Classic Car Insurance Companies And Quotes – You have spent a lot of time and money on your classic, vintage or vintage car. It is your pride and wealth. With all that time and money you’ve invested in your classic car, you’ll want to buy the right insurance. Since regular cars depreciate over time and classic cars tend to increase in value over time, you will need a specific auto insurance program to protect your prized vehicle.
There are many insurance companies that offer classic car insurance. Some are large national carriers, while others are smaller specialist companies. Talking to a trusted independent insurance agent can give you more options and can ensure you get the exact coverage you want without overpaying.
Classic Car Insurance Companies And Quotes
Classic car insurance is a special type of car insurance that covers different types of classic and vintage cars. Classic car insurance is similar to standard car insurance, but there are key differences that reflect the unique nature of classic cars.
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The main difference with classic car insurance is how the car is valued. Standard auto insurance policies pay actual cash value, or ACV, on claims. The actual cash value takes into account the depreciation of the car’s value. And since cars lose their value fairly quickly, this can result in a much lower claim price than what you paid for your vehicle.
Both definitions are used to describe vehicles that are at least 20 or 25 years old. However, there are subcategories of vehicles that are used to describe different types of vehicles ranging from 20 years old to more than 100 years old.
In this article, the term ‘classic car insurance’ will be used broadly to describe all types of older vehicles, whether they are true classic cars, vintage cars, hot rods, modern collector cars or any other type of vehicle that falls under under the classic car umbrella.
Since there is no standard definition of what classic cars are, other than that they are usually over 20 years old, each insurance company may classify your vehicle slightly differently. Normally this won’t affect your cover, except that each insurer treats these types of vehicles slightly differently.
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These categories are not set in stone and vary by country and insurance company. They mainly serve to help organize different types of vehicles, rather than just having one broad category of “classic” cars.
Most classic car insurance companies will have no problem insuring most of these vehicles. Conventional insurance companies may only be willing to insure vehicles built after 1930 or 1940, which means you should look for a specialist company that can insure any of these older types of vehicles.
Classic car insurance is sold by different insurance companies, which usually also sell standard car insurance. Some of these companies are among the largest auto insurance companies in the country, such as Progressive, Safeco and State Farm. But not every standard car insurance company sells classic car insurance.
Standard car insurance companies that may insure your classic car may still not be the best insurance option. They may offer an agreed value for your car, but they are unlikely to come with any of the extra benefits and cover options that specialist classic car insurance companies have.
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There are other insurance companies that specialize and sell only classic car insurance. These companies may insure your 1970 Corvette, but they won’t insure your 2015 Tahoe. They offer specialized insurance for classic cars. Often these companies focus on great claims and customer service to differentiate themselves from larger companies that may be able to offer better rates.
There are many excellent classic car insurance companies, including specialty insurance companies and traditional insurance companies that also carry standard car insurance. One person’s best company is another’s worst insurance experience, so these are simply good starting points for companies that have a good reputation for classic car insurance and are likely to be great for you. But it’s always worth comparing options and talking to an independent insurance agent to find the best classic car insurance option for you.
American Modern has a little bit of everything. It can insure almost any type of classic vehicle, is available in all 50 states and also offers a wide range of discounts that can save you almost 50% on your premiums. It also offers many benefits and even a driving plan with unlimited mileage. Availability, coverage options and benefits make American Modern the best choice for classic car insurance.
Hagerty values classic car culture so much that he has created his own special club for classic car enthusiasts called the Hagerty Drivers Club. This classic car club has special events for members, discounts on inventory for your classic car, and even includes free towing up to 150 miles along with $100 in roadside assistance.
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In addition to its classic car culture, Hagerty enjoys a very good reputation for its claims services. Its online reviews are particularly positive, with thousands of reviews giving the classic car insurer a very favorable rating for its claims service.
Heacock is a smaller classic car insurance company, but offers coverage in all 50 states. It has fairly strict requirements for its drivers, but the company will work with you to determine the value of your classic car without you having to get an appraisal. He will carry out his own personal assessment of your car by having a virtual inspection and talking about the car with you.
Grundy is another specialist classic car insurer that excels in a number of areas, but does particularly well with vehicles that can increase in value over time. Grundy offers inflation protection for your vehicle, although this is an additional coverage option that will cost more money. But it can protect the value of your car up to 150% of its originally agreed value.
Most classic car insurance companies limit the number of miles you can drive in a year. Plus, they usually don’t want you driving your car every day. Safeco is an exception to this rule with its regular use option. If you choose regular use with Safeco, you’ll be able to drive your classic car every day for up to 10,000 miles a year. This option is more expensive, so drivers looking for Safeco and don’t need it can opt for the limited-use option, which allows up to 5,000 miles per year.
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Qualifying for classic car insurance is not as simple as owning a classic vehicle. Most classic car insurance programs have pretty strict requirements for drivers on the policy. However, if you don’t meet any of these requirements, you may still be able to purchase classic car insurance from a large national insurance company that also makes classic cars, such as Progressive.
There are a few things you’ll probably want to prioritize when looking for a classic car insurance program. Although most classic car insurance companies are similar, they have some differences and you may not necessarily want to look for the cheapest insurance for your classic car.
With classic car insurance, it’s important to know, understand and check what coverages you have and what isn’t covered, because you don’t want to be in an accident and find out that you don’t have coverage for your precious car.
The standard rule of thumb for classic car insurance is that it costs about 30% less than regular car insurance. However, there are many variables that can change this number, which may make it more expensive than your standard car insurance. An agreed value only insurance policy is always more expensive than an actual cash value policy regardless of the type of insurance policy.
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The exact price of your classic car insurance will depend on many of the same factors that determine your standard car insurance, such as:
Insuring a classic car worth $30,000 will obviously be much cheaper than insuring a classic car worth $150,000. Classic car values can vary considerably, which can make insuring your high-value classic car more expensive than insuring a standard car. .
Most classic car insurance companies have strict driver eligibility requirements anyway, but a clean driving record will help keep your premiums low.
Classic car insurance companies still use location as a rating factor, so your premium in parts of California or New York may be more expensive than the same policy in Ohio.
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While some insurance companies may require you to insure your vehicle in a locked garage, others will simply give a discount if you take extra steps to protect your vehicle.
However, there are a few reasons why classic car insurance is usually cheaper than conventional car insurance, even when taking into account the agreed value.
Although almost all classic car insurance programs have mileage requirements, it is also normal for classic car owners not to drive their vehicles that much. Less mileage means less chance of an accident.
Insurers are more willing to insure classic cars based on an agreed value, in part because they know that classic car owners are more likely to keep their vehicles in tip-top shape and take
