Car Collectors Insurance

How to find the coverage you need, and much more.

Christine Lacagnina Written by Christine Lacagnina
Christine Lacagnina
Written by Christine Lacagnina

Christine Lacagnina has written thousands of insurance-based articles for by authoring consumable, understandable content.

Reviewer: Jeffrey Green Reviewed by Jeffrey Green
Reviewer: Jeffrey Green
Reviewed by Jeffrey Green

Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career.  He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.

Classic cars in a row parked. Find Collector Car Insurance.

Collector cars can be both a rolling work of art and a trip down memory lane. No matter which model you own, your collector car is most likely one of your most prized possessions. You'll need the right insurance protection to make sure your car is covered, and your investment is safe.

Our independent agent matching tool will find you the best collector car insurance for your needs. An independent insurance agent will get you equipped with all the coverage you need, long before you need to use it. But first, here's a deep dive into this important coverage.

What Is Collector Car Insurance?

The main difference between traditional cars and collector cars is that collector cars often don't depreciate in value over time. The opposite is usually true. Collectors also often add customized parts to the vehicle, along with various improvements. Because of this, collector car insurance must be based on the "agreed value" of the vehicle at the time the policy is issued. 

The agreed value includes your entire investment in the car. Rates for collector car insurance are often cheaper than for traditional car insurance, since collectors often put more pride into the upkeep of their vehicles and drive them less than everyday cars. Traditional car insurance companies may not offer collector car insurance.

How Does Collector Car Insurance Work?

The key distinction between regular auto insurance and collector car insurance is agreed value coverage. You, the policyholder, and your insurance company must reach an agreement on the value of your collector car before your policy is written. An appraiser can help determine the value of your collector car, often between $10,000 to $100,000, or even more.

Once the agreed value is finalized, that becomes your coverage limit. Collector car insurance operates differently from traditional auto insurance because with the latter, insurance carriers tend to base your vehicle's estimated value by comparing it to similar models and how much their repairs often average. Insuring a collector car is similar to insuring a piece of artwork in terms of its perceived value.

Another benefit to collector car insurance is that the policy's payout doesn't decrease over time the way it does with traditional car insurance. The value of your collector car is likely to increase over time, rather than decrease like a "normal" car would. The coverage amount of your policy must be adjusted over the years to match the changing value of your collector car.

How Is the Agreed Value Determined?

The agreed value of your collector car will be decided by both you and the insurance company. You'll provide documentation like repair receipts, photos of your car, etc. for the insurance company to review to calculate your collector car's agreed value. 

Actual cash value, on the other hand, is calculated by a car's mileage, condition, age, and various other factors. The agreed value aspect of collector car insurance is what makes these policies key for collector car owners, because a traditional auto insurance policy will not include this. Agreed values in collector car insurance account for the time and money you have put into your prized collector car.

Who Sells Collector Car Insurance?

Collector car insurance is available from many different insurance companies, and the best way to find the right carrier for you is through working with an independent insurance agent. Independent insurance agents know which insurance companies to recommend to meet your needs, and can provide informed suggestions based on company reliability, rates, and more.

While many insurance companies could create a collector car insurance policy for you, finding coverage could also depend on the area you live in. Here are a few of our top picks for collector car coverage.

An independent insurance agent can help you review policy options provided by these carriers and many more, and help you get matched to the coverage that best works for you.

Benefits of Collector Car Insurance

When shopping for a collector car insurance policy, you'll be working with insurance companies and agents who are specially trained in insuring collector cars, vs. traditional vehicles. These independent insurance agents are well versed in the needs of collector car owners and how these special vehicles differ in value from everyday vehicles.

Collector car insurance comes with many important coverage options, like:

  • Auto show medical reimbursement: Covers you if someone gets injured at a car show featuring your classic car.
  • No attendance required: Covers your vehicle from numerous threats while you're away from it, like if it's being shown at a car event.
  • Increased replacement cost: Covers the difference if your collector car's value if it increases beyond its agreed value.
  • Spare parts coverage: Covers various types of incidents involving spare parts of your classic car, including theft and damage.
  • Roadside assistance: Covers the need for roadside assistance, such as towing in the event of a breakdown on the road.
  • Cash settlement option: An option to take the cash value of your collector car from your insurance company if your car gets lost or stolen. This cash settlement can be used however you like.

An independent insurance agent can explain even more benefits of having the right collector car insurance. 

More Specialized Coverages for Collector Cars

There are several types of liability car coverage you may want to purchase for your collector car. These can include:

An independent insurance agent will help ensure you get equipped with all the coverage options your collector car deserves. 

Drawbacks to Collector Car Insurance

Certain collector car insurance policies come with drawbacks, since they differ from policies offered by larger, traditional auto insurance companies. Though these won't apply to every policy, you might find shortcomings in your collector car insurance such as:

  • Limited discount options: Many collector car insurance policies don't offer as many discount options, such as bundling, as traditional car insurance policies do.
  • Limited driving coverage options: Some collector car insurance companies don't offer coverages like medical payments or roadside assistance as readily as traditional car insurance companies do.
  • Mileage limits: A lot of collector car insurance companies detail strict limitations of how many miles you can drive your collector car each month to be eligible for coverage.

An independent insurance agent can help you find a collector car insurance policy that comes with as few drawbacks as possible.

What Kinds of Cars Are Eligible for Collector Car Insurance?

Several types of cars are eligible for collector car insurance. These typically include vintage and antique cars, classics, “modified cars,” and “exotics.”

  • “Vintage or antique” cars are usually at least 20-25 years old. They must be as close to original condition as possible.
  • “Classic” cars are usually between 15 and 20 years old; like antiques, they must also be in original (or near original) condition to be eligible for collector car insurance.
  • “Modified” vehicles are classic cars that have been altered in some way from their original condition. Most carriers allow up to three significant modifications to the vehicle. Any more than that disqualifies the car from vintage car insurance coverage.
  • “Exotic” vehicles are typically less than 15 years old, but nevertheless are already beginning to appreciate in value.

If you're unsure of what type of car insurance policy your vehicle qualifies for, an independent insurance agent can help you find out. Have your car's documentation ready before contacting them to help the process run smoothly.

How Can I Qualify for Vintage Car Insurance?

Every auto insurance carrier has its own criteria for defining collector cars. What one carrier considers an antique vehicle may not meet the criteria of another company. 

However, typically if a car is at least 20 years old and is in near factory condition, most carriers will consider it antique or classic. Classic cars with considerable customization may be categorized as "modified." Classifications depend entirely on the individual insurance provider.

Driver qualifications

Driver qualifications for collector car insurance.

An independent insurance agent can help you find a collector car insurance policy that you and your vehicle both qualify for.

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Save on Collector Car Insurance

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Collector Car Insurance Discounts

While specific discounts vary by insurance companies, there are many common collector car insurance discounts available, such as:

  • Multi-car discount: If you insure more than one collector car through the same insurance company, you're likely to get a nice discount.
  • Low mileage discount: The less you drive your car, the more you might save on your coverage.
  • Anti-theft device discount: Just like with traditional auto insurance, you're likely to save on your collector car insurance if your vehicle is equipped with anti-theft devices.
  • Car club membership discount: You may qualify for a discount if you belong to an approved auto club.
  • Safe driving course discount: Many insurance companies offer collector car insurance discounts if the driver completes a state-approved safety course.

An independent insurance agent is your greatest ally when it comes to finding discounts on collector car coverage that you qualify for.

Frequently Asked Questions about Collector Car Insurance

The price of your collector car insurance policy will depend on several factors, including the age and type of car you have, as well as its current condition and mileage.

The agreed value of your collector car will be decided by both you and the insurance company. You'll provide documentation like repair receipts, photos of your car, etc. for the insurance company to review to calculate your collector car's agreed value. 

Many collector car insurance and traditional car insurance companies will increase your premium rates after just one accident, even if you're not at fault. However, if you purchase a policy that includes accident forgiveness coverage, your insurance company will not hold an accident against you, in terms of your premium costs.

Having collector car insurance comes with a number of benefits, including being able to insure your car for an agreed value that you determine with the help of your insurance company. Collector car policies factor in the difference in a collector car's uses and the amount of work required to maintain them over traditional, everyday vehicles.

Collector car insurance is different from classic or antique car insurance. Different insurance companies have their own classifications for each type of vintage car, but collector cars often refer to vehicles manufactured in 1980 or later. Older vehicles may be referred to as "antique" or "classic," and require different coverage.

The Benefits of an Independent Insurance Agent

When it comes to helping customers find the absolute best price and quality for collector car insurance, no one’s better equipped to help than an independent insurance agent. Independent insurance agents search through multiple carriers to find providers who sell collector car insurance, deliver quotes from a number of different sources and help you walk through them all to find the best blend of coverage and cost.

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