According to NerdWallet, the best insurance provider for classic cars is Sfeco. While most insurance companies prohibit the daily use of their classic car, Sfeco allows it. Your policy covers up to 10,000 miles of use a year. The best classic car insurance companies include Hagerty, State Farm, Sfeco, Heacock Classic and American Collectors.
The best classic car insurance policies offer affordable, quality coverage for vintage or high-performance vehicles that are driven for pleasure rather than for everyday use. The only insurance you normally need is liability coverage and, in some states, personal injury protection. Full coverage is often recommended, but it becomes much less financially valuable with an older car. The best classic car insurance companies are Grundy, Hagerty, American Collectors Insurance, American Modern Insurance, and Heacock Classic Insurance.
In this review, the Guides Auto team will analyze the five best classic car insurance companies currently available, considering each insurer's position in the industry, coverage options, and more. We'll also discuss classic car coverage requirements and available coverage options. As noted by The Balance, Progressive found that classic car insurance costs, on average, 36 percent less than a traditional policy. In the event of a covered loss, Hagerty's guaranteed value coverage pays every penny of the insured value of your classic car, minus the deductible.
Unlike a regular car insurance policy, Geico's classic car coverage is designed for vehicles that don't lose value over time and aren't for everyday use. Classic car insurance can generally be used to cover exotic cars, off-road vehicles, and high-performance vehicles. Hagerty's Progressive Classic Car defines classic cars as “fun-to-drive vehicles that maintain or increase their value. ValuePenguin calculated that the typical cost of insurance for a midsize car increases by 93% after an accident caused by the culprit.
However, ValuePenguin found that after a car is more than 10 years old, it might be a better investment to switch to car insurance with exclusive liability coverage or consider buying a newer vehicle. Many classic car insurance companies can also cover custom cars, such as sports cars, replicas, powerful cars, and more. In addition, different insurance providers calculate these factors differently, so it's worth asking for several insurance quotes. In some cases, insurers offer classic car insurance to newer vehicles if they have any collectible value.
Most classic car insurance providers define a classic car as 10 to 20 years old, and older vintage or vintage cars. More specifically, State Farm not only offers insurance for classic cars, defined as vehicles that are between 10 and 24 years old and are of historic interest, but it also insures old cars, defined as vehicles that are at least 25 years old with the same standard of historical interest. As a result, you may have to prove that you have a normal car for everyday use when buying classic car insurance.