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What Is Collector Car Insurance?

Collector car insurance is not something that the average insured car driver is going to be in need of. It’s doubtful that most drivers even know what collector car insurance is or that it even exists. Unless you have one or have been considering the purchase, you probably have no idea or have never thought about the unique circumstances that having a collector car actually presents for an owner. Luckily, auto insurance carriers have the protection for collector car owners and appreciate the rare needs that they present and have for many years. All you need to do is research the carriers and find the one that offers the best rates for your specific needs.

Specialized Carriers

There are specialized carriers for collector cars which is where you should begin your search for your insurance coverage. There are numerous large, reputable providers on the market who specialize in classic, antique, and vintage vehicles who have been in the business for a very long time and comprehend the special needs that come with owning these unique vehicles. It is a fact in the insurance carrier world that a real collector car is going to need to be insured at a negotiated ‘agreed value’ premium rather than the traditional ‘actual value’ or ‘stated’ value.

Best Company Overall For Classic Cars

American Modern is backed by Geico and provides car insurance for a vast array of classic and collector vehicles. They offer flexible mileage which includes one that is unlimited, perfect for those who like to drive theirs occasionally.  With this carrier, there is also the largest standard spare parts coverage along with ‘inflation guard’ which allows that your plan scales while the car goes up in value. This provider gives you peace of mind knowing that Geico is financially backing them. 

American Modern is the best if you have a vehicle that isn’t in a category of traditional ‘classic’ car but may be a retired military truck on over to a fire truck. 

Best Regular Driving Use Auto Carrier

Safeco isn’t considered as the best, but if you are going to regularly drive your classic car, this is the best carrier to protect that car. It will allow upwards of 10,000 miles of regular use which would be close to what a traditional policy would offer. Most collector car drivers don’t drive them on the regular. Safeco does have a strict list of vehicles that it is willing to insure which includes a ten-year minimum requirement.

Best For Being Restored Auto Carrier

If you’re currently restoring your classic car, you want to go to Hagerty who covers for a wide range of vehicles as well as higher than the average spare parts coverage which makes it a superior choice for the folks restoring their classic cars.

Types of Cars Being Insured

Classic car is a broad and simple term but there are numerous ‘non-traditional’ cars that all of these carriers do insure that don’t necessarily fall under this classification. Whether you have a kit car or a modified version of a street rod, a 1920 style milk truck, or a retired kind of a military vehicle, most of these carriers will be willing to ensure these under the classic car auto insurance coverage.

Benefits Carriers Offer

As with traditional insurance, there are many parts that go with classic and collector vehicle insurance. Some carriers such as J.C. Taylor have requirements like your classic car must be a minimum of 19 years old to be covered while places such as Grundy will cover vehicles of any age. The discounts being made available should also be taken into consideration. Safeco will give you a percentage off of your rates if you will bundle the classic car along with your regular car policy. Another feature that is underrated is the inflation guard. This increases the limits of your protection as the car goes up in value. 

Finding Discounts 

It is possible for good collectible car coverage to be affordable, even though this dream car might have cost you more than your regular car. Classic car carriers offer a vast array of discounts.

Since every classic car is unique in its way, it’s necessary to research the best plan, the best premiums, and the best discount you can find. While you’re comparing the collector car plans, ask the carriers if the various discount and saving options are available for you.

  • More than one car
  • More than one policy
  • Fewer mileage
  • Higher deductible selection
  • Anti-theft devices attached
  • Car club membership
  • Safe driving courses
  • Winter storage
  • Switching from a competitor

Your classic car is a genuine collector’s item. Whether you proudly drive it to a car show or are still painstakingly restoring it in the garage, you’ll need to find the best classic car carrier to protect your investment to the fullest.