BY EMILY DELBRIDGE Updated March 11, 2018
Antique car insurance is something that the average driver will ever need for. In fact, it is doubtful that most car owners have even heard of antique car insurance. Unless you own an antique automobile or have thought about purchasing one, you have probably never considered the unique circumstances such a vehicle presents. Fortunately, auto insurance companies have been protecting antique owners for years and appreciate their special needs. So, if you are looking to insure an antique automobile, all you have to do is find the best company.
How do you do that?
Specialized insurers are a great place to start. There are a number of large, reputable insurers out there that specialize in antique, classic and vintage autos. They’ve been in the business a long time and understand the special requirements of antique car owners. They know, for example, that real antique vehicles should always be insured at a negotiated “agreed value” rate as opposed to the “actual cash” or “stated” value.
The following are three names that often come up when owners talk about antique car insurance companies:
Now owned and operated by Philadelphia Insurance Companies, Grundy Worldwide has been in the business of insuring classic and antique vehicles since the mid-1940’s. Founded by James Grundy Sr., Grundy claims to be the first company to write an antique auto policy as well as to be the originators of the agreed value endorsement. Grundy is the preferred insurance company of the Classic Car Club of America.
Hagerty Insurance Agency
Based in Traverse City, Michigan, Hagerty Insurance was established around forty years ago as a general insurer. Aware of the growing need for specialized coverage, Hagerty began writing agreed value policies on classic wooden boats in 1983 and classic cars in 1991. Since that time, Hagerty has become a leader in classic and antique vehicle protection. Hagerty also offers membership in the Hagerty Collector Network, an organization with over 225,000 members.
Heacock Classic Car Collector Insurance
Another insurer of note is Heacock Classic Car Collector Insurance. Heacock Classic is owned by the Heacock Insurance Group, a full-service insurance agency founded in 1922 and based in Sebring, Florida. The Heacock family has been intimately involved in Sebring’s racing community since the 1950’s and in the creation of both the Sportscar Vintage Racing Association and Vintage Motorsport magazine. Heacock Classic is now recognized nationally in the car collector insurance business.
In addition to insurers who specialize in antique vehicle insurance, there are a number of major companies that write classic and antique car policies along with their more conventional offerings. The Hartford, Farmers, Allstate, and Geico are just a few of the majors out there that will insure your antique vehicle. If you already have insurance on your regular cars with a major company, check with them to see if they offer policies for antiques and classics. You may be able to save by insuring all of your vehicles under one roof.
Just make sure that your agent fully understands the unique needs of insuring antique automobiles and that you are covered for your car’s agreed value.
The bottom line is this: The best antique car insurance company is the one with a policy that works best for you. Determine how you intend to use your antique vehicle and then contact several companies. The more you have to choose from, the better. If you are really into antique, classic and vintage automobiles, then you probably belong to a local club or organization. Ask other owners who they insure with and how the experience has been. There’s no better recommendation than the one that comes from word-of-mouth.
Just remember that if you put in the time and effort at the beginning of your search, you will more likely save money on your premiums and less likely be disappointed if you ever need to make a claim. As long as you do your homework and deal with a reputable company, you’ll be fine.
Note: This article is presented for informational purposes only and should in no way be construed as an endorsement or recommendation of any of the above-mentioned companies.
With the warmer weather, many Americans will take to beaches, parades and fairs to showcase a hobby they share with millions: collector cars.
For insurance purposes, a collector car doesn’t necessarily have to be old. Rather, it has to be appreciating or maintaining its value. For these cars, a standard personal auto policy is likely not the best type of insurance. A collector car policy can offer coverage options owners of these cars need and, due to the fact that they are designed for cars that are not regularly used, may be cheaper than a standard policy.
If you are the owner of a collector car, we can help you obtain an insurance policy that has:
Reimbursement limits that increase along with the value of the car
A choice of body shops that specialize in vintage vehicles
High limits for comprehensive, collision and liability coverage
Coverage for the fair replacement of rare or hard-to-find parts.
Talk to us about insuring your collector vehicles today.
a vehicle or driver
Classic and antique cars can be quite a joy to own. Some might even call owning classic cars a passion. These cars also happen to be major investments of time, money, and love.
We know New Jersey and have served the community well for more than 50 years. During these 50 years we have offered coverage for all kinds of passions, from classic or antique cars to boats, homes, motorcycles, and so much more. We believe that one of the most important ways we serve our community is by an independent professional insurance agent that delivers personal service every single time.
Classic Car Insurance vs. Standard Auto Insurance – What’s the Difference?
The difference between standard auto insurance and classic and antique car insurance is quite significant. Traditional auto insurance coverage values cars according to their age and not, necessarily, their condition. That’s why it is so important to look for auto insurance specifically designed for antique and classic cars to protect your investment.
Classic and antique car insurance takes into account the amount of money invested in the act of restoring the car to its former glory. You’re able to purchase insurance coverage for that investment. At the same time, you cannot use this work of art as your primary vehicle. It’s a “Sunday drive” sort of car and not one you’d take to work every day. Most insurance policies impose mileage limits on autos they insure as classic or antique cars.
What Qualifies as Classic Cars
Classic cars are cars that are considered rare and ten or more years old. Antique cars are 25 or more years in age. Of course, these cars fall under many names or titles depending on their owners. Some may include:
High-Quality Classic Car Replicas
Some modern classic cars, race cars, and cars in the process of being restored also qualify as classic cars and need the more specialized auto insurance coverage as well.
Types of Coverage for Classic and/or Antique Cars
One of the most important types of coverage to purchase for your classic or antique care is the agreed value coverage. This coverage assigns a cash value to the car that is agreed upon by you and the insurance company.
If something does happen to the vehicle, this is considered to be the full amount of coverage for the vehicle and depreciation does not factor into the payout. Some policies for classic and antique vehicles do not even have deductibles to take into account.
Classic and Antique Car Insurance Exclusions
Some cars simply do not qualify as classic or antique in the eyes of insurance companies. It’s important to know the difference. Cars that are used for camping and/or off-roading do not qualify as antique autos. Also, car kits that you build yourself that do not resemble antique or collector cars do not qualify.
Why Let Us Handle Your Classic and Antique Car Insurance Needs?
You’ve poured a lot of heart, soul, time, talent, and money into your classic car. You’ve gotten expert advice and assistance when needed along the way. That’s what we have to offer you – expert assistance when it comes to selecting the right insurance plan at the right rates to meet your classic car needs.
In addition to our package policy discounts, we offer free online rate quotes (which we can provide through our use of multiple top-notch insurance carriers) so you can get the best of both worlds – affordable rates on a product you need without worries of cheap cut-rate insurance services that are not nearly as inexpensive as they claim to be when all is factored in.