How Much Auto Coverage Should I Consider?
Auto Insurance only provides coverage up to policy limits — beyond that, you’re personally responsible for damages related to any accident you cause. This is a key consideration, especially if you have assets you want to protect. Here are a few factors to consider — and some things to keep in mind — as you choose auto coverage limits…
Third-party liability coverage
Your assets and income Third-party liability coverage pays damages you cause to others in a covered loss — up to the policy’s limits. When selecting those limits, it’s important to know the value of assets you want to protect. Add up the value of everything you own
your primary and vacation homes, savings and investments, cars and recreational vehicles, and any collectibles. Ideally, choose liability limits that are high enough to protect the total value of these assets.
Comprehensive and collision coverage
The value of your vehicles If your car were damaged or totaled, would you have the financial resources to pay the costs of repair or replacement out of your own pocket? If not, consider taking out comprehensive and collision coverage. If you lease or finance your vehicle, your lender may require these coverages.
Optional Auto Insurance Features
You can tailor your auto policy with a full menu of optional coverage choices that include…
You’ve been accident-free for years — until now. Farmers® will forgive one at-fault accident for every three years you drive without one.
New Car Replacement Coverage
If your car qualifies as a total loss within the first two model years of ownership and with fewer than 24,000 miles, New Car Replacement Coverage can help. It will reimburse you for the cost of replacing it with a new one of the same make and model — less any deductible.
Customized Equipment Coverage
When a car doesn’t come from the manufacturer with all the equipment you want, you might install aftermarket features like alloy wheels or a sound system. Customized equipment coverage can help if this add-on equipment is damaged.
Farmers® personal umbrella coverage provides additional liability limits over and above the liability limits on your personal auto policy. This affordable coverage can be purchased in $1 million increments up to $10 million.* *Restrictions and eligibility requirements apply. Farmers personal umbrella coverage requires one qualifying, underlying auto policy with Farmers (a motorcycle policy does not meet this auto requirement) and a qualifying, underlying personal liability policy (such as homeowners, renters or condo) with any insurer.
Towing and Roadside Service Coverage
If your car breaks down or you get locked out, help is just a phone call away. With this option, you’ll have 24/7 access to services like
- Dead or weak battery jump-starts
- Flat tire change
- Locksmith services
- Roadside winching
- Towing services to the nearest qualified repair facility
- Emergency roadside connect to police, fire or medical assistance
Loss of Use
With this option, Farmers will provide a flat sum for cabs, public transit or a rental while your car has a qualified disablement that’s covered by your policy’s comprehensive or collision coverage.
Car Rental Reimbursement
If you need a rental vehicle after an accident, Farmers will help you find a quality rental car quickly. There’s even free pickup and delivery, direct billing to Farmers and an automatic deposit waiver. Car rental reimbursement is available for a maximum of 30 days for each qualified disablement covered by your policy’s comprehensive or collision coverage.
Got a crack in your windshield? With this option, Farmers will connect you with a reputable vehicle glass company in your area, and you’ll be back on the road in no time.
Original Equipment Manufacturer
When your car is damaged in a covered accident, Original Equipment Manufacturer (OEM) coverage pays for repairs with factory-original replacement parts when they’re available. To add this coverage, you must have collision and comprehensive coverage with Farmers, and your car must be no more than 10 years older than the current calendar year
Assistance Your car breaks down in the middle of nowhere. Sounds like a frightening experience? Not if you have Farmers Roadside Assistance. With just one toll-free call to (800) 435-7764, you’ll get help whether you’re in your own driveway or a thousand miles from home. Using our network of more than 25,000 towing and road service facilities and 10,000 professional locksmiths in the United States and Canada, we will quickly get your vehicle to the nearest qualified repair facility so you can return to the road. Farmers Glass Service You’ll get speedy, professional service when you have
Farmers Glass Service
Highly-trained glass technicians will either repair or replace your auto glass and you’ll receive a written, limited guarantee on workmanship and defects for as long as you own your vehicle. When you use Farmers Glass Service, you’ll receive a list of participating glass shops in your area. When you use the program and your policy carries comprehensive coverage, if the glass can be repaired, we’ll waive your deductible!
Benefits of car insurance through Hagerty
Guaranteed Value® coverage
In the event of a covered total loss, you receive every cent of your car’s insured value.* No depreciation. No messing around. No hassle.
A policy through Hagerty allows occasional pleasure use.** You can go for a weekend drive, take your vehicle up to the local ice cream shop or attend unlimited events and cruises.
Hagerty Drivers Club®
Hagerty Drivers Club is designed specifically for collector cars. It is a comprehensive 24/7 full service roadside assistance program for lockouts, battery jumps, tire changes, emergency fuel delivery and more—guaranteeing flatbed towing with soft straps.
You’ll save money
Because we specialize in collector car insurance, premiums through Hagerty are up to 34% lower than daily driver insurance.***
Unparalleled service and knowledge
We know collectible cars, so you deal with real people who understand your car and your needs.
We protect all kinds of classic cars, trucks, modified and newer vehicles, in addition to motorcycles, tractors, boats and more.
Frequently asked questions
What is the difference between agreed value and stated value insurance coverage?
An agreed value policy—the same as a Guaranteed Value policy through Hagerty—guarantees that you will receive the full insured amount of the vehicle (with no depreciation, and including all sales taxes), in the event of a covered total loss.
In contrast, a stated value policy (sometimes called “stated amount” or “maximum limit of liability”) gives the insurer the right to pay you either your vehicle’s depreciated cash value amount or the cost to replace your vehicle—and they’ll choose the lower of the two amounts.
How is classic car insurance different from regular car insurance?
Classic car insurance offers some key benefits compared to daily driver or “regular” insurance.
We understand your car is a prized passion and will be driven with great caution, so premiums through Hagerty are adjusted accordingly—34% lower on average than daily driver insurance. With a daily driver insurance policy, your classic may be rated like a regular-use vehicle, and you’ll be charged as if you were driving the vehicle every day.
More commonly known as “agreed value” coverage, it means you tell us the value of your classic and we’ll affirm that it’s a fair, accurate number. Then, we guarantee that value will be paid to you in the event of a covered total loss. Regular car insurance carriers offer “actual cash value” or “stated value” coverage, which may depreciate the value of your vehicle in the event of a claim, resulting in a smaller payout than you anticipate.
A policy through Hagerty allows you flexible usage. Even if you have full coverage through a regular car insurance carrier, there may be mileage and usage restrictions to control how and when your classic is driven.