State Farm Classic Car Insurance: All You Need to Know
If you’re looking for a classic car insurance policy for your vintage hot rod, State Farm is a good place to start.
Written by Macy Fouse
Reviewed by Jessica Barrett
If you have a classic or vintage car,
State Farm
’s new classic car insurance is a hassle-free and affordable option.Whether you’re a collector, hobbyist, or restorer, finding the right blend of protection and affordability can be a huge hassle when you’re looking for
classic car coverage
. Most major car insurance companies don’t offer classic policies, and managing two different policies at two different companies can get annoying pretty quickly.Thanks to a new partnership between State Fam and Hagerty—the leading insurance agency for classic vehicles—you can now add classic car insurance to your State Farm
car insurance
policy to make the whole process much simpler.What is classic car insurance coverage?
Classic car insurance is exactly what it sounds like: a car insurance policy that protects antique, collector, or classic cars. Classic car insurance often extends to any high-value or classic vehicle, whether it’s a hot rod, kit car,
vintage motorcycle
, antique tractor, muscle car, exotic supercar, or vintage military vehicle. This coverage is different from traditional car insurance in a handful of ways. While average cars depreciate over time, classic cars actually gain value as they age, so a classic car insurance policy has to accurately reflect the vehicle’s individual worth. Rather than going off of the fair
market value
of the car, classic cars must be appraised by a professional when determining the details of the car insurance policy.Other than that, classic car coverage usually entails a few other key differences from your average car insurance policy, including the following:
- Lower premiums. Since the value of classic cars can vary so drastically, deductibles and premiums for classic cars are determined on a case-by-case basis. However, since they’re typically driven a lot less, auto insurance policies for these cars come out to be around 36% cheaper than a regular, everyday car with the same value.
- Use requirements. With regular car insurance policies, you can generally drive your car however you want, whether it’s taking a road trip or using it for your daily commute. With classic car insurance, however, there are restrictions and requirements on how you can drive it. In most cases, you can’t use your classic car for daily driving, and you might even have mileage limitations or storage requirements as part of your policy.
- Agreed value. Since classic cars appreciate over time, appraisers and insurance companies come to an agreed value—the amount your insurance is guaranteed to pay out in the event of a total loss accident. This takes into account factors like your vehicle’s age, condition, and type of car.
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Does State Farm offer classic car insurance?
Yes. State Farm is one of the only major insurance companies that provide classic car coverage on its own without partnering with an outside company—which makes getting classic car insurance much easier to navigate.
State Farm Classic+ is the company’s insurance offering for collector cars or antique vehicles. There are several different coverage options to choose from, and you can call a State Farm agent anytime if you have any questions about your coverage. With State Farm insurance, you can also bundle your classic car policy with other insurance policies, like your regular car insurance, renters insurance, or
homeowners insurance
.What are State Farm’s classic car requirements?
Every insurance provider requires vintage vehicles to meet eligibility requirements to qualify for classic car coverage, and State Farm classic car insurance is no different.
State Farm has two different classifications for this coverage: antique automobile and classic automobile. To qualify as a classic automobile, the car must be 10 to 24 years old with historical interest. Vehicles with historical interest that are 25 years or older are considered antique automobiles.
You can’t just insure any old car with classic car insurance, though. To qualify for State Farm’s classic vehicle insurance, the car has to meet these qualifications:
- Be used on a “very limited basis,” which includes occasional pleasure driving, car shows and exhibitions, club activities, or parades—most policies restrict mileage to 2,500 miles per year or less.
- Been restored, maintained, or preserved (or actively undergoing restoration) to excellent condition
- Be stored in an enclosed building
What does State Farm classic car insurance cover?
On a basic level, State Farm’s classic car insurance involves coverage for the agreed value, up to $500 of coverage for any spare parts, and 24-hour “Good Neighbor Service” from a State Farm insurance agent or representative. Other than that, State Farm’s classic car insurance policies are highly specialized for your specific needs.
As part of your classic car insurance policy, State Farm offers the following additional coverages:
How much is a State Farm classic car insurance policy?
Since classic car insurance rates tend to be much more affordable than standard insurance rates. The average driver pays $400 to $600 per year for classic car insurance—but just like standard insurance, the rate you pay will depend on a host of factors specific to your and your collectible car.
The biggest determinant of your collector car insurance cost is the agreed value of your car. Without a book value to go by, your rate will depend on the value your car is appraised for. Since the agreed value of your car can’t usually be estimated without an official appraisal, it’s nearly impossible to get an accurate classic car insurance quote.
Traditional factors will also come into play when determining your classic car insurance rate, like your deductible amount, driving record, and driver profile.
Who should get classic car insurance?
It might seem unnecessary to spend money insuring a car you barely drive, but if your car is a valuable collectible, it’s a good idea to consider protecting it with classic car insurance. No matter what type of vehicle you have, a specific insurance policy for your collector car will take into account your car’s appreciated value—which isn’t the case for a standard car insurance policy.
On top of that, choosing to cover your vintage car with classic car insurance instead of a standard policy could save you money!
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Are classic car insurance rates cheaper than regular auto insurance?
On average, yes—but that depends on the agreed value of your classic car. A classic vehicle with a higher value will cost more to insure than a less-valuable one. In general, classic car insurance premiums cost 36% less than standard car insurance policies on average.
How old does a vehicle have to be to qualify for classic car insurance?
This depends on the specific insurance company’s requirements, but for the most part, a car needs to be at least 10 years old with historic interest to be considered a classic car. Vehicles 25 years or older are usually considered antique cars.
What other classic car insurance companies are available?
Grundy classic car insurance
is one of the most well-known classic car insurance companies, but many major car insurance providers partner with smaller classic car insurance companies to provide their policyholders with classic car coverage. For instance, Progressive
partners with Hagerty insurance, USAA
partners with American Collectors Insurance, and GEICO
works with American Modern Insurance.Are you overpaying for car insurance?
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