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What Does Classic Car Insurance Cover?

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 | November 9, 2020

Classic car insurance is the best way to help keep your classic vehicles protected against any unexpected events that could cause a financial strain on you and your investment. It’s the most expansive coverage that addresses the unique needs of owning, exhibiting, showing, and restoring a classic vehicle.

What exactly does classic car insurance cover? What makes it the number one choice for classic car owners looking for peace of mind?

If you’re not sure if your car qualifies for classic car insurance, check out our Ultimate Guide To Classic Car Insurance.

Classic car insurance coverages

Classic car insurance helps cover the basics of standard auto insurance covers. This includes:

  • Bodily injury liability: Coverage if you are found at-fault for an accident and responsible to pay for the sustained injuries of the other party/parties
  • Property damage liability: You are found responsible for an accident and there are damages to another party’s vehicle or property (mailbox, fence, bike, etc.)
  • Collision: You are in an accident (whether your fault or another party’s) and there is damage to your vehicle
  • Comprehensive: Your vehicle is stolen or damaged due to non-collision (like weather, storms, falling objects, etc.)
  • Medical payments (or PIP): You need to pay for your own medical bills due to an injury sustained in an accident in your classic car (works in conjunction with your health insurance)
  • Uninsured/underinsured motorist: You get into an accident where the other party is at-fault but they don’t have sufficient insurance to cover damages to you, your passengers, and/or your car

Additional classic car insurance coverage

Unlike standard auto insurance, classic car insurance also offers supplemental coverage options that are specific to owning a collector’s car.

Roadside assistance

If you add roadside assistance to your classic car policy, it can help cover the cost for a flatbed tow truck (which is more expensive than other types of towing). This minimizes wear and tear or potential damage while towing. Your insurance company understands and cares that your valuable car doesn’t get damaged if it needs to be towed for some reason. Roadside assistance can also include the cost of labor, if your car can be fixed on the road.

Spare parts

You can also opt-in for coverage for spare parts. Spare parts to restore or fix your classic car can be very expensive. You want to make sure they’re covered during the restoration process and/or in storage in case of theft or damage. Spare parts not on your car are typically not included in basic classic car coverage, so you need to make sure to specify them with your insurer.

We like that classic car insurance offers the ability to have high-limit coverage for supplemental car pieces, which standard auto doesn’t.

Some classic car insurance also includes or offers coverage for memorabilia related to your car including hood ornaments, displays, old license plates, gas pumps, etc. Make sure to inquire with your insurance agent to see if your policy covers memorabilia and how you can create an itemized list of your contents for full-value coverage.

Event-specific classic car coverage

One of the benefits of choosing classic car insurance is that your agent understands the ins and outs of being a “collector car parent.” Classic car insurance offers optional coverage that is specific to using your car in shows, exhibits, parades, and events. If you ever want to “show off” your classic car, standard auto insurance usually won’t cover the particular incidents that can occur.

Examples of event-specific coverage:

  • Traveling coverage can help cover food, lodging, rental cars, and other necessities if your car breaks down while traveling to/from a show or event.
  • Auto show medical reimbursement can step in if you or someone attending the event with you sustains an injury at an event featuring your car. (The liability portion of your classic car insurance covers costs of another party’s injuries, if you or your car is responsible. This coverage is specific to your own medical payments.)
  • No attendance required can help provide coverage for your vehicle if you’re showing it and you’re not there. For example, this covers any damages to your car if a dealership borrows it to exhibit or you walk away for an hour to browse other cars at a show.

We often recommend Hagerty for a lot of our clients looking for classic car insurance. One of the reasons we love Hagerty is that they offer “hobby support,” meaning that they support organizations and initiatives involved with the classic vehicle lifestyle. Hagerty lives and breathes “car culture,” and their coverage options reflect that.

Special restoration

Replacing classic car parts or making repairs is usually a lot more expensive than repairing a regular car, and you’ll probably need to go to a special shop for mechanics who can do the work. Buying a new engine or car part, whether for restoration or for repair, can be a significant cost out of pocket. A lot of classic car insurance will offer higher coverage limits for specialized parts in the case of damage or loss to one of yours. (Your insurance won’t cover the cost of parts during a restoration or replication process, only in the case of damage to something you already own.) Standard auto insurance typically won’t cover replacement of special parts, especially at the price point that classic cars have.

You can also inquire about restoration coverage. This is a lower-cost coverage if you are just restoring, not driving, your classic car. Hagerty offers a “Vehicle Under Construction” plan that adjusts your agreed value as you finish restorations, while keeping premiums low (since they know you’re not driving the vehicle yet).

The best part…

You get all of this coverage, and it’s usually at a lower cost than standard auto insurance. Because classic cars are typically considered less risky than primary ones, you’ll often get a discounted rate for your premiums—even though you have all of this additional coverage!

Will classic car insurance cover me?

If you have a classic car, you definitely want to consider getting coverage with a classic car insurer who knows the industry. Whether you’re restoring, showing, or just appreciating your classic car, you don’t want to put your beloved, valuable asset at risk. With expansive coverage at a low premium, classic car insurance is the best way to protect one of your most prized possessions.

Let’s get your classic car insured. Chat with an InsuraMatch advisor at (844) 300-3294 to find the perfect carrier, policy, and premium for you. We’ll figure out exactly what will work best for your car and offer quotes. With no risk or commitment, it’s never been simpler to start comparing quotes to protect your most valuable vehicles.


Talk to an InsuraMatch advisor now at (844) 300-3294 to compare collector car insurance quotes!

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