Which car insurance companies insure classic cars?

The basics of car insurance always remain more or less the same.  All insurers look at, primarily, the value of the vehicle being covered, and the risk it faces, which in turn is comprised of factors such as the age of the vehicle, the age and record of all drivers being registered, and the environment and situations in which the vehicle will be placed.

This holds true even for insurance for classic, vintage or antique vehicles.  As such, most providers that offer car insurance will insure – or at least consider insuring – your classic vehicle based on the usual criteria: the book value of the vehicle (which, of course, has already depreciated significantly and will continue to do so), the age of the vehicle, the cost of repairs in the event of an accident or breakdown, your age and driving record, and the likely toll of “normal” mileage on the vehicle.  Even then, standard auto insurance probably won’t cover some of the special situations that apply to classic cars.

Therein lies the problem.  Classic cars aren’t used the same way regular cars are.  Classic, vintage and antique vehicle owners know the value of their vehicle better than the “book” does; they need their insurance coverage to extend to things like shipping, car shows and events (even overseas ones), and damage to spare parts and other classic memorabilia.  Also, classic cars aren’t likely to be driven as much as regular-use vehicles are, so why should the insurance premiums be the same?

There are some insurance providers out there who specialize in classic car insurance, and as such they understand these issues and will generally provide you with a more extensive plan at a significantly lower premium for your classic vehicle than any standard insurer will.  Furthermore, with most classic car insurance policies, you decide the value of your vehicle and, what’s more, that value won’t depreciate.  In fact, in many cases, the value will go up – just like it should!

These companies include: Grundy Worldwide, out of Horsham, Pennsylvania, perhaps the inventor of specialty classic car insurance; Hagerty Insurance, with offices in the US, UK, and Canada, which offers a wide variety of extended services; American Collectors Insurance, based in Cherry Hill, New Jersey, known for their flexible mileage plans; CHROME, part of the ANPAC insurance group, headquartered in Springfield, Missouri, offering a significant volume discount on classic car insurance; and Leland-West Insurance Brokers, out of Fresno, California, featuring new purchase coverage for up to $100,000.

Getting a policy through one of these or any other classic car insurance specialist is the only way to get a fair premium.  Standard insurers will treat your classic car the same way as any other vehicle.  Thankfully, companies that provide car insurance specifically tailored to classic, vintage and antique vehicles understand the issues that pertain to your vehicle; they’ll value your car properly, cover you in any situation, and recognize that you use your car for pleasure, not for regular use.

Posted: July 26th, 2009 under Classic Car Insurance Companies.