In the state of Minnesota, a classic car is considered as such if it is at least 20 model years old and is treated specifically as a collector’s item. Minnesota classic car insurance must include liability coverage
and personal injury protection
. If you own a classic car, you already know that it’s worlds apart from your everyday commuter vehicle—its value generally appreciates rather than depreciates, its replacement parts are expensive and hard to find, and it spends more time in the garage than it does on the road.
For these reasons, you’ll need specialized car insurance
to handle your classic car’s specific needs. To help you find the best protection for your classic car, Jerry
, the insurance comparison shopping and brokerage app that is making shopping for insurance easier and faster than ever, has compiled the following guide to insuring classic cars in Minnesota. What is classic car insurance?
Classic car insurance offers the same basic coverage as standard car insurance, but is typically cheaper. It’s tailored to the unique needs of classic cars, so while it is less expensive, it does come with a lot more limitations.
There are typically mileage caps and storage requirements, among other rules, that come with classic car insurance.
What is a classic or antique car?
The definition of a classic or antique car can vary from state to state, but in general:
A classic car is a vehicle that is 10 to 24 years old that has historic interest, like a hot rod or muscle car.
An antique car, on the other hand, is typically 25 or more years old and has historic interest. However, if a classic car is more than 25 years old, it's considered an antique car for insurance purposes.
What makes classic car insurance different?
Classic car insurance offers a lot of the same coverage as standard car insurance, but it’s calculated differently in terms of pricing because the value of classic cars is determined by a different scale than standard cars.
The cost of your insurance will be decided by your chosen carrier after they determine the actual value of the car.
There are also more regulations and requirements involved with classic car insurance, including the following:
Price: Classic car coverage is usually less expensive than regular car insurance.
Limited use: Classic cars are not meant to be day-to-day commuters. If you own one, your car can only be used in parades, car shows, exhibitions, and so on.
Storage: The car must be stored in a secured, locked facility, such as a personal garage.
Condition: If the car isn’t in original condition, or restored, it must be undergoing restoration.
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Minnesota classic car insurance
To be considered a classic in Minnesota, the car must fulfill the following criteria:
Be at least 10 to 20 model years old
Owned solely as a collector’s item
Not used as a daily commuter
The minimum coverage for a classic car in Minnesota is as follows:
What impacts the cost of classic car insurance in Minnesota?
Classic car insurance is generally less expensive than the insurance you’d need for your everyday commuter. But there are other factors, like with standard insurance, that can affect the overall cost of your policy, such as:
Model year—certain model years have more value than others.
Stated or guaranteed value—if your car is worth more money, it’s going to be more expensive to insure.
Mileage—the more you drive the car, the more expensive coverage will be.
Customization—if you add on additional coverage such as roadside assistance or parts coverage, your policy will be more expensive.
Your driving record—if your driving record isn’t clean, carriers may deny you classic car coverage.
Benefits of classic car insurance
Classic and antique vehicles have unique needs and regular car insurance usually isn’t enough to protect them. Classic car insurance offers protection that standard does not or cannot offer, along with some additional benefits, which may cost more, but offer more peace of mind.
Here are some benefits and features class car insurance offers:
Lower rates than standard car insurance, often between 40% to 70% less
Higher coverage limits (often up to $500,000)
Flexible deductibles and annual mileage limits
Guaranteed or agreed value coverage
Optional add-ons like flatbed truck towing, roadside assistance, and coverage for spare parts and memorabilia
Discounts for additional security features, such as alarms, VIN etching, and GPS tracking
Claims handling from fellow car enthusiasts
Potential discounts on collector car club memberships
Do I need classic car insurance?
If you have any of the following, you likely need specialty coverage:
Modern collector vehicles
Classic trucks and utility vehicles
Vintage motorcycles and scooters
Retired commercial vehicles
Vehicles under construction
Classic military vehicles
Coverage options for classic car insurance
Your coverage will depend on the type of car you have and what you need to protect it
Here are some common coverages for classic cars:
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|---|
| Covers damage that isn’t the result of a collision, such as from severe weather or vandalism. |
| Covers damages resulting from a collision with another vehicle or stationary object. |
| Covers damages if you’re involved in an accident with a driver who doesn’t have auto insurance. |
| If you’re in a covered accident and your classic car is a total loss, you’ll receive the full agreed-upon value (minus your deductible) without any deduction for depreciation. |
| Tiered mileage plans give you the flexibility to customize your policy based on how much you actually drive your classic car. |
| Coverage for tire changes, towing, and other incidental expenses that aren’t part of a typical auto insurance policy. |
| Add coverage for loss or damages to classic spare parts—even ones that are expensive or hard to find. |
Finding cheap car insurance for your classic car
Now that you know what insurance to look for, the next step is finding the perfect policy for your classic car. And with the insurance comparison and brokerage app Jerry
, it’s faster and easier than ever to find the right policy at the right price. Jerry starts by handling the application process to dozens of different quality carriers and brings you back a comprehensive cross-analysis of coverage options. Take your pick, and Jerry takes care of the rest, including finalizing paperwork, handling phone calls, and providing new quotes when renewal time comes around, so you’re always saving money.
The average Jerry driver saves almost $900 on car insurance a year and is the fastest, most efficient way to shop for insurance. So why wait? And why shop for insurance the hard way when Jerry can do it for you, and better?
“I would 11/10 recommend Jerry
. I was originally quoted $700+ for insurance for my new car, but by using Jerry I got my payments down to $320 a month. They also have a great support team ready to answer any questions!” ––Tobias F.
Saved $725 annually
4.7
