Classic Car Insurance In Colorado For 2024
State Farm is the top pick for classic car insurance in Colorado, especially if you frequently drive your cherished vehicle.
We’ve saved shoppers an average of $600 per year on their car insurance.
In this review, I’ll take a look at the top classic car insurance providers in Colorado and discuss the average cost of coverage. Failing to choose a solid insurance policy could leave you with insufficient protection and financial risk if your vehicle is stolen or involved in an accident.
With 15 years of experience selling insurance, I’ve learned that selecting the right insurer is essential for safeguarding valuable assets like classic cars.
Best Classic Car Insurance In Colorado 2024
Compare The Best Classic Car Insurance In Colorado
| Overall Rating | Best For | AM Best Rating | J.D. Power Rating | Average Annual Cost | Get A Quote | |
|---|---|---|---|---|---|---|
| State Farm |
|
Regular use |
A++ |
844 |
$380 |
Instant Quote |
| Progressive |
|
Cars rising in value |
A+ |
809 |
$640 |
Instant Quote |
| Safeco |
|
Emergency expenses coverage |
A |
767 |
$530 |
Instant Quote |
Best Classic Car Insurance Companies In Colorado
Best For Regular Use
Key Statistics
Why We Like Them
⇅State Farm is a top option for classic car insurance in Colorado, offering comprehensive coverage and flexibility for regular driving. The company’s agreed-value coverage ensures that owners receive the full insured amount if their vehicle is totaled, providing peace of mind for frequent drivers.
State Farm is a dependable choice for classic car owners, thanks to its large network and highly praised customer service. Offering a variety of coverage options, including liability, collision, and comprehensive insurance, State Farm allows for policies that can be customized to meet the unique needs of classic car enthusiasts, whether the vehicle is used occasionally or regularly.
State Farm also provides various discounts and incentives, like multi-policy discounts and safe driver rewards. These perks, along with competitive pricing, make State Farm a great choice for classic car owners who frequently drive their vehicles. The company’s solid reputation and financial strength further establish it as a top insurer in the classic car industry.
Benefits & Drawbacks
⇅- Broad coverage options
- Agreed value coverage
- Excellent customer support ✓
- No coverage for daily drivers
- Strict usage restrictions
- Requires an additional vehicle for daily use ✘
Best for Cars Rising in Value
Key Statistics
Why We Like Them
⇅Progressive, in collaboration with Hagerty, stands out as a top choice for classic car insurance in Colorado, especially for vehicles that are appreciating in value. This partnership provides agreed value coverage, which ensures that the insured value of the car rises with the market, offering excellent financial protection for increasing classic cars.
In addition, Progressive’s insurance policies are designed for classic car enthusiasts who invest in their vehicles. They offer coverage for restoration projects and upgrades, allowing owners to safeguard the additional value of their enhancements. This approach ensures that investments in upgrades and restorations are fully covered.
Furthermore, Progressive provides specialized coverage options for classic cars, including insurance for spare parts and 24/7 roadside assistance. With these features, along with competitive rates and an extensive network of service providers, Progressive is a top option for classic car owners in Colorado seeking to protect their valuable vehicles.
Benefits & Drawbacks
⇅- Coverage for agreed value
- Restoration work protection
- Affordable pricing ✓
- Limited in certain areas
- Usage restrictions apply
- Requires a separate vehicle for daily use ✘
Best for Emergency Expenses Coverage
Key Statistics
Why We Like Them
⇅Safeco is a top choice for classic car insurance in Colorado, particularly for those who need extensive emergency expense coverage. Their policies are robust, offering significant support for roadside assistance, towing, and labor costs, ensuring that classic car owners receive ample help if they face a breakdown or accident.
Furthermore, Safeco provides trip interruption coverage, reimbursing expenses if a classic car breaks down far from home. This can cover lodging, meals, and transportation, giving classic car owners peace of mind when traveling with their vehicles. This thorough support is essential for preserving the enjoyment and function of classic cars.
Safeco’s adaptable policy options also include coverage for spare parts and tools, which is especially useful in emergencies. This ensures that classic car owners have the necessary tools to handle mechanical issues promptly. With Safeco’s excellent customer service and extensive network of service providers, these features make it a leading choice for classic car enthusiasts in Colorado.
Benefits & Drawbacks
⇅- Extensive coverage for emergency expenses
- Customizable policy choices
- Excellent customer support ✓
- Stringent usage restrictions
- Elevated premiums
- Requires a separate vehicle for daily driving ✘
What Is Classic Car Insurance?
Classic car insurance is a specialized auto insurance designed for vintage and collectible vehicles that aren’t used as everyday transportation. These policies typically include agreed value coverage, where the insurer and owner agree on the car’s value upfront, ensuring full payout if the car is totaled. Benefits often include coverage for spare parts, tools, and specialized repairs tailored to classic cars.
Cars that qualify are usually 20-25 years old, well-maintained, and often restored to original condition. However, definitions vary by insurer, with some policies also covering modern classics and exotic cars. These vehicles are generally used for shows, parades, and leisure drives, not for daily commutes.
Classic car insurance is ideal for enthusiasts and collectors who own vehicles of historical or sentimental value. It offers comprehensive coverage that standard auto insurance may lack, including protection against depreciation and coverage for the unique needs of maintaining classic vehicles. With classic car insurance, owners can ensure their prized automobiles are properly protected
Are Classic Cars More Expensive To Insure Than Regular Cars?
Classic cars are often cheaper to insure than regular vehicles, mainly because of how they’re used and maintained. Classic car insurance typically comes with restrictions like limited annual mileage and secure storage requirements, which lower the risk of claims. These factors lead to lower premiums compared to standard auto insurance.
The cost of insuring a classic car depends on several factors, including the agreed value of the car, the owner’s driving history, and the coverage level chosen. Agreed value coverage, where the car’s value is set between the owner and insurer at the start, ensures full compensation if the car is totaled. This is different from regular car insurance, which often calculates payouts based on depreciated values.
However, other elements like the car’s age, condition, rarity, and usage also significantly influence the premium. While classic car insurance tends to be less expensive due to lower usage and the car’s condition, the actual cost can vary greatly depending on these factors.
Is My Car Eligible For Classic Car Insurance?
To determine if your car qualifies for classic car insurance, insurers typically require that it meets specific criteria. Generally, the vehicle should be at least 20-25 years old to be considered a classic. However, some insurers might also cover younger cars if they are historically significant or rare, like modern classics or limited editions.
Besides the car’s age, insurers usually expect the vehicle to be in good condition and used mainly for leisure activities, shows, or parades rather than daily driving. The car should also be stored in a secure, locked garage when not in use to reduce the risk of theft or damage.
Owners are also expected to meet certain conditions, such as having a clean driving record and owning another car for everyday use. This ensures the classic car isn’t the primary vehicle. Some insurers may also impose annual mileage limits, typically between 1,000 to 5,000 miles, to ensure the car isn’t driven too frequently.
Meeting these requirements is essential for qualifying for classic car insurance, as they protect both the vehicle and the insurer. By keeping your car in good condition and using it appropriately, you can access specialized coverage that fits your needs.
How Much Is Classic Car Insurance In Colorado?
The cost of insuring a classic car in Colorado usually falls between $200 and $800 annually. Several factors impact this price, including the car’s value, the type of coverage selected, the driver’s history, and how often the car is driven. Classic car insurance is typically cheaper than standard car insurance due to the limited use and lower risks tied to vintage cars.
Below is a table that shows the average costs from five insurance providers:
| Insurance Provider | Average Annual Cost (Minimum Coverage) |
| State Farm | $400 |
| Allstate | $800 |
| Safeco | $550 |
| Progressive | $700 |
| Nationwide | $600 |
How Is Classic Car Insurance Different From Regular Car Insurance?
Classic car insurance varies greatly from regular car insurance in several important ways, catering specifically to vintage and collectible vehicles.
- The coverage structure is distinct. Classic car insurance often provides “agreed value” coverage, meaning the car’s value is set and agreed upon by both the owner and the insurer at the start of the policy. If the car is totaled, the owner gets the agreed amount. On the other hand, regular car insurance usually offers “actual cash value” coverage, which factors in depreciation and can lead to lower payouts.
- Usage restrictions also set classic car insurance apart. Policies often limit the car’s annual mileage, allowing for use only during special events like car shows or parades, not for daily driving. Regular car insurance, however, assumes the vehicle will be used for commuting and everyday activities.
- Storage requirements for classic cars are more stringent. Insurers often demand that classic cars be kept in a secure, locked garage to protect against theft and environmental damage. Regular car insurance does not typically have such stringent storage demands.
- The coverage options themselves are tailored to the needs of classic car owners. These may include protection for spare parts, restoration work, and specialized roadside assistance. Regular car insurance usually focuses on standard coverages like liability, collision, and comprehensive.
- Cost differences can be notable. Classic car insurance might be cheaper due to the lower risk from limited use. Factors such as the car’s age, condition, and usage limits generally lead to lower premiums compared to the higher risks associated with everyday driving.
Types Of Insurance For Classic Cars
Classic car insurance includes several coverage options, each designed for different kinds of classic vehicles. Here are the three main types:
Antique Car Insurance
Antique car insurance is intended for vehicles that are usually over 25 years old and kept in or restored to excellent condition. These cars are often used for events, parades, and recreational drives rather than for everyday commuting. Such policies often provide agreed value coverage, ensuring that the car’s appraised value is covered in case of a total loss.
They may also include coverage for spare parts, specialized repairs, and sometimes even expenses related to showcasing the vehicle. Insurers might also set mileage limits and require secure storage to reduce risk.
Modified Car Insurance
Modified car insurance is designed for vehicles that have undergone changes from their original factory specifications, including custom engine upgrades, body alterations, and performance improvements. Because these non-standard modifications increase the risk, such cars can be challenging to insure with standard policies.
Modified car insurance addresses this by covering the value of the customizations through an agreed value that reflects the vehicle’s enhanced worth. This insurance is crucial for owners who have invested heavily in upgrading their classic cars, ensuring all modifications are covered.
Replicas Insurance
Replica insurance is designed for vehicles that are recreations or reproductions of classic or antique cars. Although they are made to resemble historic models, they are often constructed with modern materials and methods. Because their value and replacement costs can differ from original classics and standard vehicles, replica insurance offers specialized coverage.
This typically includes agreed value coverage to insure the car for its full appraised worth. Policies may also cover parts unique to the replica and offer benefits suited to replica car owners, like coverage for car shows and events.
Should I Buy Classic Car Insurance?
Opting for classic car insurance offers several benefits tailored to the distinct needs of classic car owners. Here are some major advantages:
Agreed Value Coverage
A major advantage of classic car insurance is agreed value coverage. Unlike standard car insurance, which compensates based on the depreciated value of the vehicle, agreed value policies guarantee that you’ll receive the full appraised value of your classic car if it’s totaled. This protection is essential for safeguarding your investment, especially since classic cars can increase in value over time.
Specialized Coverage Options
Classic car insurance policies frequently offer coverage options designed specifically for classic car enthusiasts. This can include protection for spare parts, tools, and even costs associated with restoration projects. Additionally, these policies often provide specialized roadside assistance to address the unique requirements of classic cars, ensuring expert care for any breakdowns.
Cost Benefits
Classic car insurance is usually less expensive than standard car insurance. This is due to classic cars being driven less often and typically stored in secure places, which lowers the risk of accidents and theft. The reduced premiums make it a cost-effective option for owners who use their classic cars mainly for leisure, shows, and exhibitions.
Flexibility and Peace of Mind
A classic car insurance policy provides reassurance by ensuring that your treasured vehicle is thoroughly protected. With flexible policy options, you can select coverage that suits your specific needs, whether for an antique, a modified car, or a replica. This comprehensive approach ensures that every aspect of your car’s value and use is covered.
How To Buy Classic Car Insurance
Buying classic car insurance might seem complex, but with a step-by-step approach, you can make sure your prized vehicle is well-covered. Here’s a guide to help you navigate the process.
Assess Your Needs
Start by assessing the specific coverage requirements for your classic car. Take into account factors like the car’s value, how frequently you drive it, and the types of events you attend, such as car shows or parades. List the features you need in a policy, like agreed value coverage, spare parts insurance, and roadside assistance.
Gather Vehicle Information
Gather all important details about your classic car, including its make, model, year, condition, and any modifications or restorations. Having documentation like appraisals, photos, and maintenance records will be helpful when discussing coverage options with insurers.
Research Insurance Providers
Research reputable car insurance companies that focus on classic car insurance. Well-known providers include Hagerty, State Farm, Progressive, Safeco, and American Modern. Check reviews and compare the coverage options and customer service ratings offered by different insurers.
Request Quotes
Reach out to multiple insurance companies to request quotes. Share detailed information about your car and specific coverage needs. Be sure to inquire about potential discounts, such as those for having multiple policies, low mileage, or membership in classic car clubs.
Compare Policies
Thoroughly compare the quotes and coverage options from various insurers. Focus on the policy details, such as coverage limits, deductibles, and any exclusions or restrictions. Ensure that the policies include agreed value coverage and any other specific benefits you require.
Check Eligibility Requirements
Confirm that your car meets the eligibility criteria for classic car insurance, which typically includes age restrictions, storage conditions, and limited usage. Make sure you comply with these requirements to prevent any problems with your coverage.
Finalize and Purchase
After choosing the best policy for your needs, reach out to the insurer to complete the purchase. Carefully review the policy documents before signing. Ensure you understand all the terms and conditions, and ask any questions if anything is unclear.
Maintain and Update Coverage
After buying the insurance, keep detailed records of any modifications or restorations. Regularly review your coverage to ensure it still meets your needs, and update the policy as needed, especially if your car’s value increases or your usage changes.
Our Methodology
In evaluating classic car insurance companies, we considered various factors, such as coverage options, customer reviews, and pricing. We relied on reputable review sites and factored in expert opinions and consumer feedback. Our ratings provide a well-rounded assessment of each insurer's strengths and weaknesses, offering a balanced perspective for potential policyholders.
Quotes Analyzed
Yeard Experience
Brands Reviewed
Research Hours
FAQs
Are classic cars more expensive to insure?
Classic cars typically cost less to insure than regular vehicles because they’re driven less often and usually stored securely. However, the cost can fluctuate depending on the car’s value, coverage options, and the owner’s driving record.
Is a 20-year-old car considered a classic?
A car that’s 20 years old may be classified as a classic by certain insurers, though definitions can differ. Generally, vehicles need to be at least 20-25 years old and meet specific criteria to be eligible for classic car insurance.
