Classic Auto Insurance

We have compiled the best suppliers for classic auto insurance so you will be able to find the best coverage for your needs. We have also provided information that will better help you compare the suppliers above, create some competition between them and make sure you are getting the best classic auto coverage at the best price.

Collectible cars need to be insured differently than everyday cars. Most collectors know there's a big difference between the vehicles they drive everyday and the ones they collect, not all collectors insure their collectable classic and everyday cars differently. That could leave the collectors in a financial bind if they were to ever have to file a claim.

How Do You Know If Your Classic Auto Is Insured Correctly?

Take a look at the sections below:

What Is Your Car's Actual Market Value?

Collectible vehicles—which include antiques, classics, street rods, modifieds and exotics—change in value on a frequent basis just like any other commodity, and their insurance
should reflect that. For instance, a 1967 Shelby Mustang, which just a few years ago could be bought for as low as $34,000, is fetching around $200,000 at large auctions today.

Actual Cash Value is the basis on which daily use vehicles are insured. What that means is if you have a total loss you will be paid the original purchase amount minus all depreciation on the date of the loss. But it doesn't work that way with classic cars.

Classic cars are insured based on what's known as Agreed Value Basis. The insurance companies listed above specialize in this and here is how it works. When you insure with them on an Agreed Value Basis and lets say you unfortunately had a total loss of your classic car, the insurance company will pay the insurer (you) the true market value of your collectable vehicle. Not the purchase price minus depreciation, but what your investment is really worth.

Collectable Cars Are Only Driven An Average Of 1,000 Miles Per Year...

So why pay for miles you don't use? Non-classic car insurers typically require coverage similar to a daily use car. Collectible car policies should be much less expensive than a standard driving policy, because a collectible car will be driven far less than a regular use vehicle. For example many of the companies listed above offer policies in three mileage ranges: 1,000, 3,000 or 5,000 miles per year. Be sure you’re not paying for miles that you don’t drive, be thorough, and choose the company that's right for you.