January 30, 2023

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Progressive Classic Car Insurance: Things You Should Know

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Classic car enthusiasts can protect valuable collectibles with Progressive classic car insurance.

Classic car insurance is a coverage option that is customized to fit the unique requirements of different classic car owners. Some insurance companies like Progressive even offer clients specialized services, like expert repair and maintenance or vehicle coverage for car exhibits.

Looking for a reliable classic car insurer can be tricky, especially if this is your first time. Don’t fret – our experts have looked at some of the best car insurance companies in the industry to help you make the right decision. Enter your zip code in the quote box below to get a free estimate from providers near you.

What is Classic Car Insurance?

Classic car insurance is a type of auto policy that protects vintage vehicles using specialized coverages. With classic car insurance, you can expect similar kinds of coverages that you’d get with standard – including liability, comprehensive and collision coverage. 

Since classic cars are meant to be driven much less than regular cars, classic car insurance is generally less expensive than standard full coverage auto insurance.

Benefits of Classic Car Insurance

The less expensive auto policy is not the only benefit to protecting your vintage car with classic auto coverage. Below are some other common benefits:

Expert repairs and maintenance The last thing you want is for an amateur to tinker with your precious antique vehicle. Reputable insurance providers like Progressive partner with skilled and seasoned professionals to provide clients with expert repairs and maintenance services.
Roadside assistance You never know when your classic car’s engine will give in. Luckily, the best car insurance companies have roadside assistance as one of their specialized coverages, including Progressive.
24-hour services Some providers offer 24-hour customer support to ensure quick and effective services for clients. If you get into an accident early in the morning, someone will be there to help you make a claim.
100% reimbursements As an example, if you buy insurance for a lamborghini and get into a car accident, your provider may reimburse you its total agreed value for insurance.

Qualifying for Classic Car Insurance

To qualify for classic car insurance, your car has to first qualify as a classic car altogether. The term “classic car” may mean different things for different insurance providers, and the requirements of getting classic car insurance will vary too.

How Does Your Vehicle Qualify as a Classic Car?

To get cheaper auto insurance for your exotic vehicle, your car essentially must be in a certain condition and you can only use it for pleasure driving. Here are the common criteria for your car to be considered a classic vehicle:

  • The car must be at least 10 to 20 years old. If it’s 25 years and over, some insurance providers may consider it an antique vehicle, which is a different status from classic. Antique vehicles can still qualify for classic car insurance.
  • The car must have been restored or preserved. An old car that’s been sitting in a yard untouched and baking in the sun for twelve years doesn’t count as a classic car. A car that’s been routinely cleaned, had the engine upgraded, and kept its paint job in good condition will fare better as a classic vehicle.
  • The classic car can’t be considered your “daily driver car.” This would be the car you drive every day. The more you drive, the more likely you are to get into an accident. Classic cars or antique cars are expensive to repair, so people who only drive their classic cars 3,000 to 6,000 miles per year tend to get classic auto coverage.
  • The car must be garaged. Many insurance companies have strict regulations for how the car has to be housed. Collector vehicles have to be in good condition, and they can’t be well preserved if they’re constantly exposed to the sun, rain or animals.

Agreed Value for Insurance: What is It?

Before you’re given a policy by your insurance provider, you both need to agree on the total insured value of your antique vehicle. Also called the “agreed value for insurance,” this amount is calculated based on the following factors.

  • Repair requirements
  • Vehicle sale price
  • Loss of value
  • Usage
  • Storage
  • Mileage

A classic or antique car’s value may decrease or increase over time. An agreed value for insurance protects the insurer from overcompensating clients in case they make a claim. Alternatively, it’s also a way for customers to avoid getting under-compensated if their collectible’s market value plummets.

Progressive Valuation Tool

Progressive uses the Hagerty Valuation Tool, which is powered by Hagerty® – a reputable and large-scale company that specializes in classic car insurance. This tool allows agents to properly value your classic truck, car, motorcycle or antique military vehicle. Get in touch with a Progressive agent today to learn more about its products and services.

Classic Car Insurance vs. Standard Car Insurance: What’s the Difference?

Classic and standard car insurance both serve the same purpose, which is to protect you and your vehicle from expensive auto-related costs. Most car owners can get by with a standard car insurance policy. It typically covers medical expenses, bodily injuries and property damages after a road accident, making it an ideal choice for the everyday driver.

Unfortunately, if you’re a classic car owner, this type of policy might not offer enough coverage for your vehicle. Standard auto insurance considers your vehicle’s age, mileage and depreciation in calculating coverage. In other words, you may not be covered for your vehicle’s overall market value, which will be a big problem in the event of a total loss.

The ideal choice for a vintage car owner would be a classic car policy. It covers the entire amount that you and your provider have agreed on. Additionally, it allows you access to original parts in case of repairs and replacements. No need to worry about compromising your vehicle’s integrity when you need repairs in the future.

Do I Need Progressive Classic Car Insurance?

Car insurance is required in almost every state in the U.S. Regardless, you don’t necessarily need to get classic car insurance. You can drive your collectibles anywhere in your state as long as you have the required minimum liability coverage.

Standard liability coverage may not cover your classic vehicle’s overall value, so there’s a higher chance you might get under-compensated when you make a claim. Getting the appropriate classic car insurance is the only way to avoid this inconvenience. Progressive’s classic car insurance is also on average 34% less than standard insurance coverage.

What Does Progressive Classic Car Insurance Cover?

In addition to selling auto insurance for supercars, Progressive offers insurance for classic vehicles with its Classic Car by Hagerty® program. This program runs through Hagerty, which specializes in classic/antique car coverage.

Here’s what you can find in its car insurance policy:

  • Roadside assistance: Owners of collector vehicles will have access to services like fuel deliveries, winchings, towings, battery jump-starts, flat tire changes, lockout assistance and rides to the nearest repair shop.
  • Physical car damage: Progressive offers both comprehensive and collision coverage in its classic car policy. You’ll get your car’s total insured value if your car is stolen or totaled in an accident. You may also get repairs and replacements using original parts for your car.
  • Minimum liability: Each of Progressive’s classic car policy comes with the minimum liability coverage required by your state. Minimum liability typically covers property damage and bodily injury.
  • Optional coverages: Classic car insurance is completely customizable to the needs of the client. You can adjust your coverage to include automotive tools and spare parts. You might also want to get rideshare reimbursement or custom parts value.

Progressive Classic Car Insurance: Exclusions

Classic car insurance doesn’t come without its drawbacks. This type of insurance policy is designed for vehicles that aren’t driven around as often as regular vehicles. If you use your classic car daily, you may not qualify for classic car insurance at all.

To know more about Progressive’s company as a whole, check out our Progressive insurance review or take a look at Progressive’s direct auto insurance.

Our Recommendations for Auto Insurance

Progressive provides excellent classic car insurance, but it may not be the best company for everyone. You might find these next recommendations more suitable. Our experts have carefully reviewed these providers to ensure each offers excellent services and products. To get a car insurance quote, simply enter your zip code in the free quote box below.

State Farm: Best Overall

State Farm is one of the oldest insurance companies in the industry. It has the strongest customer support service we’ve ever encountered and offers a wide range of discount opportunities that make its services affordable and accessible to clients. State Farm’s stellar review has gotten it an overall of 9.4 out of 10.0 from us. Visit the company website to learn more about its products.

GEICO: Best Discounts

Next up is GEICO, the go-to provider if you’re looking for affordable premiums and a wide range of products and services. Our experts have given it a good 9.1 out of 10.0 for its excellent customer support and low rates. It also has one of the best claims-handling processes that we’ve seen so far. Get more details about its products and services from the company website.

Progressive Classic Car Insurance: FAQ

How does classic or collector car insurance differ from regular auto insurance?

Classic/collector car insurance differs from regular auto insurance by being cheaper and having a different valuation process. Classic car insurance agents work with you to agree on a value for the vehicle. Regular auto insurance will consider your car less valuable because of its age and mileage, but classic car insurance sees age and historical value as a plus – which is why it provides better claim payouts after accidents.

Is classic car insurance cheaper than regular car insurance?

In most cases, classic car insurance is cheaper than regular car insurance. Since you won’t be driving your classic vehicle as often, you’re a relatively lesser risk to your insurance provider than most drivers, so rates for classic car policies are 40% cheaper than standard policies.

How does classic car insurance work?

Classic car insurance is for high-end, maintained vehicles that are 10 to 20 years old and that you only drive occasionally. This insurance involves the basic coverages you’d see with a standard insurance policy (liability, collision and comprehensive).

With classic coverage, you and the insurance provider both agree on the car’s value before the policy begins. Classic insurance doesn’t depreciate a car’s value based on its age and mileage. The car’s maintenance condition and historical value affect the rates.

What year does a car need to be for classic car insurance?

A classic car should be at least 10 to 40 years old to be eligible for a classic car insurance policy. Still, this number may vary depending on your insurance provider. Talk to a representative to get a more accurate estimate or use our online quote tool.

How much is the average classic car insurance policy?

The average classic car insurance policy costs around $400 to $1,000. This value may change depending on your insurance provider.

Methodology

The Detroit Bureau collects data from every major car insurance provider to formulate rankings of the best insurers. Our in-depth rating system takes into account market share, coverage, auto insurance rate estimates generated by Quadrant Information Services, customer satisfaction and ratings from industry experts. Each insurer is given a weighted score in four categories, as well as an overall score out of 10.0.We recommend auto insurance companies based on these rankings, but we also encourage you to perform your own research and compare quotes to find the best coverage.