Classic cars are not only beautiful and valuable, but they are also sentimental and part of our history. Whether you own a vintage Porsche, a Ford Mustang, or a Chevrolet Corvette, you surely want to protect your investment. That’s where classic car insurance comes in handy. In this article, we’ll introduce you to the best classic car insurance companies in the market and help you choose the right coverage for your vehicle’s needs.
What is Classic Car Insurance?
Classic car insurance is designed specifically for vintage or collector cars that are not driven on a daily basis. Unlike regular car insurance, classic car insurance policies take into account the vehicle’s age, rarity, and collectibility, which affect their market value. Classic car insurance also offers specialized coverage, such as agreed value, spare parts, and restoration costs. Typically, classic car insurance companies require that the car is kept in a secure garage and that the driver has a good driving record.
Agreed Value Coverage
Agreed value coverage is one of the unique features of classic car insurance. It means that you and the insurance company agree on the car’s value upfront, which is based on the car’s condition and its market value. In case of total loss, you will receive the agreed value amount as compensation, regardless of the car’s depreciated value over time. This is different from regular car insurance, which pays the actual cash value of the car at the time of the accident, which can be lower than the car’s true value. Agreed value coverage ensures that you can repair or replace your classic car with ease and peace of mind.
Spare Parts Coverage
Classic cars often require rare or obsolete parts that are hard to find and expensive. Spare parts coverage can help you replace or repair those parts in case of damage or loss. With spare parts coverage, the insurance company will reimburse you for the cost of finding and purchasing the necessary parts or even custom-building them. Spare parts coverage varies from one insurance company to another, so make sure to read the policy carefully and ask questions.
Restoration Coverage
If you’re planning to restore or modify your classic car, restoration coverage can help you cover the costs of labor, materials, and parts. Restoration coverage can also include coverage for damages that occur during the restoration process, such as fire, theft, or weather-related damage. Restoration coverage can be added to your classic car insurance policy for an additional premium.
Top Classic Car Insurance Companies
Choosing the right classic car insurance company can be a daunting task, especially with so many options available in the market. To make it easier for you, we’ve researched and compared the top classic car insurance companies based on their reputation, coverage, customer service, and affordability.
Company |
Coverage |
Customer Service |
Affordability |
|---|---|---|---|
Hagerty |
Agreed value, spare parts, and restoration |
24/7 support, expert advice, and online quoting |
Flexible payment options and discounts |
Grundy |
Agreed value, no mileage limits, and spare parts |
Personalized service, quick claims, and appraisals |
Competitive rates and multi-policy discounts |
Chubb |
Agreed value, spare parts, and new parts replacement |
Concierge service, worldwide coverage, and claim free rewards |
Premium rates, but high coverage limits and benefits |
Hagerty
Hagerty is one of the most popular and respected classic car insurance companies in the industry. With over 30 years of experience and more than 1 million policyholders, Hagerty offers comprehensive coverage for all types of classic cars, from antique to modern classics. Hagerty’s agreed value coverage ensures that you get the full value of your car in case of total loss, while the spare parts and restoration coverage provide extra protection for your investment. Hagerty also offers flexible payment options, such as monthly payments or pay as you drive, and discounts for multiple cars, low mileage, and safe driving.
Grundy
Grundy is another top classic car insurance company that has been serving collectors and hobbyists since 1947. Grundy offers a unique agreed value coverage that allows you to insure your car for its full value without any depreciation. Grundy also offers no mileage limits, which means you can enjoy driving your vintage car without worrying about losing coverage. Grundy’s spare parts coverage ensures that you can replace rare or hard-to-find parts in case of damage or theft. Furthermore, Grundy’s customer service is top-notch, with personalized service, quick claims, and appraisals.
Chubb
Chubb is a premium classic car insurance company that offers high-end coverage for high-end cars. Chubb’s agreed value coverage is based on the car’s appraised value, which is determined by a team of experts who are knowledgeable about classic cars. Chubb’s spare parts coverage extends to new parts replacement, which means that damaged parts will be replaced with new ones instead of used ones. Chubb also offers worldwide coverage, concierge service, and claim free rewards, which can save you money on your policy. However, Chubb’s rates are higher than other classic car insurance companies, so it may not be the most affordable option for everyone.
FAQ: Frequently Asked Questions
Do I Need Classic Car Insurance?
If you own a vintage or collector car that is not driven on a daily basis, then you need classic car insurance. Regular car insurance is not enough to protect your investment, as it only covers the actual cash value of the car, which can be lower than the car’s true value. Classic car insurance takes into account the car’s age, rarity, and collectibility, and offers specialized coverage, such as agreed value, spare parts, and restoration costs.
How Much Does Classic Car Insurance Cost?
The cost of classic car insurance depends on several factors, such as the car’s make and model, its age and condition, the driver’s age and driving record, and the coverage options chosen. On average, classic car insurance can cost between $300 and $1,000 per year, but it can be higher or lower depending on your individual circumstances. To get an accurate quote, you should contact several classic car insurance companies and compare their rates and coverage.
What Does Classic Car Insurance Cover?
Classic car insurance covers a range of damages and losses that can occur to your vintage or collector car, such as theft, fire, weather-related damage, collision, and liability. Classic car insurance also offers specialized coverage, such as agreed value, spare parts, and restoration, which regular car insurance does not. Some classic car insurance companies also offer roadside assistance, towing, and rental reimbursement.
How Do I Choose the Right Classic Car Insurance Company?
Choosing the right classic car insurance company can be tricky, as there are many options available in the market. To choose the right one for you, you should consider the company’s reputation, coverage options, customer service, and affordability. You should also read the policy carefully and ask questions about any terms or conditions that you don’t understand. You should also compare quotes from several companies to get the best value for your money.
In conclusion, owning a classic car is a dream come true for many car enthusiasts, but it also comes with responsibilities. Protecting your vintage or collector car with the right classic car insurance is essential to ensure that you can enjoy it for years to come. With the help of our guide, you can find the best classic car insurance company that suits your needs and budget.