Collectors’ Guide To Insuring Classic Cars

The Best Value For Your Classic Car Insurance

Insurers like Hagerty understand that classic car owners take special care of their vehicle. As you are a better risk, you earn some special benefits in your policy:

Lower Premiums: Premiums under a Classic Car policy can be 50% lower, or even less, compared to insurance for your everyday vehicle.

Agreed Value: Let’s agree on what your classic is worth, and we will guarantee that’s the amount you will be paid in case of a covered total loss. Regular car insurance can allow for depreciation in market value, but your Classic Car policy ensures that the true collector value of your vehicle is protected.

No Fixed Mileage: Typical car insurers will cover your classic car, but some will put restrictions on where and how far you can drive your classic. Our Classic Car policies are more flexible and can be purchased with no limit on mileage, so you can get the most enjoyment from your prized vehicle.

Collectors’ Guide To Insuring Classic Cars – PART I

Specialized Insurance

We offer specialized coverage for all kinds of collectible cars, trucks and other vehicles including antiques, vintage cars, and “future classics.”

Your collector car could be your pride and joy, but getting insurance for it can be confusing and frustrating. This guide will help you to understand what insurers are looking for, so you can prepare to make the process as simple as possible, at the best cost for you.


To qualify for Classic Car coverage, you must have a good driving record with no serious infractions such as impaired, reckless or excessive speed violations. You are expected to have a “daily driver” car, showing that your classic will spend relatively less time on the road. You will also be asked about how you plan to store your classic car: preferably in a secure structure such as garage or “car condo” and also considered are alternatives including car ports and trailers.

Proper identification

Your car’s value is directly related to its specific make and model and its history. Along with its basic year, model and “submodel” or body style and engine, you should note the number of previous owners, storage history, any interesting options or unique equipment, and any documentation you have including manuals and restoration records.

Collectors’ Guide To Insuring Classic Cars – PART II

Rate Its Condition

Owners often overate the condition of their classic car, so get to know the definitions of Hagerty’s authoritative condition grades #1 to #4. Very few cars qualify for Condition #1 or #2. It’s possible that your car is really a #5 or #6, if you can see that it needs work. In a nutshell:

#1 Vehicles: These are the best in the world. The best vehicle, in the right colours, perfectly clean and groomed with flawless paint, mirror-like chrome and zero dust or dirt. Even the tire treads are pristine.

#2 Vehicles: Sure show winners. These possibly were #1 vehicles that now show a few miles or years. Only an experienced classics fan will be able to detect any flaws. Clean paint and finish, minimal smoke on startup and no questionable engine noises.

#3 Vehicles: Think of these as a #4 that has received some recent attention; possible fresh paint or a restored interior. Runs well, but some parts may be other than original. “Good” condition and ready to go on tour.

#4 Vehicles: Daily drivers that show it on inspection: perhaps some pitting in the chrome, a chip in the windshield, imperfection in paint – even a minor dent. No major parts are missing, but non-stock wheels are allowable. This would also describe a restoration that is still in fair condition but has seen better days.

Consult the price guide

With this information ready, you can look up your vehicle by make & model or by VIN number in the Hagerty Price Guide by using the online Hagerty Valuation Tools®. This will give you an initial value, which you can also compare to recent sales and asking prices on the market.

Collectors’ Guide To Insuring Classic Cars – PART III

Ineligible Vehicles

Working with Hagerty Insurance, our Classic Car policies are specially designed to allow preferred features and costing for a limited range of vehicles. For that reason, we cannot offer this special coverage to:

  • Daily-use, commercial-use vehicles and motorcycles
  • Motorhomes, RVs, dune buggies and any vehicles used for camping, off-roading or utility purposes
  • Highly customized or modified late-model vehicles including “tuners” and “lowriders”
  • Vehicles that are used for racing, timed events, autocross or driver’s education, including any with modifications such as a roll cage, wheelie casters, parachutes, nitrous components
  • Vehicles with 700 HP or greater (manufactured or modified)
  • Replicas of the 1963-67 Shelby Cobra
  • Right-hand drive vehicles newer than 25 years