Best Collector Car Insurance

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Contributor, Benzinga
April 22, 2024

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Nothing compares to the feeling of owning a classic car. It draws a lot of attention and is a perfect initiator for conversation. But a classic car needs a special insurance policy like classic car insurance. Over the years, collector car insurance has gained popularity as the top method of protection for older cars of high value.

Nothing compares to the feeling of owning a classic car. It draws a lot of attention and is a perfect initiator for conversation. But a classic car needs a special insurance policy. Over the years, collector car insurance has gained popularity as the top method of protection for older cars of high value.

Quick Look: Best Collector Car Insurance Companies

4 Best Collector Car Insurance

Whenever you decide that collector car insurance is right for you, consider the companies out there that meet your needs best.

1. Best for People With High-Value Vehicles: American Collectors Insurance

One of the most respected insurance agencies in protecting collector cars is none other than American Collectors. It offers coverage as an agreed value so customer cars won’t experience depreciation if they have a claim. Policies also allow the ability to choose a mileage plan to correspond to how the classic car is used.

American Collectors is also known for its inflation guard. This increases coverage of a classic car by up to 6%. This is because of parts and labor increasing in prices. Multivehicle discounts are available for classic car owners who have more than one collector car, too.

AM Best rating: A+


  • Specializes in providing insurance for car collections
  • Offers customizable policies with flexible mileage limits
  • You can get a free quote on its website
  • Agreed Value policies


  • Furniture, fine art or jewelry not covered
  • Varied coverage by state

2. Best for Insuring Multiple Specialty Vehicles: Grundy Insurance

As a widely used insurance carrier, Grundy combines affordability with full-value coverage. It is primarily designed for those who have a clean driving record or don’t use their vehicle often. Choosing a coverage option is simple and easy with Grundy.

Agreed-value coverage is readily made available for vehicles 25 years and older. Special coverage considerations are taken into account when discussing policies.


  • Agreed value policies
  • No mileage restrictions
  • Coverage limits up to $1 million dollars
  • AM Best rating: A++


  • Requires that classic car not be used as daily vehicle

3. Best for Affordability: Hagerty 

Hagerty collector car insurance has many benefits. It has a members-only drivers’ club with events, discounts, roadside assistance and even a parts-sourcing service.

The company is well versed and knowledgeable in classic cars. Policies enable for occasional use with no fixed mileage restrictions, and guaranteed replacement coverage ensures customers are fully insured if the car is totaled. Customer satisfaction rates are high as well.


  • Offers multi-vehicle coverage
  • Customizable policies
  • AM Best rating: A+


  • Does not cover everyday driving

4. Best for Bundling Regular Car Insurance With Specialty Policies: Safeco Insurance

A part of Liberty Mutual, Safeco includes the strength of a leading insurer and personalized care with agents. The coverage policy for classic cars is available as an agreed value for collision and comprehensive.

For those who drive their collector cars more, Safeco offers generous mileage allowances. This includes up to 10,000 miles per year. Safeco insurance provides customers with the ability to combine regular used cars with classic cars on the same policy.


  • Online claim filing
  • Dedicated agents
  • Useful mobile app
  • AM Best Rating: A


  • Average customer service ratings
  • Can’t sign up for a policy online

What Is Collector Car Insurance?

Collector car insurance, also known as classic car insurance, is comparable to standard car insurance. The policies offer collision, comprehensive and liability coverage. However, what differentiates collector car insurance is the fact that its main purpose is to address valuation in a way that delivers better protection. Classic and collector cars go up in value over time while a standard car depreciates.

What Is Covered?

Collector car insurance protects against liability, collision, comprehensive and medical claims.

Liability Insurance

Liability provides coverage for bodily injury and property damages. Any costs associated with injuries to individuals and damage to other cars, mailboxes, lampposts or any other object hit by your vehicle.

Collision Insurance

Collision protection assists with covering the cost of repairing a classic car should it ever be involved in an accident. By definition, a collision is an impact with another vehicle. Sometimes, rollovers are also covered under a collision policy.

Comprehensive Insurance

Comprehensive coverage includes fire, theft, vandalism, natural disasters like floods, falling objects, broken glass and more. Under a covered claim, any damage to a classic vehicle is protected by using an insured value that is not adjusted for depreciation.

Medical Insurance

Medical coverage for personal injuries can also be included with a policy, but customers need to be aware of their state regulations as they pertain to medical coverage.

With certain policies, there is also the opportunity for extra coverage options that include, roadside assistance, travel expenses, spare parts and auto show-related coverages.

How To Compare Car Insurance

Whenever possible, it is helpful to look at a wide range of collector car insurance options. The key points to compare between agencies, when looking for the best deal suited to your needs, are agreed value or guaranteed value coverage, restoration coverage, flexible usage and parts coverage. It is important to review the details of each aspect with an agent in order to reap the benefits of the best car insurance.

  • Agreed value or guaranteed value coverage covers a classic car for a fixed amount and does not make deductions for depreciation. Classic and collector cars increase in value over time so be sure to ask questions about this area of coverage. Be cautious of some policies that are designed with a stated value coverage option. Even though it may sound familiar, it actually results in less complete coverage. An agent will work through any questions and concerns as it pertains to agreed value.
  • Restoration coverage is essentially indispensable for a project car intended to be brought back to its original state. Keep in mind, though, that incomplete restoration cars are unable to be insured with a standard car insurance policy.
  • Flexible usage is designed for collector cars that are either seldomly used while others are used more frequently. An agent can discuss any restrictions to ensure that allowances match your intentions for use.
  • Parts coverage is aimed at an inventory of valuable spare parts for classic cars. Under this type of coverage, some classic car policies will offer protection. 

How To Get Cheap Collector Car Insurance

Looking for the best and most affordable collector car insurance can be a challenging task. A variety of factors can influence the premium rates. The way to find cheap insurance is to use tools that help compare multiple companies at the same time. Stay informed and educated on what options are available and tailored to your specific situation. It is always good to discuss with family and friends to get a better insight on an insurance company’s service for sports car insurance. Read reviews to learn more about agencies as well.

Making an Informed Decision on Collector Car Insurance

Shopping for collector car insurance has the potential to be a complex process. However, if consumers keep in mind the overall objective, which is to select a policy best suited to their needs, they will have no problems. Making smart decisions and staying safe while driving will allow for an affordable policy to fit just about any budget.

Keep in mind that your state may have its own laws that define what is or isn't a classic car. For example, Michigan issues historical license plates to cars that meet its standards. Be sure to know your own state's laws when searching for insurance.

Frequently Asked Questions


Is collector car insurance cheaper than regular car insurance?


Overall, collector car insurance is less expensive than regular car insurance. This is because  collector cars usually have a much lower risk of being involved in an accident. Premiums and deductibles are generally lower as well.



How are collector cars defined?


Any car that is at least 10 years old while being maintained and restored to its original design is considered to be a classic or collector car. Categorization depends on the state you reside in, so be sure to check with an insurance agent for clarification.



Can I find special insurance for my collectable cars?


Yes, you can purchase classic car insurance for your collectable cars.