Farmers Classic Car Insurance

Farmers offers classic car insurance through J.C. Taylor, which provides agreed value coverage for collector vehicles.
Written by Shannon Fitzgerald
Reviewed by Hillary Kobayashi
background
Farmers
offers
classic car insurance
through its partner, J.C. Taylor. This type of coverage bases your limits on an agreed value system rather than an actual cash value system, which helps better protect collector cars, whose value appreciates, rather than depreciates, over time. 
When you finally bring home that hot rod or antique car you’ve had your eye on for years, your
auto insurance
policy is going to look a little different than what you’d expect for your daily driver. Fortunately, Farmers’ customers can secure the right protection for their rare model with classic car coverage. But what types of cars are eligible and how does this insurance work? We’ll walk you through it. 

Does Farmers offer classic car insurance?

Yes. Farmers offers classic car insurance, also called collector car insurance, to drivers who own certain qualifying collectible vehicles. This insurance comes through Farmers’ partner, J.C. Taylor, and provides coverage based on an agreed value for your vehicle instead of its actual cash value. Farmers also refers to this as a Guaranteed Value™ plan.
Like the majority of classic car insurers, there are certain qualifications you and your vehicle must meet to be eligible for Farmers’ classic car coverage. 
For example, your classic car must be: 
  • At least 19 years old—in
    Texas
    , it can be 15, however, and in
    Massachusetts
    , it has to be 25
  • In good, original condition—this means very limited rust, wear, dents, or noticeable damage 
  • Stored in a locked, secure garage (or similar structure) 
  • Solely used for recreational purposes, like pleasure rides, car shows, and parades—unlike some other car insurance companies, Farmers allows classic cars to have unlimited mileage 
  • Free of accessories—like plows, bed racks, winches, tow balls, etc. 
  • Free of substantial suspension lifts, roll cages, or nitrous oxide systems 
As a driver, you must: 
  • Be at least 25 years old (depending on your state) 
  • Already have a commuter car for your daily needs 
  • Have a
    good driving record
    —J.C. Taylor defines this as no more than one at-fault accident or moving violation in the last three years   
At the end of the day, eligibility for classic car coverage is determined by case. So the best way to know for sure if your collector car qualifies is to contact your Farmers’ insurance agent to assess your vehicle and discuss coverage options. 
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What is classic car insurance coverage?

The most important difference between classic car insurance and standard car insurance is how your vehicle’s value is determined in the event of a total loss insurance payout. Standard insurance calculates this value with real-time depreciation—aka your car’s fair market value. Classic car insurance, on the other hand, grants you a guaranteed value before a total loss occurs that ensures you’ll receive your vehicle’s appraised worth in a payout, minus any deductibles. 
Classic car insurance policies generally include
collision coverage
and
comprehensive coverage
to keep your collector vehicle protected during joy rides and parades, or when it’s in storage or on display. Since you are required to already have a daily driver, Farmers will usually match your
liability coverage
from your everyday car’s plan.  
Farmers has optional insurance coverages designed specifically for classic car policies, as well: 
  • Spare parts coverage—covers up to $750 in spare parts to keep your collectible car running smoothly 
  • Towing and roadside assistance
    —gives you 24/7 access to breakdown assistance services 
  • Windshield and safety glass coverage—covers a full windshield replacement or damaged glass without a deductible 
Depending on your
state’s minimum insurance requirements
, your Farmers classic car insurance policy may also include
uninsured/underinsured motorist coverage
,
personal injury protection (PIP) coverage
, or
MedPay

How much is a Farmers classic car insurance policy?

If you own an eligible collector vehicle, car insurance quotes for your Farmers car insurance policy vary significantly depending on various factors, like your vehicle’s appraised value, your age and location, and
how low or high you make your deductibles
. At the very least, you can rest assured that insurance costs for your classic car won’t be as high as your standard insurance rates, however. 
Why? Classic cars simply don’t encounter the same amount of risk as your average commuting vehicle does, and are therefore much less likely to make claims. Because of this, you could pay as much as 40% less on your premiums for a classic car than you would for a similarly-valued standard vehicle, according to J.C. Taylor. 
So if you have a good
credit score
and a
clean driving record
, you could reasonably expect to pay between $200 and $600 per year on insurance for a classic car compared to $1,200 to $1,600 for a regular car. 
Farmers offers several means through which you can lower your insurance costs, too.
Bundling policies
, like your
homeowners
or
renters insurance
, with your car insurance can help bring costs down for each policy—as can insuring more than one classic vehicle. Farmers also rewards safe driving with cheaper premiums through its
Signal app
Pro Tip It’s never a bad idea to
compare car insurance quotes
from more than one insurer to make sure you’re getting the best rate available for you and your specific classic vehicle. 

Who should get classic car insurance?

While it’s fairly obvious that a vintage Model T or a pristine 1968
Chevy Corvette
sports car are great candidates for classic car coverage, there are other types of vehicles that may benefit from this coverage, as well. 
Here are some common vehicles Farmers policyholders have been able to protect with guaranteed value coverage: 
  • Antique and classic cars  
  • Muscle cars and hot rods 
  • Vintage luxury vehicles 
  • Tribute and replica cars 
  • Miscellaneous special interest vehicles—like historic tractors, motorcycles, or retired military trucks
Basically, if you own a collector vehicle that is over 19, and it’s accruing value rather than losing value over time, it may be worth looking into classic car coverage (as long as it meets Farmers’ other qualifications). 

What other car insurance companies offer classic car insurance? 

Farmers isn’t the only standard insurer that offers agreed value coverage for classic vehicles. Not only can you find classic car insurance from other popular car insurance providers, but you can also find it through auto insurance companies specifically dedicated to classic cars. 
Here are some of the major names out there: 
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FAQs

Classic car insurance runs cheaper than standard car insurance because a classic car does much less driving. Because of this, it’s much less likely to encounter risks that would cause damage and cost an insurance company money in claims. 
However, your classic car’s insurance costs also depend on its agreed value after an assessment by a professional. High-end classic cars, like the $48 million 1962 Ferrari 250 GTO, will cost much more in insurance premiums than something like a 1988
Chevy Caprice
.
The major benefit of a classic car insurance policy is that your coverage is based on your vehicle’s agreed value rather than its actual cash value. This allows you to collect much closer to your vehicle’s worth in the event of a total loss insurance payout since classic cars tend to accrue value over time rather than lose it. 
Additionally, classic car insurance is much cheaper than standard car insurance—as much as 40% less. Though you are usually limited in annual mileage and held to strict storage requirements because of this, insuring your collectible car with classic coverage will save you a lot of money.
It all comes down to your vehicle’s age. While the terms are often used interchangeably, a classic car actually refers to a vehicle that’s over 20 years old, and an antique car refers to a vehicle that is over 45 years old
As far as classic car insurance is concerned, however, both types of vehicles can be covered—along with certain kit cars and replicas, depending on your insurer.
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