Having sufficient insurance coverage on your vehicle is the best way to protect yourself and those around you on the road if you’re in a collision. But when you drive a classic vehicle, finding the right coverage can be a challenge. Not all insurance providers offer coverage for classic vehicles, so comparing insurers and rates can help you qualify for the insurance you need. Check out this guide to classic car insurance in Texas, where many drivers enjoy cruising the streets in antique and special-edition rides.
What Is a Classic Car?
Each insurance company has its own definition of a classic car, although some standards may apply across the board. Antique models built at least 25 or more years ago typically qualify as classic vehicles. Special-edition or exotic models may also qualify, along with cars that have significant structural alterations, performance enhancements, and/or modifications. If you drive your classic car on the roads in Texas at any time, you must have insurance coverage that protects it.
Although the insurance coverage on classic and collectible models may differ in price, this type of coverage shares many similarities with plans offered on standard vehicles. Most policies have a deductible, which the policyholder is responsible for meeting before the coverage kicks in, along with liability and bodily injury coverage. Many classic auto drivers choose to include comprehensive and collision coverage on their policies as well, as it covers any collision damages regardless of fault, as well as damage caused by animals, theft, vandalism, and other non-collision incidents.
One key difference between traditional insurance coverage and classic coverage is the offering of agreed value coverage. This amount indicates the agreed-upon value of the vehicle, rather than the actual cash value of the car. The basis for agreed value coverage may come from an independent appraisal, a value recognized by the automotive industry, or documentation or research performed by the owner or the insurance company. When a policy includes agreed value coverage, depreciation doesn’t apply to the value of a classic ride. In fact, classic cars may increase in value over time.
Classic Car Insurance Providers in Texas
When comparing classic car insurance among providers in Texas, you might want to consider some of these top-rated companies:
Hagerty is a trusted provider of auto insurance throughout the state of Texas. The company started as a niche agency for collector cars, making it a top choice for those who drive classic and collectible automobiles. Since its launch, Hagerty has expanded its offering to become a global automotive enthusiast brand and membership organization for fans of the automotive industry.
Policy options for classic car coverage include:
- Guaranteed value, based on market-leading confirmation tools
- Support and resources for classic car owners
- Extensive vehicle coverage options
- Competitive premiums that cost up to 36% less than traditional coverage
- Flexible usage with no fixed mileage restrictions
- A simple claims process with same-day turnaround on glass claims
In addition to offering flexible and customizable insurance options, Hagerty operates several car clubs for automotive enthusiasts in Texas. If you drive a Chevrolet Corvette, the National Corvette Restorers Society, Texas Chapter might be a good fit. The Ferrari Club of America, Houston Chapter is designed for fans of the Italian auto brand located in South Texas. The Mad Dog Car Club is another club that brings locals together to raise money for great causes.
Several major brands offer insurance coverage to classic vehicle owners in the state of Texas through Hagerty. These include Progressive, Allstate, Nationwide, National General, and The Hartford. If you request a quote from any of these companies, you’ll likely receive rates that reflect what Hagerty offers to drivers.
Texan Insurance is another company that offers coverage for classic cars, trucks, and SUVs. This insurer customizes policies based on the needs of each individual client. Policies can be tailored based on how much you drive your classic car, helping to keep costs down and avoid paying for coverage that you won’t use and don’t need. In addition to offering the traditional liability, comprehensive, and collision coverage, Texan Insurance offers a few additional coverage options:
- Spare parts
- Unlimited mileage
- Towing and labor
- Replacement parts
- Coverage while the vehicle is in restoration
Assurant offers vehicle protection services to the owners of classic cars in Texas. This company protects more than 48 million cars across the globe and has over 50 years of experience in the automotive industry. GEICO also partners with Assurant when offering classic car insurance coverage to Texas-based drivers.
If you’re looking for a smaller company to insure your classic ride, check out Grundy Insurance. The agency is based in Horsham, Pennsylvania, but it covers vehicles located throughout the nation. This company has specialized in coverage for classic cars since 1947 and focuses heavily on collectible models, rather than traditional auto coverage.
One of the policy options is agreed value insurance, which protects the value of a classic car from depreciation. When assessing the agreed value of a classic ride, Grundy Insurance experts will compare what you believe the value to be with their own research to reach an agreed-upon amount. Once a value has been reached, the amount will never change unless you request a reappraisal. Additional coverage options include:
- Uninsured/underinsured motorist
- Spart parts inventory
- Towing and labor
- Trip interruption
- Inflation guard value
Safeco Insurance offers a unique spin on traditional auto insurance with two mileage options. The first is regular use, which is more like traditional automotive insurance coverage. The second is limited use, which allows drivers to drive up to 5,000 miles a year. If you don’t drive your classic car more than 13 miles per day, the limited use option can help you save on insurance coverage.
Although Safeco Insurance does offer coverage for classic rides, some restrictions apply. The company only covers classic cars that are at least 10 years old, antique cars that are at least 25 years old, and limited production models that are less than 10 years old. Coverage doesn’t apply to racing cars, unrestored models, or kit cars.
Protecting your classic car is a must, especially when you drive it on any Texas road. You can make sure that your ride has sufficient coverage by working with one of these insurance providers that offer classic car insurance in Texas.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.