is almost always less expensive than conventional auto insurance. Sometimes, it can even be a third of what you’d pay for regular auto coverage. That’s because classic cars are generally a lower “risk” because than standard autos. Typically classic cars are:

  • Driven fewer miles
  • Driven less frequently
  • Kept in good condition
  • Restored when necessary
  • Stored and sheltered against weather and theft

One of the greatest benefits of choosing classic car insurance is that you can get an agreed upon value of your car at a generally lower price than standard auto insurance.

How much your insurance premiums will be depends on different variables like:

  • Make/model of car
  • Valuation of car
  • Condition of car
  • Restoration process
  • Driver’s record and age
  • History of claims by driver or on that car
  • Add-on coverage policies
  • State regulations

There’s no one price tag that we can give you in this article, because the cost depends in large part on the insurance coverage you choose and car itself. But we can help you compare quotes for your vehicle. Give us a call today at: (844) 300-3294

Can I get classic car insurance discounts?

Like most types of insurance, there are ways you can save on your premiums. Some ways to get a discount on your classic car insurance include:

  • Insure multiple classic vehicles with the same insurance carrier.
  • Bundle multiple policies with the same insurance carrier.
  • Ask about a clean driving record discount if you have no history of accidents or claims in the past 3-5 years.
  • Inquire about a safety discount if you have anti-theft devices on your car and/or you store your car in a secure facility/garage. You may also qualify if you’ve taken a defensive driving course recently.
  • If you’re not driving your vehicle (only restoring), you can scale back your coverage to a restoration policy or comprehensive-only policy (without collision).
  • See more ways to save on classic car insurance here.

These are just some examples, there are other ways to save, too! Give us a call today at (844) 300-3294 to see if one of our licensed insurance advisors can help you find savings on your classic car insurance.

Tips for getting good classic car coverage at a good price

Just like standard auto insurance, not all classic car insurance is created equal. These tips can help you find the right coverage at the right price.

  • Be prepared to substantiate the value of your car. Come with your own documentation to make sure you have an accurate valuation of the car when negotiating your agreed-upon value.
  • Choose an insurance carrier that specializes in classic car insurance.
  • Know what your insurance covers. Ask about limited use provisions, mileage restrictions, repair shops, car shows, etc.
  • Review your coverage annually. The value of a classic car can dramatically increase in just one year, or you might add new parts and accessories, so you want to make sure you’re always fully covered. Consult your insurance agent to make sure your car value and coverage is up to date.

  • Don’t let your coverage lapse. Like any other coverage, even a short time period without insurance can cause your premiums to go up.

At InsuraMatch, our licensed advisors can help walk you through the quoting process to find coverage suited to your classic car and how you use it. We’ll also work with you to find a policy that addresses your needs, whether you’re in the process of restoring an antique or looking to show your hot rod at events. Give us a call today at (844) 300-3294!

Protect your classic car with the help of an expert insurance agent! Call us today at (844) 300-3294

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