If you have a classic car You've probably realized it's not just any car. It's not just a means of transportation; it's an investment, a passion, a piece of automotive history. And, like everything worthwhile, it needs protection. So you should have one. Classic Car Insurance.
But then comes the question that many collectors ask themselves: "Is it worth insuring my old car?"
I've had this doubt before. When I bought my first classic, a 1967 Mustang FastbackThe last thing on my mind was insurance. I wanted to restore it, get it on the road, and enjoy every second of it. But then reality hit: thefts, accidents, expensive and rare parts…and the constant worry that something might happen.
It was then that I decided to investigate in depth about the insurance for classic carsAfter many calls, meetings with brokers, and contract analysis, I finally understood what's truly worthwhile and what's pure nonsense.
So, if you also have this question, come with me and I'll tell you everything you need to know about classic car insurance and whether it really makes sense to invest in it.
Is classic car insurance different from traditional insurance?
Yes, and this is very important to understand.
If you try to insure a classic car as if it were a regular vehicle, you'll be in for a shock. Traditional insurance companies don't like old cars. For them, a car over 20 years old is synonymous with high risk, lack of spare parts, and depreciation. In other words, if you try to get regular insurance, you'll pay a fortune and receive compensation far below your car's actual value.
He classic car insurance, on the other hand, is designed for collectors and enthusiasts. It takes into account the car's true value on the classic market, its condition, and even its rarity.
Opera summary: If your car is more than 25 or 30 years old and is considered a classic, don't even waste your time with regular insurance companies. Look for specialized insurance.
How does classic car insurance work?
He insurance for old cars It works differently than conventional insurance. Here are the main points you should understand before purchasing one:
1.The value of the car is agreed in advance
In traditional insurance, the value of the car is based on the Treasury tableBut the classics follow the GANVAM tableThey are valued according to the collector's market.
Therefore, with classic car insurance, you and the insurer agree on the vehicle's actual value. If the worst happens (theft or total loss), this is the amount you'll receive, without any absurd devaluations.
2.Car use influences the price
Many classic car insurance policies take into account the number of miles you drive per year. If you only use your car for events, meetings, and occasional outings, the insurance price may be much lower than for a daily-drive car.
Now, if you use your classic as your primary car, insurance may be a little more expensive, but it may still be worth it.
3.Protection against damage, theft and even restoration
Depending on the insurer, you may be able to include coverage in your contract for:
✅ Robbery and robbery (main reason for taking out insurance);
✅ Damage caused by third parties (Someone crashed your classic? Insurance covers the repair);
✅ Damage during transport (if you take your car to exhibitions, this is a must);
✅ Restoration coverage (some insurers even cover the replacement of original parts);
✅ Protection against natural disasters (floods, fires, falling trees).
If you've ever spent a fortune restoring your car, you'll know that any risk can represent a great loss.
How much does classic car insurance cost?
The million dollar question.
The cost of insurance varies greatly, but is generally much cheaper than traditional insuranceThis is because classics are usually well-maintained, rarely used, and rarely used daily.
To give you an idea, prices can vary between 43 € and 175 € per year, depending on the model, the value of the car and the coverage chosen.
Now think about it: If your classic is worth 80,000 € and you pay 175 € per year to protect it, is it worth it or not?
Is classic car insurance worth it or not?
If you still have doubts, here is a summary that will help you decide:
🔹 Worth it if:
✅ Your car has a high market value and is a true classic.
✅ Do you want to avoid the nightmare of losing your car in a theft without receiving any compensation?
✅ You take the car to events, trips, or exhibitions.
✅ Your classic has already undergone an expensive restoration and you want to protect it.
🔹 It may not be worth it if:
❌ Your old car doesn't have that much market value yet.
❌ You only use the car on your own property and are not at risk of theft or accident.
❌ You have other ways to protect it, such as an extremely secure garage and an efficient tracker.
But in most cases, a classic car insurance It's worth it.
Tips for finding the best insurance for your classic car
If you've decided to insure your old car, here are some practical tips:
1️⃣ Look for specialized insurance companies. Don't try conventional insurance. There are companies that understand classic cars and will offer you a fair plan.
2️⃣ Assess the real value of your car. Do some research on the collector's market to find out how much it's really worth.
3️⃣ Read the contract carefully. See what the coverage is, the deductibles, and if there are any hidden issues.
4️⃣ Consider installing a tracker. Some insurance companies offer discounts for tracked cars.
5️⃣ Negotiate! Yes, the insurance is negotiableIf you have a good garage, don't use your car often, and have modern alarms, you can get a good discount.
Protecting your classic is protecting your passion
If you own a classic car, it's not just a car. It's part of your history, your time, and your investment.
It took me a while to get insurance for my first classic, but after seeing the risk I was taking, I didn't think twice. Today, I drive my '67 Mustang with much more peace of mind, knowing that if something happens, I won't lose a piece of my soul.
Have you ever thought about insuring your classic car? Is it worth it in your case? Let me know in the comments!
He's been passionate about classic cars for as long as he can remember. His story began in his grandfather's garage, watching the painstaking restoration of a 1957 Chevrolet Bel Air. It was in that space, amid the smell of grease and the stories told, that he discovered his love for old four-wheelers.