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
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
Windshield and safety glass coverage—covers a full windshield replacement or damaged glass without a deductible
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:
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:
American Modern—partners with GEICO
American Collectors Insurance—partners with USAA
"I thought my previous insurance rate was fair given the model of car I drive, but after Jerry
gave me quotes, I realized I could pay only $84 a month for the same coverage. I plan to shop for auto insurance through Jerry from now on!” —Jill I.
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