A 1968 Camaro and a 2024 Camry need entirely different insurance. Classic and collector policies use agreed value instead of actual cash value, charge dramatically lower premiums, but impose strict usage rules.
Agreed value vs ACV
On a standard policy, a total loss pays actual cash value — what the car is worth today. On a classic policy, you and the insurer agree on the value up front, and that's what gets paid. No depreciation arguments.
Usage restrictions
- Pleasure use only — no commuting
- Annual mileage caps (often 2,500–7,500)
- Locked, enclosed storage required
- Driver age and clean record requirements
Top El Paso classic car carriers
Hagerty, Grundy, and American Modern dominate the classic market. Premiums often run $300–$600/year for a vehicle valued at $30,000+.
Frequently asked questions
What qualifies as a classic car?
Usually 20–25+ years old, kept in original or restored condition, and used for pleasure rather than daily driving.
Can I daily-drive my classic?
Not on a classic policy. You'd need a standard auto policy at much higher premium.
This article is for general information only and is not legal or tax advice. For guidance specific to your situation, talk to a licensed Texas insurance agent. Ready to put it into practice? Get a free quote or request a policy review.