By contrast, classic auto insurance usually covers your collectible vehicle for an agreed (often called “guaranteed”) value that is mutually agreeable to you and the insurance company – an amount the automobile is worth based on respected collectible car valuation guides like the Old Cars Report Price Guide, an appraisal by a professional, research conducted by the underwriter, or some form of documentation. For instance, if you own a 1957 Chevrolet Bel Air with an 8-cylinder engine and 162 horsepower, Hagerty, a leading insurer of collectible cars, would value that at about $61,000. If you have a collectible car insurance policy in place and that vehicle suffers a total loss, the insurer will compensate you the full $61,000.
All classic car insurers share a few vital elements. Primarily, they all have an "agreed value" stipulation which allows you to set how much you think your vehicle is worth in the event of a total loss. They also all provide pivotal comprehensive and collision insurance to protect your vehicle from anything that may damage it. There does exist however, several key differences. While the field of companies for classic cars is not as vast as it is for normal cars, some classic car insurers are better than others.
J.D. Power ranks Farmers Auto Insurance better than most for claims satisfaction — an important endorsement, considering that on-time and fairly-sized claim payouts are the ultimate goal of insurance. Besides that, Farmers has a great coverage selection. A few options, like new car replacement and custom parts coverage, we didn’t see among all our top picks. We also like the company’s accident forgiveness program, which “will forgive one at-fault accident for every three years you drive without one.”
Established in 1931, Allstate is the second largest publicly traded property and casualty insurance company in America. Similar to State Farm, Allstate has a roster of local agents ready to serve your needs. The company currently employs over 79,000 people. Esurance, a subsidiary of Allstate, operates in the same space. According to Allstate, the Esurance brand is targeted towards self-directed and brand-sensitive customers while Allstate is geared for customers who enjoy local and personal service.
Nationwide pulls lower customer ratings than our top picks. The company scored an 88 from Consumer Reports (putting it in 22nd place out of 27 companies), and an “average” rating from J.D. Power. In other words, Nationwide doesn’t knock it out of the park for either customer service or claims process — which are both crucial for a great insurer. It also missed our financial stability benchmark by a hair, with S&P Global and Moody’s ratings just below the “very strong” or “excellent” benchmarks that we look for.
Most insurers — and we're not just talking about auto insurance companies here — use some type of credit-based insurance score to help determine how risky a potential customer is. The practice is a bit controversial, which is why some states have laws against using it (see above). But the general thinking behind insurer credit checks is: If someone is bad with their finances, they might be irresponsible in other areas of life, too. You can learn more about how car insurance rates are determined here.
When it comes to auto insurance companies, the best ones are the most versatile in their coverage options and services. To compile our list of the best car insurance companies, we scoured the most reputable industry sources to find details about customer service, shopping experience, and more. Since the best car insurance companies aren’t always available nationwide, you can also take advantage of our quotes tool to find the best coverage available in your area:
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Compare popular auto insurance companies' financial stability and claims satisfaction ratings to better understand the quality of service they will provide. Claims satisfaction — measured by J.D. Power — is ranked on a scale of 2 to 5, with 5 being "among the best" and 2 being "the rest." Financial strength — calculated by A.M. Best and running from "Superior" to "Poor" — determines an insurer's financial strength and ability to meet its policy and contractual obligations.
Classic car insurance is a bit of a simplified term. There are several "non-traditional" vehicles that these companies actually insure that do not fall under the term of "classic car". Whether you have a modified street rod, a kit car, vintage motorcycle, 1920's milk truck, or even a retired military vehicle, at least one of the following will be able to insure it.
To determine how much auto insurance is best for you comes down to understanding your current economic circumstances and how the different types of coverage work together. If you own a car, buying car insurance is inevitable, so it is really important you are getting the right amount for the right price. The following table gives a quick summary of what types of insurance you should have.
Car insurance extras are coverage options that usually do not come with a standard policy. Examples include roadside assistance and accident forgiveness. These coverages can be added to a policy for an extra cost. Ultimately, it’s up to you to decide if they are worth it. By carefully assessing your coverage needs, you can come to a conclusion whether the extras are worth the cost or not.
Classic Car Insurance: defined by many companies as being 19 to 24 years old, restored, in good working condition, and greater than the average value of other autos of the same make and model year; some insurers consider a car of this description that is only greater than 10 years old to be “classic.” The Classic Car Club of America regards classic vehicles to be those manufactured between 1925 and 1948.
Large insurance companies analyze a huge amount of customers’ personal data (like social media posts, credit scores, and even your web shopping habits). Then, they churn the data through a proprietary algorithm that estimates how likely you are to shop around or just renew your existing policy each year. By doing so, they can increase your premium just enough to raise their profit margins without attracting your attention and prompting you to shop for a new policy.
Progressive offers extensive coverage options, including gap loan/lease payoff coverage. If you total a car that you’re still paying off, gap loan coverage will help pay the remainder of your loan — because nobody wants to be stuck making car payments on a car that’s been written off. Progressive also offers pet injury coverage, which comes free if you add collision coverage to your package. And if you drive for Lyft or Uber, Progressive has you covered: Just look for for-hire livery insurance.
Step 1: Gather your information. To obtain a quote you will need birth dates, an email address, and a previous address in most cases. Also, know what type of car you are driving. This is more than make and model. Know what trim package you have, etc. These little things do matter. If you are currently insured, having your policy handy is not a bad idea.