Jessica Sautter is a Content Writer for CarInsuranceCompanies.com with a Bachelor’s Degree from Eastern Michigan University in Elementary Education with a Major in Reading and a Minor in Mathematics.

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Chris Harrigan has an economic degree from Limestone College and an MBA from Clemson University. He previously managed auto insurance claims for Enterprise Rent-A-Car. Currently, he is using his business and insurance expertise to provide insurance data analysis and visualizations to enhance the user experience.

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Reviewed by Chris Harrigan
Former Auto Insurance Claims Manager

UPDATED: Oct 15, 2020

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Key takeaways...

  • Car insurance is an important level of financial protection
  • Classic cars offer very little financial risk to insurance companies
  • Most people carefully store their collector cars either in garages or in storage building

Restoring and collecting classic cars is a fun hobby that is popular all over the country.

But how do you find insurance for these classic cars? The best way is to find an agent who specializes in selling this particular kind of insurance.

Below are five ways to choose a classic car insurance agent. But first, what is classic car insurance?

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Table of Contents

Classic Car Insurance

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Car insurance is an important level of financial protection. It pays for the damages you might cause to another driver’s car, as well as their medical bills.

Regular auto insurance assumes that you drive the car often and that the car’s value depreciates each year. Neither of these are usually the case with a classic car.

This is why classic car insurance is important to have. Not only is it usually much cheaper than standard car insurance, but it is specifically drawn up to give these special automobiles the kind of coverage they need.

In fact, depending on how the car is used and where it is stored, classic car insurance can run as low as $300 a year.

However, there are some important restrictions on classic car insurance.

The owner must usually own another car for everyday use.

The policies also usually restrict use to 2,500 miles per year or less. The car cannot be used for commercial purposes and is sometimes restricted to certain activities.

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Use Your Regular Insurance Agent

Occasionally, you might be able to use the same insurance agent to insure your personal vehicles as well as the classic car. Though not all insurance companies will provide coverage for antique or classic cars, some do.

Classic cars offer very little financial risk to insurance companies.

Most people carefully store their collector cars either in garages or in storage buildings. They are barely driven.

Even when they are driven, they are rarely driven in a risky manner by owners who have invested so much time and money in them.

However, not all companies understand the complexities of classic car insurance. Even if they do offer it, the agents who don’t normally deal with it might not be able to help you in the most knowledgeable way.

If it’s obvious your agent doesn’t know about classic cars, then it’s time to find a new agent who specializes in classic car insurance.

Ask Your Agent to Recommend Somebody

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That doesn’t mean that your regular car insurance agent is completely useless. If he can’t help you with a policy himself, ask him for a recommendation for an agent who can.

Whether he is an agent for a particular company or an independent agent who works with several companies, he might know of someone who specializes in classic auto insurance.

Insurance agents are often part of professional organizations where they network with other agents and brokers.

Your insurance agent might know someone who can help you through these connections.

Rely on Word of Mouth

One advantage to finding an agent in this way is that agents who already help owners near you are also familiar with the way classic cars are used there.

The agent can make sure your policy covers your car for any damage that might occur at a car show.

Or perhaps the opposite is true. Perhaps there are no local car shows, and you will have to transport your car longer distances to be able to participate in activities related to your hobby.

The agent that is aware of this can help draft the policy in such a way that this will be covered as well.

It’s also important to make sure your policy covers anything that can happen to your classic car at a car show.

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Classic or Antique Car Clubs

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While there are national clubs like the Classic Car Club of America and the Antique Automobile Club of America, there are also many state and local clubs for those who own or love these pieces of our history.

Whether you are a member of any of these clubs or not, you can contact the leadership of any of these clubs and probably find many recommendations for a good agent.

When asking for a recommendation for a classic car insurance agent, be sure to ask for an agent who will draw up a policy using an agreed value or stated value of the car.

There are three different kinds of value a classic car can be assigned.

The amount you will be paid for your car if it is totaled will vary greatly depending on which of the values the policy uses.

Actual cash value is what standard car insurance policies use. It is the amount that can be used to replace it with a make and model that is exactly the same.

The amount decreases as the car depreciates each year as it ages. Because classic cars often don’t depreciate, or at least not in the same way, this is the worst type of policy to have on a classic or antique car.

Agreed value is a much better way of drawing up a collector car policy. This allows you and the insurance company to come to an agreement about the value of the car.

Agreed value is also better than stated value because agreed value pays the full value of the car. Stated value policies give the insurer the option to pay less than the amount you stated the car is worth.

This is because the policy allows the company to deduct for depreciation or to pay the actual cash value.

Since not all mechanics are familiar with older cars, many classic car owners are very particular about who works on their cars. Before getting any policy, make sure you retain control over this.

Search the Internet

If all else fails, you can always search the Internet for a classic car insurance agent. However, it’s still best to find one in the state you live in, as laws regarding these types of cars vary by state.

For example, Washington State does not require antique cars older than 40 years old to carry insurance. Thus, an agent in another state might not know how to best draw up a policy for antique car owners in Washington.

If you choose to find an agent in this way, be sure to ask for references. If you are unfamiliar with the company, you can always do some research on it. You can contact the department of insurance in your state to see if there are any complaints that have been made against the insurance company.

You can contact the department of insurance in your state to see if there are any complaints that have been made against the insurance company.

No matter where you find your agent, take the time to make sure that your policy fully protects your classic vehicle.

While it can be a time-consuming process to find not only a good agent but also to draft a policy that is perfectly designed for you and your needs, it is well worth the time and effort.

You’ll more easily enjoy your investment if you can rest assured that you are fully protected by your car insurance.

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