Classic car insurance companies
There are several different classic car insurance companies available in the United States: American Collectors, Grundy, Hagerty, American Modern, Safeco, and Heacock Classic Insurance are all reputable companies that offer quality coverage for classic cars.
Each company has its own unique set of coverage options and benefits, so it's important to do some research to find the one that best suits your needs. All these companies offer competitive rates and excellent customer service, so you can't go wrong with any of them.
A regular auto insurance policy will not be enough to fully cover your classic car. Normal cars depreciate over time, and a classic or collector car increases in value.
There are a few other benefits of classic car insurance as well. Many policies will include agreed value coverage for spare parts, meaning that if something happens to your classic car, you'll be able to get it repaired or replaced without worrying about the cost. And because classic cars are typically driven less than regular cars, many insurers offer lower premiums for classics. So, if you're the proud owner of a classic car, make sure you're properly protected with classic car insurance. It's the best way to safeguard your investment - and your peace of mind.
The best classic car insurance companies
There are a few great classic car insurance companies, but which is the best for you? The different companies are specialized in different areas of classic car owner life. Here's a look at some of the best classic car insurance companies:
American Collectors
50 states
1976
n.a.
They offer a variety of coverage options specifically tailored to classic cars, including agreed value coverage, vehicles in restoration coverage, and automatic coverage for newly bought cars. American Collectors also offers their CARE program, which is a multi-tiered insurance plan that provides reimbursement for car show expenses, theft rewards, and road assistance. Their policies are sold trough.
American collectors insurance is reviewed with an A+ rating from BBB. Their policies are sold through one of the most reputable insurance providers USAA.
Discounts offered:
High-value vehicle discount
Mature driver discount
Multi-vehicle discount
Added safety features discount
Garage security discount
Drawbacks
Not rated by AM Best. Instead the parent Assurant, Inc. company is A- rated
Heacock Classic
48 states
1989
n.a.
Heacock will reimburse you up to $75 for towing services as towing and labor are included at no additional cost. They offer the standard $500 to $1,000 deductible options. You can of course apply for higher or lower deductibles. $2,000 coverage for spare parts that are not readily available are also included at no extra cost. Road assistance with flatbeded towing track is included for free.
Although Heacock classic is not BBB accredited business and it is not rated by AM Best his lead underwrite carrier American Modern Insurance Group holds an A+ rating from AM Best.
Advantages
Event insurance
Pleasure driving allowed
Race cars allowed
Good claims reviews
Drawbacks
Strict vehicle requirements
Rates may be higher than competitors
Strict driver eligibility
Hagerty
50 states
1984
A
Hagerty is an insurance company that offers coverage for restoration cars. They can be at any stage in the project. They are headquartered in Traverse City, Michigan, and have coverage available nationwide. Their network of independent insurance agents works with them to provide the best possible service to their customers. Hagerty holds an A+ rating from BBB.
Hagerty underwrites Progressive classic car insurance. Despite Hagerty doesn't offer discounts, you could bundle your policy and get a discount through Progressive.
Pros
Possess extensive knowledge of classic cars
No fixed mileage restrictions
Guaranteed replacement in case of car total damaged
Cons
Not BBB accredited
Not many discounts available
Do not cover everyday driving
American Modern
50 states
1965
A+
American Modern is the only company that offers four times bigger spare parts coverage. It is $2,000 in comparison with the $500 of the other insurance companies. The policy covers theft or damage of spare parts.
American Modern underwrites Geico, so if you own another policy from Geico, you may get a bundling discount.
Discounts
Burglar alarm discount
Fire station/smoke alarm discount
Paid in full discount
No claims in the past three years discount
Paperless documents discount
Cons
Catalog with limited variety of auto insurance
Mixed customer feedback
Safeco Insurance
45 states
1923
A
Safeco Insurance Company is supported by Liberty Mutual Insurance. Safeco has regular use and limited use mileage options. Respectively 10,000 and 5,000 miles a year. They cover classic cars older than 25 years. Don't cover racing, kit, and unrestored cars.
Safeco Insurance holds an A+ BBB rating.
Discounts offered:
Safety Rewards discount
Drive less, pay less discount
Anti-lock brake discount
Anti-theft devices discount
Drawbacks
Reviews are primarily negative
No product reviews on the official website
Annual mileage allowed by the classic insurance companies
| Company | Allowed annual mileage |
|---|---|
| State Farm | 2,500 |
| Heacock Classic | 6,000 |
| American Collectors/USAA | 7,500 |
| Safeco | 10,000 |
| American Modern/Geico | Unlimited |
| Hagerty/Progressive | Unlimited |
| Grundy | Unlimited |
| J.C. Taylor | Unlimited |
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