Progressive offers classic car insurance protected by Hagerty’s Guaranteed Value Coverage. Hagerty’s coverage is specifically for classic cars. In the event of a covered loss, Hagerty’s Guaranteed Value Coverage pays every cent of your classic car’s insured value, minus your deductible.
There are two main differences between classic car insurance from Progressive and its regular car insurance:
1. Annual Mileage
Progressive Classic Car by Hagerty defines classic cars as “fun-to-drive” vehicles that maintain or increase their value. Progressive doesn’t have per-trip or per-day mileage restrictions, but there are still limits to how much you can drive annually to qualify.
Progressive doesn’t give a specific annual mileage limit, but classic car insurance is not for daily commuter driving. There are several mileage options available, but the vehicle should stay in a locked garage or storage facility most of the time.
2. Physical Damage Coverage
Regular car insurance only covers the actual cash value of your car, which considers depreciation. Classic car insurance covers the entire value of your car, which you and Progressive agree to in advance. Progressive will pay this full value, minus your deductible, if the car is totaled. If your car is not a total loss, classic car insurance guarantees original replacement parts, while regular insurance uses aftermarket parts that can decrease a classic car’s worth.
In addition to physical damage coverage, Progressive matches the amount of liability insurance on your everyday vehicle.
Classic car insurance from Progressive usually costs about $276 less than a standard annual policy, according to the company. But pricing is based on how much the car is worth, how you store it, and how much you drive it. To purchase Progressive classic car insurance by Hagerty, get an online quote or call 1-888-534-8980.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.