The collaboration is set to start providing this special form of coverage starting in early 2022.
State farm, the largest private passenger vehicle insurer in the United States, and Hagerty Insurance have agreed to collaborate to introduce a new classic vehicle insurance coverage plan starting in 2022.
This new policy will be called the State Farm Classic+ and will launch early next year.
The collaboration will add the entirely new classic vehicle insurance policy to the market so that owners of these cars and trucks will be able to purchase precisely the coverage they need.
“We’re thrilled this strategic alliance will position State Farm agents to help customers protect their classic vehicles while giving them an opportunity to connect with a community of car enthusiasts,” said State Farm Executive Vice President and Chief Agency, Sales & Marketing Officer Rand Harbert.
Hagerty Insurance is an automotive lifestyle brand. It is well recognized as a provider of specialty coverage for vintage, classic, and enthusiast cars, trucks, and other vehicles. That insurer is known for providing exceptional service and for its solid knowledge of collector vehicles.
State Farm’s Reach and Hagerty’s specialty makes the classic vehicle insurance collaboration a powerful one.
“We are especially pleased to offer State Farm Classic+ customers access to popular Hagerty features and services,” said Hagerty CEO McKeel Hagerty. “We are excited to work with State Farm and their incredible agents.”
This new policy, called State Farm Classic+, will be sold through the State Farm Classic Insurance Company. That provider is wholly owned as a subsidiary of State Farm Mutual Automobile Insurance Company. The completion of the deal remains subject to state regulatory review and approval before the companies will be able to begin the sale of the coverage resulting from their collaboration.
Owners seeking to purchase classic vehicle insurance will be able to purchase a policy from a State Farm agent. This product will be available to both existing and new customers with the insurer. Though the policy is expected to start being offered by the beginning of next year, the insurance companies expect that it will become available in the majority of states by 2023, based on the speed of regulatory approval in each state.