Introduction

If you own a classic car, you know that it’s not just a mode of transportation—it’s a passion, an investment, and a piece of automotive history. Classic cars require special care, and that includes insurance that understands their unique value and needs. In this article, we’ll explore the seven best classic car insurance companies in 2024, so you can find the perfect fit for your prized possession.

Hagerty

Overview

Hagerty is one of the most well-known names in the classic car insurance industry. With decades of experience, they offer tailored policies specifically designed for classic and collector cars.

Key Features

• Agreed Value Coverage: Ensures you get the full insured value of your car in case of a total loss.
• Roadside Assistance: Specialized assistance for classic cars, including flatbed towing.
• Flexible Usage: Allows occasional pleasure use and participation in car shows and events.

Pros and Cons

Pros:

• Extensive experience in the classic car market.
• Excellent customer service and claims process.
• Additional perks like membership in the Hagerty Drivers Club.

Cons:

• Premiums can be higher than average.
• Coverage may be limited in certain areas.

Grundy

Overview

Grundy Insurance has been protecting classic cars since 1947. They offer comprehensive coverage options and are known for their customer-centric approach.

Key Features

• Full Agreed Value: No depreciation on claims.
• Unlimited Mileage: Enjoy your classic car without worrying about mileage restrictions.
• Expert Claims Handling: Specialists who understand the unique needs of classic cars.

Pros and Cons

Pros:

• Unlimited mileage feature is a standout.
• Competitive rates for high-value collections.
• Strong reputation in the classic car community.

Cons:

• Limited to cars that are not daily drivers.
• May require an appraisal for high-value vehicles.

American Collectors Insurance

Overview

American Collectors Insurance offers a range of policies for various types of collectible vehicles. They are known for their flexibility and customer-focused service.

Key Features

• Agreed Value Coverage: Guarantees the insured amount without depreciation.
• Tiered Mileage Plans: Options based on how much you drive your car annually.
• Spare Parts Coverage: Protection for rare and valuable parts.

Pros and Cons

Pros:

• Flexible mileage plans.
• Coverage extends to spare parts and automobilia.
• Competitive pricing for comprehensive coverage.

Cons:

• Not available in all states.
• Some customers report slow claims processing.

J.C. Taylor

Overview

J.C. Taylor has been a trusted name in classic car insurance for over 50 years. They provide customized policies tailored to the unique needs of classic car owners.

Key Features

• Agreed Value Policies: Ensures full value payout in case of total loss.
• Restoration Coverage: Protects your car during the restoration process.
• Multi-Car Discounts: Savings for insuring multiple vehicles.

Pros and Cons

Pros:

• Extensive experience with classic and antique cars.
• Restoration coverage is a rare and valuable feature.
• Good customer service reputation.

Cons:

• Policies may have stricter usage limitations.
• Premiums can be higher for extensive coverage.

Safeco

Overview

Safeco, a subsidiary of Liberty Mutual, offers classic car insurance as part of its broader range of auto insurance products. They are known for their robust financial backing and reliable service.

Key Features

• Agreed Value Coverage: Ensures you receive the full insured value.
• Optional Roadside Assistance: Specialized for classic cars.
• Flexible Usage Options: Allows for occasional pleasure driving.

Pros and Cons

Pros:

• Strong financial backing of Liberty Mutual.
• Good range of optional coverages.
• Discounts for bundling with other insurance products.

Cons:

• Not as specialized as some classic car insurers.
• May require more documentation for claims.

State Farm

Overview

State Farm is one of the largest insurance companies in the U.S., offering classic car insurance as part of its extensive portfolio of auto insurance products.

Key Features

• Agreed Value Coverage: Full value payout agreed upon at policy inception.
• Roadside Assistance: Available as an add-on.
• Nationwide Network: Extensive network of agents and repair shops.

Pros and Cons

Pros:

• Nationwide availability and network.
• Option to bundle with other insurance types for discounts.
• Strong financial stability.

Cons:

• Less specialized in classic cars compared to niche insurers.
• Policies may not be as customizable.

American Modern

Overview

American Modern specializes in insurance for specialty vehicles, including classic cars. They offer a wide range of coverage options tailored to the needs of collectors.

Key Features

• Agreed Value Coverage: Full payout of the agreed value in case of a total loss.
• Flexible Usage Plans: Options based on your driving habits.
• Spare Parts and Accessories Coverage: Protection for rare parts.

Pros and Cons

Pros:

• Wide range of coverage options.
• Competitive pricing.
• Flexible usage plans cater to different needs.

Cons:

• Not available in all areas.
• Some customers report issues with customer service.

Comparison of Companies

Coverage Options

Each company offers agreed value coverage, but some have additional features like unlimited mileage (Grundy) or restoration coverage (J.C. Taylor).

Pricing

Prices can vary significantly based on the value of the car, location, and driving habits. Companies like American Collectors Insurance and American Modern often offer competitive rates.

Customer Service

Hagerty and Grundy are well-regarded for their customer service, while larger companies like State Farm offer the advantage of a nationwide network.

Additional Benefits

Hagerty’s Drivers Club, Grundy’s unlimited mileage, and American Modern’s spare parts coverage are standout features.

How to Choose the Right Insurance for Your Classic Car

Assessing Your Needs

Consider how often you drive your classic car, its value, and any special requirements like restoration coverage.

Evaluating Quotes

Get quotes from multiple companies and compare not just the price, but also the coverage and benefits offered.

Checking Reviews and Ratings

Look at customer reviews and ratings to gauge the reliability and customer service of each company.

Conclusion

Choosing the right classic car insurance is crucial to protecting your investment and enjoying your classic car to the fullest. Hagerty, Grundy, and American Collectors Insurance are among the top choices, but the best company for you will depend on your specific needs and preferences.

FAQs

What is Classic Car Insurance?

Classic car insurance is a specialized type of auto insurance designed to cover the unique needs of classic, antique, and collectible vehicles.

How is Classic Car Insurance Different from Regular Car Insurance?

It often includes agreed value coverage, which ensures you receive the full insured value in case of a total loss, and may have mileage restrictions and specialized repair services.

What Factors Affect the Cost of Classic Car Insurance?

Factors include the car’s value, how often you drive it, where it’s stored, and your driving history.

Can I Insure My Classic Car for Daily Use?

Most classic car insurance policies are designed for occasional use. If you drive your classic car daily, you may need a different type of coverage.

How Do I File a Claim with Classic Car Insurance?

Contact your insurance company as soon as possible, provide the necessary documentation, and work with their claims specialist to assess the damage and process the claim.