How Expensive Is It to Insure a Classic Car? 

Owning a classic car is a dream for many enthusiasts, but it often comes with unique responsibilities, especially when it comes to insurance. Unlike standard auto insurance, classic car insurance is tailored to financially protect vintage vehicles that are often more valuable and less frequently driven. But how much does it actually cost to insure a classic car? The answer can often vary.

What is Classic Car Insurance?

Classic car insurance is a specialized policy designed for vehicles that are typically 20 to 30 years old or older, maintained in good condition and used primarily for exhibitions, parades or occasional leisure driving. These policies often include agreed value coverage, which means the insurer and owner agree on the car’s value upfront, potentially helping provide full compensation in the event of a total loss. Additional perks may include coverage for spare parts, roadside assistance for classic cars and flexible mileage limits.

What Factors May Impact Your Classic Car Insurance Costs?

Several variables influence the cost of insuring a classic car, including the following:

• Vehicle value—Higher-value classics, such as rare muscle cars or European exotics, will naturally cost more to insure.

• Usage habits—Limited mileage and secure storage can significantly reduce premiums.

• Location—Insurance rates vary by state and even ZIP code, with urban areas typically costing more.

• Driver profile—A driver’s history behind the wheel, age, gender and experience with classic cars can affect rates.

• Modifications—Customizations may increase the car’s value and the cost to repair, raising premiums.

On average, classic car insurance is often more affordable than standard auto insurance, especially if the vehicle is well-maintained and driven sparingly. For collectors and hobbyists, financially protecting a valuable asset is often a worthwhile investment.

Get the Right Coverage

Contact Insurance Solutions in Scottsburg, IN today to discuss classic car insurance and find the right coverage.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.