The cost of classic car insurance is typically cheaper than a regular car insurance policy because a classic car spends less time on the road than a daily driver, so has less chance of being in an accident. American Collectors and Heacock say their classic car rates are up to 40% less than standard auto insurance rates, while Hagerty says they are 34% less on average.
The best way to find out how much classic car insurance will cost for your vehicle is to compare car insurance quotes from multiple companies. Prices can vary significantly because insurers weigh risk factors differently.
Common Factors That Impact the Cost of Classic Car Insurance
Key factors that affect classic car insurance rates usually include:
- Annual mileage. The more you drive, the more you’ll pay due to a higher chance of being in an accident.
- Classic car insurance coverage choices. If you add on motorsports coverage or other extras, your cost will increase.
- Deductible amount. Many classic car insurers offer a zero deductible option, but if you choose a higher value one, such as $500 or $1,000, you’ll save.
- Your age and years of driving experience. Some classic car companies have eligibility limitations based on age (drivers must be at least 25) and driving experience (wanting at least five years).
- Your credit score. A higher credit-based insurance score will result in cheaper rates (in most states).
- Your driving record. A clean driving record (one without traffic violations or accidents) will get you cheaper classic car insurance costs.
- Vehicle model and value. The more valuable your car is, the more expensive your policy will be because classic car insurance is typically based on an agreed value. That means you and the insurer agree on the value of the vehicle to be paid out if there is a total loss.
- Where the vehicle is garaged. Most classic car insurers require keeping your car in an enclosed locked garage or storage location.
- Where you live. Location-based factors like the cost of car repairs, medical care costs and frequency of thefts, claims and auto accident lawsuits in your area will impact your rates.
