Classic car insurance is cheaper than regular car insurance because a classic car will spend less time on the road and thus represents a lower risk for insurance companies. On average, it costs between $400 and $1,000 per year to insure a vehicle classified as a classic car.
Out of the largest insurance companies, only State Farm and American Family offer their own classic car insurance policy. Many other insurance companies offer this type of coverage through a partnership with a company that specializes in classic auto insurance.
Vehicles more than 20 years old that are being used exclusively for exhibitions, parades, club activities and similar functions can usually qualify as a classic car. State laws vary on the minimum age requirement for a vehicle, so if you're looking into registering your older vehicle as a classic car, we recommend checking your state's specific requirements.
This answer was first published on 09/01/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
