A car is considered a classic in Iowa if it's at least 25 years old and has been maintained or restored in conformity with the manufacturer's specifications. When a vehicle in Iowa meets these requirements, the owner can register it as an antique vehicle, which will limit the car’s use. Specifically, classic cars in Iowa can only be used for participation in club activities, exhibitions, tours, and parades.
Classic Car Qualifications in Iowa
At least 25 years old
Maintained or restored in conformity with the manufacturer's specifications
Only used for exhibitions, parades, club activities and similar functions
Keep in mind that even if your vehicle is registered as a classic car in Iowa, it might not qualify for classic car insurance from certain companies. Each classic car insurer has its own eligibility requirements, so your car will need to meet those standards in order to qualify.
Classic car insurance costs less than regular car insurance because a classic spends less time on the road than a vehicle used for commuting or errands. The average classic car insurance policy costs between $400 and $1,000 per year.
Like with any auto insurance policy, each driver’s classic car insurance premium will vary based on individual risk factors such as location, driving history, the driver’s age, and the vehicle’s value. Classic car insurance usually applies to antique vehicles as well as to old, high-performance cars. Requirements and prices vary by company, though.… read full answer
Why Classic Car Insurance Costs Less Than Normal Car Insurance
Almost every classic car insurance provider forbids regular use of the vehicle, which reduces the risk for the insurer and keeps costs low. Classic cars are generally limited to parades, car shows, and pleasure driving up to a mileage limit stated in the policy. As a result, you may need to provide proof that you own a regular car for daily use when purchasing classic car insurance.
Another key difference is that most classic car insurers pay the vehicle’s “agreed value” if it is totaled. This amount is decided when the policy is purchased and reflects the fact that classic cars maintain their worth over time. On the other hand, standard car insurance policies usually pay a vehicle’s actual cash value in the event of a total loss, accounting for depreciation.
How to Lower the Cost of Classic Car Insurance
You can lower the cost of a classic car insurance policy by comparison-shopping for quotes and taking advantage of discounts. Many discounts will be the same as those for regular car insurance, such as discounts for having an anti-theft device or taking a defensive driving course. Some companies also offer discounts for membership in certain car clubs or for switching from a different insurer.
Car insurance in Iowa costs $27 per month, on average, or $326 per year. The average cost of car insurance in Iowa is 55% lower than the national average auto insurance premium, and Iowa ranks 3 out of 50 for the most affordable car insurance rates in the U.S.
There are several factors that affect how much you’ll pay for car insurance in Iowa, including your driving record, age, location, the amount of coverage that you purchase, and the insurance company you buy it from. On average, the cheapest insurance companies in Iowa are Hastings Mutual, West Bend, and IMT Insurance. But every insurer has their own way of calculating premiums, so it’s a good idea to get quotes from at least three different companies to make sure you find the best deal.
Finally, it’s worth noting that car insurance premiums in Iowa are low, compared to the cost of coverage in neighboring states like Wisconsin and Missouri. You can find more details in the table below.
Cost of Car Insurance in Iowa vs. Neighboring States
Iowa car insurance laws require $20,000 of bodily injury liability coverage per person, up to $40,000 per accident, as well as $15,000 of property damage liability coverage.
Bodily injury liability insurance pays for any injuries that you accidentally cause with your car, while property damage liability coverage helps pay for any material assets that you damage while driving, like another person’s car or mailbox. Your insurance company pays up to the limit specified by your policy for each type of car insurance coverage.… read full answer
You can face multiple penalties if you’re caught driving without at least the minimum car insurance required in Iowa, including fines and impounding your car. Another important Iowa car insurance law to note is the grace period for new residents. You have 30 days to register your car when you move to Iowa. You’ll need to bring proof of Iowa car insurance when you go to register, with coverage in each of the categories listed below.
Minimum Coverage Required by Iowa Car Insurance Laws:
Bodily injury liability: $20,000 per person / $40,000 per accident
Property damage liability: $15,000
Uninsured and Underinsured motorist insurance: Not Required
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