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The top classic and collector auto insurance companies of 2023 are Grundy, Hagerty, American Collectors, American Modern and Heacock Classic Insurance.
Auto Insurance For Classic Cars
A classic car requires special insurance to protect you in a collision, but which classic car insurance company is the best? We at the Guides Team have used our industry research into the best car insurance companies to find your ideal classic car insurance options.
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In this review, we discuss the five best classic and collector car insurance companies available today, taking into account each insurer’s industry status, coverage options, and more.
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The Guides Team is committed to providing reliable information to help you make the best decision about your car insurance. Because consumers rely on us to provide objective and accurate information, we’ve created a comprehensive rating system to rank the best auto insurance companies. We’ve collected data on dozens of car insurance providers to rate the companies on a wide range of rating factors. After 800 hours of research, the final result is an overall rating for each provider, with the top-scoring insurers at the top of the list.
Although a classic car insurance policy is usually cheaper than standard car insurance, choosing the right insurer is still an important decision. Whether you own an amp Porsche 911, a hot rod, or a muscle car, it’s a good idea to look at several insurance companies for classic car insurance.
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Below, we’ve outlined our top five picks for classic car insurance and collector car insurance. Many of these companies also cover collectors, antique cars, and exotic cars.
Next, we’ll take an in-depth look at each classic car company and detail its reputation, coverage additions, and more.
Grundy Insurance is a great choice for classic cars with fast growing value. An auto insurance provider guarantees 100 percent of the vehicle’s value in a covered total loss scenario and allows policyholders to revalue their vehicle’s agreed value as needed.
Grundy has an accredited A+ rating from the Better Business Bureau (BBB), which demonstrates the company’s commitment to resolving customer complaints and issues. The insurer offers the standard types of auto insurance – bodily injury liability, property damage liability, collision, comprehensive, personal injury protection, medical payments and uninsured/underinsured motorist.
Classic Car Insurance: What You Need To Know
The classic car insurer also offers up to $500 in parts coverage, up to $600 in trip interruption and up to $250 in towing and labor coverage.
Hagerty Insurance offers more than just classic car policies. The insurer also provides auto experts to help you with any repair or replacement process and a top-notch community of car enthusiasts. Hagerty insures classic cars from 1979 and older.
Along with the standard types of auto insurance, Hagerty covers parts, suspension, tools and roadside assistance. Drivers can join the Hagerty Drivers ClubⓇ membership service, which offers several auto discounts, roadside assistance, auto enthusiast events and more.
Although not accredited, Hagerty has an A+ rating from the BBB. However, the insurer is backed by Progressive. Instead of selling its own classic auto insurance, Progressive offers policies through Hagerty. This can provide peace of mind for drivers looking for a company with added financial stability, and can also be beneficial for drivers looking to combine classic car insurance with coverage for other vehicles through Progressive.
Six Types Of Car Insurance Coverage
For classic cars, American Collectors Insurance offers negotiated value coverage, vehicles under restoration coverage, parts coverage, and auto insurance coverage for new-purchase vehicles.
The auto insurer also has a unique protection program called Towing & Labor for Collectors (TLC). This tiered plan offers roadside assistance, car show reimbursement, theft premium, cosmetic damage coverage, and more depending on the level of coverage purchased.
American Collectors Insurance has an A rating with BBB accreditation and also has a high customer satisfaction rating of 4.9 stars on Trustpilot.
American Collectors Insurance is sold through USAA, one of the nation’s most prestigious auto insurance companies, and is underwritten by American Bankers Insurance Company, American Reliable Insurance Company and American Security Insurance Company of Florida. Some of these insurers have an “A” rating from AM Best, which means they have a strong ability to meet customer claim obligations.
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The insurer’s additional covers include roadside assistance, glass protection and foreign transport abroad. American Modern does not have any BBB or Trustpilot ratings, but based on other review sites, its customer experience ratings are mixed. While a company may be a specialty insurer, it may not be the best option for customers looking for excellent customer service.
Like American collectors, American Modern insurance is sold through a larger auto insurer – in this case Geico. Geico is respected in the industry with an A++ rating by AM Best. This means you can get quotes for standard and classic car insurance through Geico.
Heacock Classic Insurance is a great option for drivers looking for a five-star customer experience. Although the company is not rated BBB, it has a score of 5.0 out of 5.0 on Trustpilot. Customers often praise classic car insurance agents and their personal service.
Heacock is underwritten by American Modern Insurance. As for its coverage options, Heacock offers all the standard types of coverage and includes roadside assistance at no extra cost with any auto policy. Parts coverage (up to $2,000) and negotiated value coverage are also included.
Insuring Your Classic Car
The insurer does not require any professional appraisal before offering cover. The agreed value of the car is decided between Heacock and the owner of the car.
Classic car insurance is not the same as standard car insurance. Collector cars differ from everyday drivers in terms of value and use, so it makes sense that insurance is set up a little differently. Let’s see what it is and how it works.
Classic car insurance differs from a standard car policy in several ways. Not only are there certain requirements for classic cars (which we’ll discuss below), but there are also major differences in how the insurance company pays claims for these vehicles.
Unlike used cars, classic cars appreciate in value over time instead of depreciating. To account for this, classic car insurance providers often reimburse drivers an agreed value in the event of a car collision.
Classic Car Insurance
Classic car insurance also has annual mileage limits. Because these specialized vehicles are only intended for occasional driving or car shows, car insurers limit how many kilometers the vehicle can be driven per year. It also means classic car owners have a dedicated vehicle for everyday driving.
Most classic and collector car insurance companies set mileage limits for cars. This includes the companies listed above. The best companies offer high mileage or unlimited mileage limits. However, even companies with no mileage limits place limits on how often you can drive your collector car.
When shopping for collector car insurance, look for flexible mileage options whether you drive your classic car every day or on the weekends.
The qualifications for classic cars vary from company to company, making it difficult to give a clear definition. Most auto insurers define a classic car as 10 to 20 years old, and antique or vintage cars as older. However, some organizations also consider vehicles 25 years or older to be classics. Other companies may give a date range for their car coverage. For example, Hagerty covers 1979 and older models.
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When it comes to classic car insurance, the age of the car is one piece of the puzzle. There are several other factors that an insurer will consider when offering coverage. Below we have listed the common requirements for classic car insurance:
Many classic car insurance companies can cover customized cars such as hot rods, replicas, muscle cars, and more. We recommend speaking with an agent to see if your personal vehicle qualifies.
Many classic car insurance providers offer additional coverage options such as parts coverage, trip coverage coverage, and restoration coverage.
Negotiated value coverage is also available. This protection ensures that you receive the agreed value of your classic car regardless of the car’s current market value. Some insurers may also offer auto show coverage, which will cover you in the event of a collision while driving to an event.
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Classic car insurance costs are usually much lower than traditional car insurance. According to Progressive, classic car rates from Hagerty are about 34% less than standard car insurance rates.
Because you put fewer miles on a classic car, you are less of a risk to the insurance company. Now, if you’re going to drive a ’67 Camaro to and from work every day, you’re going to pay more to use it as a daily driver.
The best way to get classic and collector car insurance is to shop around and compare car insurance quotes from multiple providers like those listed above. When comparing prices,