Cheapest Classic Car Insurance Company – The type of vehicle you drive is a factor in determining how much your car insurance will cost. In contrast to other kinds of automobiles, the value of classic and collector cars tends to rise over time. Consequently, picking the right insurance is fundamental. Having classic car insurance is a must if you own both a vintage vehicle and a modern daily driver. However, the companies that offer it all have slightly different policies and procedures.
Classic car insurance is a specialized form of insurance that completely covers the value of a classic car. The amount of coverage chosen by drivers and insurers is based on this actual cash value, but it is subject to change if the car’s value rises over time. Due to the infrequent use of classic cars, classic car insurance is frequently less expensive than standard auto insurance.
It’s crucial to insure your classic car with a reliable company. The best and cheapest classic car insurance company will ensure that your baby is protected and fully compensated for, as there are many things that set a collectible car apart from a daily driver. You should also collaborate with people who have experience with classic cars, who are knowledgeable about where to find necessary parts, and who appreciate the special circumstances involved in purchasing and maintaining an antique vehicle.
Hagerty is the best classic car insurance company all around, but the cheapest classic car insurance company that best suits your needs will vary depending on the classic car you own and how often you drive it. Based on extensive research, this article has named the best classic car insurers for a variety of needs and circumstances.
Grundy: Cheapest Classic Car Insurance Company for Cars Increasing In Value
There are many raving online reviews of the classic car insurance that Grundy offers. In addition to a 4.5 star rating on Trustpilot, this cheapest classic car insurance company has an A+ rating from the Better Business Bureau. Vintage auto insurance from Grundy covers a wide range of vehicles, including classics older than 25 years, exotics and muscle cars of any year, and more.
Part of the Grundy family of companies is Philadelphia Insurance Companies (PHLY), which provides underwriting for the company’s classic auto insurance policies. To file a claim with PHLY, you will need to fill out a form on their website. Within the next 24 hours, you will hear from a representative with further instructions.
Grundy is the best choice if your car is rapidly appreciating in value. Your car’s value is subject to negotiation, and the company may pay up to 150% of what you and the company have settled on in the past. The fact that Grundy provides up to $600 in trip interruption coverage is a plus as well.
Hagerty: Best Expertise and Cheapest Classic Car Insurance Company on Classic Cars
Hagerty stands out among the cheapest classic car insurance company providers when reading customer reviews. It has an A+ rating from the Better Business Bureau and 4.1 stars on Trustpilot. Insuring a classic car with Progressive is the same as with any other company because Hagerty is used.
Experts at Hagerty can track down even the most obscure components for your vehicle’s repair. The Hagerty Carcierge will assist you in locating OEM (original equipment manufacturer), NOS (new old stock), or LKQ (like kind and quality) replacement components. The genuineness of the components is a major factor in establishing the value of your vehicle.
The option to buy back your vehicle and rebuild it yourself after a total loss is another perk of a Hagerty auto insurance policy. Concerning maintenance, you can take your car to any shop you like and have Hagerty pay for the service, or you can fix it yourself and have the company pay you back.
State Farm: Most Reliable Cheapest Classic Car Insurance Company
State Farm Auto Insurance is one cheapest classic car insurance company to do this on its own, without a third party. This means that whenever you have a service need, you will deal solely with State Farm and communicate with your designated agent. We rated State Farm highly, giving them 4.6 out of 5, because they scored so well in the J.D. Power’s 2021 U.S. Auto Claims Satisfaction StudySM.
In addition to covering your collectible for loss or damage up to the agreed upon amount, State Farm will also pay up to $500 to replace any necessary parts. You can reach a live person whenever you like, as the company maintains a staff of agents who work round the clock. Your State Farm classic car insurance policy can be bundled with other types of coverage, such as your regular auto insurance, homeowners insurance, and even your life insurance.
A classic car is a significant investment, so protecting that investment is a good idea. Insurance is a must for those who own classic vehicles. Determine how much coverage you need based on factors such as the value of your classic car, the extent of its restoration, the number of classic cars you own, and the average annual mileage driven by each. Getting the best coverage and rates from the cheapest classic car insurance company for your specific vehicle requires customizing your quote.