Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insuran...

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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 18, 2021

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Key Takeaways

  • The cost of insurance for an older car can vary depending on many factors, including your insurance provider, your level of coverage, and your history and age
  • Depending on the make and model, you may find that older cars are less expensive to insure than newer models
  • Older cars may not have as many safety features as newer cars, which may reduce available discounts and increase the cost of car insurance

Owning an older vehicle can have its advantages, including saving you money.

When looking to buy car insurance from car insurance companies that cover older model vehicles, there are multiple ways to adjust your coverage for an older car— you can opt to lower your limits, increase your deductibles, or even drop certain coverages altogether.

This will partly be determined by your state auto insurance regulations, but in most cases, older vehicles generally mean a less expensive payout for your insurer if your vehicle is totaled. This means insurance companies will usually charge you a lower rate.

It helps to know what your car insurance covers and what is required by law, as well as by your lenders. Figuring out what you need to help protect the value of your vehicle before making adjustments to your policy will be key in finding the right insurance rates for you.

Keep reading to find out more about car insurance rates from car insurance companies that cover older model vehicles. You can enter your ZIP code above to compare free quotes from companies near you.

What are the best cheap car insurance companies that cover older model vehicles?

In most states, drivers are required to carry liability coverage, regardless of how long you’ve had your car or how old it is. Each state sets its own minimum coverage limits that you will need to purchase to insure your vehicle.

According to the Insurance Information Institute, increasing your liability limits beyond your state’s minimum requirements will help to protect you from significant financial loss if you’re in a serious accident.

You may be able to drop the comprehensive or collision coverage from your policy once your car is paid off. However, if you drop collision and you’re in an accident, your policy won’t cover your damages.

Hagerty Classic Car Insurance

Hagerty is at the top of the list when it comes to cheap classic car insurance.

While a classic car is in fact an older car, there are some key differences in coverage compared to typical car insurance for old cars.

With the industry standard for what is considered a “classic” car being set pretty high, not all older model vehicles will be labeled under this specific umbrella.

Generally, older model vehicles can be part of any standard car insurance policy. However, a classic car may be insured under a specialty insurance product that offers unique coverages not typically found in the average policy.

Hagerty offers a few different options when it comes to these situations.

Policy features include:

  • Guaranteed Value – With the use of Hagerty’s own industry–leading tools, Guaranteed Value helps determine the true value of your classic vehicle that guarantees you will be paid every cent of your car’s insured value in the event of a covered total loss
  • Low annual rates – Hagerty only protects collectible vehicles that are not driven daily, so insurance policies through Hagerty will provide better coverage at significantly lower prices than standard insurers
  • Instant new purchase coverage – 30 days of coverage for up to $50,000 of the vehicle’s value for newly purchased collectible cars
  • Spare parts coverage – $750 of comprehensive coverage for your insured vehicle’s spare parts
  • Car show medical reimbursement – up to $10,000 in medical payments if you or your family members are injured during a car show or other car-related function
  • Knowledgeable support – Hagerty maintains an extensive list of resources for hard- to-find replacement parts as well as discounts and sales exclusive to members

Hagerty also offers privileges with its premium Drivers Club.

For just $45 a year, subscribers will gain access to white-glove roadside assistance (including guaranteed flatbed towing, real-time truck tracking, and an unlimited number of service calls annually) as well as automotive discounts.

Hagerty is available in all 50 states with exclusive access to its extensive network of local motor clubs as well as classic-specific body shops located around your area.

Here are some other classic car insurance providers:

Older Model Car Insurance Providers
CompanyAgreed ValueComprehensive/Collision CoverageLiability CoverageSpare Parts Coverage
American Collectors InsuranceXDrive-to-work Coverage (5,000 miles or less/yr)
American Modern InsuranceUp to $2,000
GEICO Classic Car InsuranceLimited Use Coverage (5,000 miles or less/yr)
Grundy Classic Car InsuranceUp to $1 millionUp to $500
Heacock Classic Car InsuranceUp to $50,000
Progressive Classic Car Insurance
Safeco Classic Car InsuranceXLimited Use Coverage (5,000 miles or less/yr)X
State Farm Classic Car InsuranceUp to $500
USAA Classic Car InsuranceUp to $100,000Up to $100,000X
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Progressive and Heacock offer the best coverage when it comes to classic car insurance. They also offer discounts policies, including a bundling discount on auto and homeowners insurance.

Allstate Car Insurance

With Allstate, standard auto insurance for older cars includes both comprehensive coverage and collision coverage with limits based on the car’s depreciated value.

Typically, your policy’s deductible and overall cost will be significantly less than your average policy with a newer vehicle. As stated earlier, with the depreciating value, Allstate offers lower costs for policyholders with older vehicles.

While this will affect claims and payouts made on totaled vehicles, Allstate does offer to cover the cost of whatever the vehicle’s current market value.

Coverage includes:

Older Model Vehicle Insurance from Allstate
Type Coverage
Bodily injury liability coverageMay help pay for someone else's expenses if you injure them with your vehicle; it may help cover victims' medical expenses, income loss and your legal fees
MedPay/PIPMay help pay for your medical care if you or your passengers are injured in a car accident. Medical payments coverage may help pay medical bills for doctor visits, hospital stays or surgery; PIP, which is not available in all states, may offer similar protection and also extend to lost wages, childcare and even funeral expenses as a result of a covered accident
Property damage liability coverageMay help pay for damage you cause to someone else's car; it may also help cover damage to other property, such as fences, buildings, telephone poles and more
Uninsured and underinsured motorist coverage May help cover your medical costs if you're injured by a driver with no insurance or not enough insurance; in some states, this coverage may also help pay to repair your vehicle if it's damaged by an uninsured or underinsured driver
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Certain car insurance coverages are required in some states and not others, so it is always best to check with your state’s insurance commission to see what coverages you’ll need to carry on your older vehicle.

Allstate also offers an additional add-on for towing and labor coverage costs, as well. This add-on will help pay for services associated with roadside breakdowns, including towing, jumping a battery, changing a tire, or assisting with a lockout.

This is a great option for older vehicles that will give you peace of mind while on the road.

You can also purchase a classic car policy from Allstate.

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How much will it cost to insure an older car?

Car insurance quotes from car insurance companies that cover older model vehicles will more than likely depend on your type of vehicle and your driving history. But your rates will not go up just because you own an older vehicle.

More often than not, your rates will typically stay the same and there is very little cause or effect between the age of your car and the cost to insure it on a monthly basis. Most policies will have similar rates to those of newer vehicles on the market.

Your rates will typically only increase if your car has a higher risk for damages or you have a record for reckless driving.

Most older cars do not have great safety features, so in some cases, you might not be eligible for discounts that would normally be added to your policy for features like anti-theft locks or anti-lock brakes.

How do you save on car insurance for old cars?

The best older car insurance trick is to search for discounts that come with your policy with whatever company you choose. A lot of companies offer plenty of discounts to help offset some of the costs that would normally come with having an older vehicle listed on your policy.

Most companies will offer discounts just for having more than one car listed on your policy. By bundling together multiple cars, or even adding on homeowners insurance, you are able to keep your deductibles down so that you aren’t stuck with higher costs.

Even with car insurance companies that don’t cover older model vehicles, it is still necessary to make sure that your coverage will cover the value of your vehicle so that you won’t be charged extra later on down the road.

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Having fewer miles on your car will also help in cutting down higher deductibles. Since having an older car predisposes you to more wear and tear than newer models, insurance companies will reward you for having lower mileage since they consider it a lower risk investment.

What is the difference between classic car insurance and regular car insurance?

With classic car insurance policies, companies cover what is called an “agreed value,” meaning that whatever your classic car has been appraised for or valued at, that’s the amount it will be insured for.

Classic car insurance also commonly comes with strict mileage restrictions and storage requirements, so be sure to look into those qualifications before purchasing a new policy.

With an older model vehicle, comprehensive/collision or liability insurance is most often required in order to own and operate the vehicle.

With auto insurance for older cars, most affordable car insurance companies that cover older model vehicles will have both comprehensive and collision or liability-only policies available so you won’t be paying extra for what you don’t need.

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The Best Cheap Car Insurance Companies That Covers Older Model Vehicles: Key Takeaways

When it comes down to it, whether you’re insuring a classic car or an older vehicle, how much coverage you decide to purchase will have a major impact on the cost of car insurance for older cars.

Both Allstate and Hagerty cover each end of the spectrum and offer plenty of options when it comes to covering both classic and older models. Both companies also offer plenty of add-on services that will help keep your older model vehicle in top shape.

It is always best to check up on local regulations and make sure of which category your older model will fall under before purchasing the appropriate insurance.

Shop around and compare quotes from the best car insurance companies that cover older model vehicles and get the coverage you need. Simply enter your ZIP code into our free and easy-to-use tool and start comparing quotes today.