To find the best classic car insurance evaluate your needs and determine which coverage features you require and which you can skip. For instance, if you drive a 1972 Porsche 911 to a lot of car shows, then mileage limits will be important to you. On the other hand, restoration coverage may be your top priority if you’re restoring a 1964 MGB.
Once you know what you want in a classic car insurance policy, shop around to find the insurer that best suits your situation. Our analysis of the best classic car insurance companies is a good jumping off point.
Items and features to consider when looking for the best classic car insurance may include the following.
Mileage Limits
If you’re active in classic car hobby activities—such as car shows and parades—and put a lot of miles on your car each year in this capacity, mileage limit options will be important. Look for a classic car insurance policy with a flexible or unlimited mileage limit.
If you look at your classic car much more than you drive it, choosing a lower fixed limit can be a better option as you’ll usually see a discount. Leland-West allows you to roll over unused miles to your next policy year if you choose a fixed limit and drive less than your limit.
Classic car insurance policies typically state your car is only for occasional pleasure and hobby use and require you to have a separate daily driver vehicle. If you plan to use your car regularly or as a commuter car, you’ll likely need to add an endorsem*nt for that or buy a standard car insurance policy.
Flexible Deductibles
Flexible car insurance deductibles allow you to choose from a range of options. For instance, you can go up to $10,000 with American Modern or 20% of your car’s value with American Collectors. Higher deductibles may be right for you if you have a high value vehicle or want to take on more of the cost and save on your classic car insurance rates.
All of our best classic car insurance companies have a zero deductible option. While zero dollars may sound good, you’ll pay more for the policy. That’s because the lower your deductible, the more your auto insurance company will have to pay out when you make a claim. The most common deductible choices are typically $250 or $500.
Inflation Guard
Inflation guard is a coverage feature that automatically increases your agreed value limit to keep up with inflation so you won’t become significantly underinsured. The increase may only last until the end of your policy term unless you update your limits to the higher amount at your renewal.
Typically, an inflation increase is around 2% every three months, with some insurers having a maximum annual increase limit. For example, American Collectors inflation guard adjusts the agreed value limit of your classic car for up to a maximum of 6% per year.
Spare Parts
Spare parts coverage pays for theft or damage to spare replacement parts and automotive tools that you own and intend to use to restore or maintain your classic car.
Many car insurers offer $500 of spare parts coverage, but some of the best classic car insurance companies include higher amounts. Hagerty pays up to $750 in spare parts coverage, Chubb up to $1,500, while American Modern, Heaco*ck and Leland-West provide $2,000 in coverage.
Discounts
See what car insurance discounts companies offer to make your classic auto insurance more affordable. If you’re getting your classic car policy with the company you already have a home or life insurance with, look for a bundling discount.
Some classic car companies partner with standard companies—such as Hagerty with Progressive—so you may also get a bundling discount. And if you’re insuring multiple cars or an entire car collection, there are discounts available with some classic car insurance companies.
Condon Skelly and Erie have lay-up discounts for storing your car away and not driving it for months at a time. Other discounts offered by some insurers are for being part of a car club, insuring a high-value vehicle, having anti-theft or security devices for your car and having an automatic fire suppression system for your garage area.
Shop Around
You’ll want to shop around with multiple companies to get the best price for your classic car insurance. Look at the companies that provide the coverage features and mileage requirements that fit your classic car’s situation and then compare car insurance quotes.
