Money & Finance

Best Classic Car Insurance: Grundy vs Hagerty vs American Collectors Insurance vs J.C. Taylor & More

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Sure, classic car insurance won’t cover your DeLorean to travel “Back to the Future,” but there are many reasons why you need to insure your prized possession. Antique auto shows, parades, classic car club meetings, pleasure riding, etc. If you’re a collectible car owner, you need vehicle insurance coverage for any type of event.

WinnerRunner-Up3rd Place
Hagerty LogoAmerican Modern logoGrundy logo
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Best Classic Car Insurance

couple riding in a red classic car convertible with top down

Most of the companies we review here cover classics, collectibles, antiques, modified cars, hot rods, classic motorcycles, and more. We based our reviews on several factors, including company strength, reputation, level of coverage, additional benefits, and more. Be sure to jump to our classic car insurance 101 section if you’re not familiar with some of the terms in our reviews.

Winner: Hagerty Review

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Hagerty specializes in insuring antique, classic, and collectible vehicles. They offer low premiums, a guaranteed agreed value, and customized policies for an incredible variety of vehicle types. This provider has an A.M. Best rating of A (Excellent) for financial strength. Also, all policies include $750 of comprehensive (other-than-collision) coverage for spare parts.

They also have several low-priced add-on options. With Hagerty’s restoration coverage, the insured value of your car increases 10% per quarter (up to $25,000) until the restoration is complete, and you get $750 of coverage for automotive tools. For just $25 per year, you can also add $1,500 coverage for trip interruption reimbursement and $10,000 for accidental death coverage.

In addition to classic and antique cars, Hagerty also specializes in insuring specific collectible “modern” cars and supercar/exotic vehicles. These include some vehicles 1990 and newer that are maintained for collector vehicle activities and are of a unique interest nature (e.g., Mustangs, Corvettes, Miatas, Ferraris, etc.).

Hagerty also has partnerships with Allstate, Nationwide, and Progressive, so you may be able to receive a bundling discount if you have standard car insurance or homeowners insurance with one of these popular providers.

Hagerty comes highly recommended by thousands of classic and collectible car owners for their prompt service and exceptional customer support.

ProsCons
In business for nearly 40 yearsSome model-year and value restrictions
No mileage limitations for classic/antique cars (as long as it’s not a daily-use car)A few reports of long wait times for roadside assistance
$750 of coverage for spare parts included
Most claims paid within 15 days
Automatic 30-day coverage if you buy a second collectible car
Optional restoration coverage
Optional roadside assistance
BBB rating: A+
Available in all 50 states

In-Depth Hagerty Review

Read our full review of Hagerty for more details on what they cover, qualification requirements, and more, plus consumer feedback.

Runner-Up: American Modern Insurance Review

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American Modern Insurance offers feature-rich, agreed-value plans that are highly customizable with four mileage limit options, deductible options from $0 to $10,000, and several add-ons. Some of American Modern’s standout policy features include $2,000 coverage for lost or stolen spare parts, disaster relocation, and an unlimited mileage plan.

Every policy also includes $75 reimbursement for towing and $150/day to cover lodging and other expenses if you break down more than 50 miles from your home for more than 24 hours, and up to $750 for vet expenses if your pet gets injured in the vehicle.

American Modern partners with Geico, so you may be eligible for bundling discounts if you have another policy with Geico.

ProsCons
In business since 1965Some model-year and vehicle value restrictions
Unlimited mileage plan availableSeveral customer complaints about slow claims processing and denied claims
$2,000 coverage for lost or stolen spare partsNo restoration coverage available
Automatic 30-day coverage if you buy a second collectible car (up to $50,000)Can’t get an online quote
Emergency assistance add-on
Multiple discounts for collections, anti-theft devices, club memberships, and more
BBB rating: A+
Available in all 50 states

Check out American Modern’s video to learn more about their specialty insurance.

3rd Place: Grundy Review

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Grundy Insurance doesn’t solely provide classic car insurance, but they have a long track record as one of the top classic car insurers in the industry. What are Grundy’s standout policy features? They allow you to purchase up to $1 million in liability coverage. You also get $600 coverage for trip interruptions due to collisions or breakdowns, $250/year for emergency towing, and spare parts coverage up to $500.

Grundy also offers policies for car restoration and car building businesses, homeowners insurance, and coverage for car collections. You can even combine all your vehicles (collectors, daily drivers, motor homes, etc.) on one “MVP” agreed-value policy.

ProsCons
In business since 1947Some vehicle value restrictions
No deductibles in most statesPersonal restoration coverage unavailable
No mileage limitations (as long as it’s not a daily-use car)Must keep your vehicle in a locked garage to qualify
Inflation guard add-onSome complaints that the qualification process is very cumbersome
Emergency towing included in policy (up to $250/year)
BBB rating: A+
Available in all 50 states

Comparison Table

Check out our side-by-side comparison table for an easy way to compare benefits, payouts, and other features for all the companies we review here. Keep in mind that some benefits may not be available in all states.

 HagertyAmerican ModernGrundyAmerican CollectorsHeacock ClassicJC TaylorSafecoState Farm
Mileage Limitations Per YearUnlimited1,000, 3,000, 6,000 & UnlimitedUnlimited2,500, 5,000 7,500 & UnlimitedUp to 6,000UnlimitedUp to 10,0002,500
Spare Parts Per Year$750$2,000$500$500$2,000UnlistedUnlisted$500
Coverage While Under RestorationAdd-onN/A N/AIncludedIncludedUnlisted N/A
Roadside/Emergency AssistanceAdd-onIncluded: $75 per towing Included: $250/year towingIncluded: up to $300/yearIncluded UnlistedAdd-on AvailableAdd-on available
Trip InterruptionAdd-on coverage: $1,500Included: $150/dayIncluded: $600Included: $150UnlistedUnlistedAdd-on Available 
Driver Age RestrictionsNoneNone255-Year Licensed Driver2525NoneNone

What About American Collectors, Safeco, Heacock & More?

American Collectors Insurance Review

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American Collectors Insurance is another solid option for classic vehicle insurance, with competitively priced premiums, agreed value, multiple liability and deductible choices, and a good customer support reputation. All policies include coverage for spare parts, roadside assistance/towing, disaster relocation, emergency travel expenses, and pet injuries.

American Collectors also stands out for their four optional CARE bundles. These enhancements allow you to increase base policy payouts and extend coverage to include accidental death and dismemberment, ambulance assistance, car show expenses, legal defense funds, and much more.

ProsCons
In business since 1976Some model-year and vehicle value restrictions
Unlimited mileage plan availableStrict driver-eligibility requirements
Inflation guard: up to 6% per yearSome reports of poor customer service
Automatic 30-day coverage if you buy a second collectible car (up to $100,000)
Insurance coverage during restoration
Roadside assistance and disaster relocation included
Wide variety of add-on plans
Discounts for multiple vehicles and collections
BBB rating: A
Available in all 50 states

Heacock Classic Review

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Heacock Classic is a smaller, lesser-known provider that’s certainly worth considering. Despite not being a huge company, Heacock’s policies are underwritten by American Modern Insurance Group, which has an A+ AM Best rating (superior). This provider also gets a majority of excellent customer reviews.

Although Heacock doesn’t list all of its coverage details on its website, some policy highlights include a guaranteed agreed value, $2,000 spare parts coverage, roadside assistance with guaranteed flatbed towing, and coverage during restoration.

ProsCons
In business for nearly 35 yearsMaximum mileage limit is only 6,000 per year, which is fewer than most providers
Only one liability charge no matter how many collector cars you haveWebsite doesn’t have detailed coverage information
Roadside assistance included Must keep your vehicle in a locked garage to qualify
$2,000 coverage for spare partsNot available in Alaska or Hawaii
Automatic 30-day coverage if you buy a second collectible car (up to $50,000)
Insurance coverage during restoration
Gets excellent customer reviews for a fast and easy approval process and customer support
BBB rating: A+

J.C. Taylor Review

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J.C. Taylor is one of the oldest companies that offers classic and antique auto insurance and still has a trustworthy reputation. They also provide exotic, hot rod, custom, and modified car insurance.

Unfortunately, J.C. Taylor’s website lacks any information about the benefits they include with their agreed-value policies. You either have to call them or submit an online form with your address, email, and other contact information to request a quote.

ProsCons
In business 60+ yearsWebsite lacks any kind of benefit information
Competitive premiums$250 deductible on physical damage coverage for modified vehicles
No mileage limitations (they use 2,500 for underwriting purposes only)Must keep your vehicle in a locked garage to qualify
Multi-vehicle discounts
BBB rating: A+

Safeco Insurance Review

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Safeco, a Liberty Mutual Insurance company, is a well-known auto and home insurance provider that also offers two benefit-rich classic car insurance policies with agreed-value coverage.

If you drive your classic car frequently, Safeco’s “Regular-Use” policy could be just the ticket — you can drive up to 10,000 miles annually. Their “Restricted-Use” policy is limited to 5,000 miles per year.

ProsCons
Parent company, Liberty Mutual, has been in business for 100+ yearsSome model-year and value restrictions
Regular-use plan covers up to 10,000 miles per year (even for daily use)Payouts unavailable on website
Collision deductible reduced $100/year if you remain claim-free (up to 5 years)No restoration coverage available
Roadside and emergency assistance add-ons availableSome complaints about poor customer service
Ability to bundle classic auto insurance with daily-use and homeowners insuranceMust keep your car in a locked garage
BBB rating: A+ (for parent company Liberty Mutual)

State Farm Insurance Review

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State Farm is a big name in the insurance industry, and they offer agreed-value classic and antique car insurance in all 50 states. Coverage and payouts vary by state, so you must contact a local State Farm agent to get all the details.

Available coverage includes:

  • Liability
  • Medical payments/no-fault
  • Comprehensive
  • Collision
  • Uninsured/underinsured motor vehicle
  • Emergency road service
ProsCons
In business since 1922Some model-year and value restrictions
Insurance coverage during restorationMileage limits are unlisted, but they say their policies are for “very limited use”
Spare parts coverage up to $500Not a lot of information on website
Emergency assistance add-on available
Good customer service reputation
BBB rating: B

Classic Car Insurance 101

You need to be familiar with several specific classic car insurance terms before purchasing a policy.

Classic vs Antique

A motor vehicle’s classification can make a difference in taxes and insurance. Generally, “classic” applies to vehicles over 20 years old, and “antique” cars are over 45 years old. “Vintage” cars were built between 1919 and 1930.

Insurance companies, however, vary widely in how they classify cars. Some companies consider a car an antique when it’s more than 25 years old, fully restored, and in good working order. A few insurance providers will even classify certain cars as classic when they’re just past ten years old.

Stated Value vs Agreed Value

New and used vehicles begin depreciating as soon as you drive them off the lot, so standard insurance companies insure them according to their Actual Cash Value or Stated Value.

Because of this depreciation, insurance companies adjust your payout in the event of a total loss based on what the car would be worth just before the accident (Stated Value) instead of what you originally paid.

Classic and antique vehicles are assessed on a different level. They generally appreciate in value with proper maintenance, so many specialty insurers guarantee an “Agreed Value” coverage that’s based on the value of your car.

You and the insurance company determine an agreed value based on appraisals, photos, and other documentation. With agreed value coverage, the insurance company guarantees that they will pay this agreed-upon value in the event of a covered total loss.

All of the insurance companies in our reviews here offer agreed-value coverage.

Inflation Guard

Some companies include an “Inflation Guard” as part of their policy benefits. Most collector vehicle values appreciate over time. This is unlike modern cars, which depreciate in value after purchase.

Some insurance policies will automatically increase your vehicle’s value by a certain percentage every quarter or year as part of their standard coverage so that your insurance policy keeps up with the appreciating value of your vehicle.

Daily-Use Restrictions

Many classic and antique car insurance plans restrict the daily use of your collectible vehicle. Generally, this means that you’re not covered if you use your classic car to go to work, run errands, etc. As with any insurance product, make sure you review the policy’s terms and conditions carefully. You’ll want to know precisely what the usage restrictions are. Otherwise, you might have an accident that isn’t covered.

In most cases, you must have a daily-use car insurance policy in addition to your classic vehicle insurance. Some companies also mandate that every licensed driver in your household has a standard auto insurance policy and a car of their own (although there are exclusions, i.e., for a full-time student away at college).

Types Of Vehicles Covered By Insurance Company

At a minimum, every classic car insurance provider will cover antique and classic cars. However, the best providers also offer insurance for many other types of collector and specialty vehicles. We’ve also included some companies that offer coverage but aren’t in our reviews in this article.

Other Collector VehiclesWho Offers Coverage?
Classic hot rodsAmerican Collectors, American Modern, Condon Skelly, Grundy, Hagerty, Heacock, J.C. Taylor, Leland-West, Safeco
Modern classic carsAmerican Collectors, American Modern, Condon Skelly,
Grundy, Hagerty, Heacock, J.C. Taylor, Safeco
Exotic carsAmerican Collectors, American Modern, Condon Skelly, Grundy, Hagerty, Heacock, J.C. Taylor, Leland-West
Modified carsAmerican Collectors, American Modern, Condon Skelly, Grundy, Hagerty, Heacock, J.C. Taylor, Leland-West, Safeco, State Farm
ReplicasAmerican Collectors, American Modern, Hagerty,
Heacock, J.C. Taylor, Leland-West
Race carsAmerican Collectors, American Modern, Hagerty,
Heacock, Leland-West, State Farm
Classic motorcyclesAmerican Collectors, Condon Skelly, Hagerty, Heacock

Frequently Asked Questions

Here are some common questions from our readers regarding classic car insurance. Got your own? Ask us in the comments.

When Does A Car Become A “Classic” For Insurance Purposes?

Great question! We get this one a lot. Among car aficionados, a car is often considered classic when it has historical interest and is at least 10 years old, but insurers have their own rules for issuing a policy.

The Insurance Information Institute (III) says a car is considered a classic when it’s at least 25 to 30 years old. Progressive mentions a minimum of 10 years, and Nationwide mentions an age range of 20 – 40 years, but none of these figures will guarantee coverage for your particular model. More information is in our classic vs antique section above.

We recommend you start by getting a quote from the providers we reviewed above.

How Can I Insure A Classic Car As A Daily Driver?

Unfortunately, you can’t. Classic car insurance is not designed to cover a car you drive daily. It’s meant for secondary, or collector, vehicles. If your classic car is your primary ride, you’ll need to cover it with a standard automobile insurance policy. See more details in our daily-use restrictions section above.

Is It Cheaper To Insure A Classic Car?

Yes, classic car insurance is typically less expensive than standard auto insurance you have on your daily-use vehicle. For example, Heacock and American Collectors state that their rates are around 40% less than standard car insurance. Why the cheaper rates? Due to restrictions on usage and mileage, classic cars aren’t as likely to encounter an accident, making insurance coverage less risky for companies.

What Other Providers Offer Classic And Collector Car Insurance?

Although these providers didn’t make the cut in our reviews this time around, you may want to check them out. Other classic car insurance providers include Leland-West, Condon Skelly, American National, Farmers, and Chubb.

Smart Home Protection

You’ve put a lot of effort into insuring your vehicle, but what about protecting your home? A home warranty can save you thousands of dollars a year in repair costs, appliance replacements, and more. Check out our home warranty reviews to learn more.

Sally Jones

While attending the University of North Carolina at Chapel Hill’s graduate school for journalism and public relations, Sally began a long career researching and writing about hard-to-understand topics, such as insurance and finance. Her additional experience in marketing, fundraising, public relations and financial planning at various foundations and nonprofit organizations over the years has given her the practical tools to inform consumers about making the smartest business and personal financial decisions. Her work has appeared in many notable media outlets, including The Washington Post, Entrepreneur, People, Forbes, Huffington Post, and more. Speaking of smart living — growing up in the (at-the-time) per-capita murder capital of the U.S. (Richmond, VA) taught her a thing or two about the need for personal and home safety. Sally stays on top of all the latest gadgets and services to protect her and her teenage daughters from potential predators and thieves. And she brings this knowledge to every article she writes.

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