Insuring Your Classic Car

Insuring Your Classic Car

Sep 15 2022

Insuring Your Classic Car

As a classic car owner, you know your collectible is more than just a regular set of wheels. So it’s no surprise that it requires something a little different from your regular auto insurance. Here’s how classic car insurance differs from regular car insurance, what types of coverage exist, and how much it might cost you.

What’s Covered

Classic car coverage has a few unique characteristics, but generally, coverage is not that different than insuring a more modern vehicle. Your classic car insurance can cover:

  • Bodily injury liability
  • Property damage liability
  • Collision insurance
  • Comprehensive insurance
  • Medical payments
  • Uninsured and underinsured motorist coverage

Additional Coverage

Classic car insurance comes with several additional coverage options, including spare parts coverage, agreed value coverage, and tiered mileage plans. Additionally, you can add automobile “memorabilia” to your policy—like hood ornaments and collector license plates. Some of the most common added coverages include:

  • Agreed value: Unlike regular cars, classic cars don’t necessarily depreciate in value over time. In fact, they often maintain or gain additional value. In the event that your classic car is totaled, agreed value insurance covers the amount the vehicle was worth at the time you first took out the plan.
  • Spare parts coverage: Coverage for any backup parts needed when parts of your classic vehicle are stolen or damaged.
  • Tiered mileage plans: Because your classic car is not your primary vehicle, you may be able to pay less if you agree to limit your yearly mileage.
  • Worldwide coverage: Unlike standard car insurance, which is limited to the US, classic cars can often be covered outside the country—a great option if you plan on traveling for car shows or events.
  • Auto show medical: Coverage in the event you or others are injured at a car show or event you bring your classic car to.

What it Costs

Believe it or not, classic car insurance can be a lot cheaper than normal car insurance. Because classic cars are likely to be driven less frequently, maintained well, and rarely involved in accidents, insurers expect classic car owners to be less likely to file a claim. Classic car insurance policies generally cost between $400 and $1,000 per year. Of course, there may be exceptions and abnormally expensive vehicles may come with higher rates.

Thinking about investing in a classic car—or wondering what it may cost you to insure your current vehicle? Contact a local Bearingstar agent today to see what policies and options will work best for you.

Call us at 877-801-7424 in Massachusetts, and 888-519-9996 in Connecticut.


  1. A Classic Car Owner’s Guide to Insurance: Everything You Need to Know. Car and Driver.
  2. Classic Car Insurance: What Is It? How Does It Work? Value Penguin.
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