State Farm Classic Car Insurance: Cost and Guide (2024) (2024)

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Yes, State Farm offers classic car insurance in 48 states (the company doesn’t sell new policies in Massachusetts or Rhode Island). In 2023, it partnered with Hagerty to expand coverage options to classic and antique vehicles. State Farm offers classic auto insurance for vehicles with a historic interest that are:

• 10 to 24 years old, defined as classic cars
• 25 years and older, defined as antique cars

State Farm Classic and Collector Car Insurance Coverage

Because classic and collector cars are unique, they require insurance policies designed to reflect that. For example, while most modern vehicles begin to depreciate in value the minute you drive them off the lot, classic cars typically appreciate in value year after year. So to insure them properly, you need a classic car insurance policy that takes value into account.

State Farm collector and classic car insurance is designed with vintage and antique vehicles in mind. It covers vehicles with a historic interest that are at least 10 years old.

Source: The Hartford

Classic car insurance policies from State Farm can include the following types of coverage:

• Liability: Liability insurance is there for when you cause damage to someone else’s property or injure someone in an accident that’s your fault.
• Collision: Collision insurance covers your car if it’s damaged in an accident, regardless of who’s at fault.
• Comprehensive: If your car’s damaged by something other than a collision (like vandalism or hail) or is stolen, comprehensive coverage protects you.
• Medical payments coverage: MedPay covers medical bills for you and your passengers if injured in an accident, regardless of who was at fault.
• Underinsured/uninsured motorist: Underinsured/uninsured motorist coverage is for when someone hits you and doesn’t have insurance or enough insurance.
• Emergency road service: State Farm roadside assistance covers towing and labor costs if your car breaks down.

Working with a State Farm agent, you can determine which coverages you need based on your vehicle’s value and use. For example, if you go to car shows or use it for pleasure driving.

Some coverage options may not be available in your state.

Pros and Cons of State Farm Classic Car Insurance

State Farm Classic Car Insurance Requirements

To qualify for State Farm classic car insurance, your vehicle needs to have historic interest and be either antique or classic. This means:

• Antique vehicles that are at least 25 years old
• Classic vehicles that are 10 to 24 years old

In addition to having eligibility rules for age and historic interest, State Farm specifies that the vehicles should be:

• Driven on a limited basis
• Restored and maintained or actively undergoing restoration
• Kept in an enclosed building

If your antique or vintage car meets these qualifications, a State Farm insurance agent can help you find coverage that meets your needs.

Classic car insurance coverage differs from traditional car insurance in that it’s designed for antique, vintage, classic and collectible vehicles. These types of vehicles are often rare and even one-of-a-kind, and they require insurance policies that consider and protect their uniqueness and value.

Similar to standard car insurance policies, classic car insurance can include the six types of coverage we mentioned earlier:

• Comprehensive
• Collision
• Emergency road service
• Medical payments coverage
• Liability
• Uninsured/underinsured motorist coverage

But there are also a few key differences between classic and standard car insurance that are worth considering.

What Is the Difference Between Classic and Standard Car Insurance?

One of the most notable differences between classic and standard car insurance is how each addresses the value of the car. Standard car insurance policies assign value to a vehicle using one of two options:

• Actual cash value: ACV is the amount your car is worth, and it takes depreciation into account. So the ACV of your vehicle is likely to be less than what you paid for it.
• Replacement cost: The replacement cost method determines the value of your vehicle based on what it would cost today to buy the same or a similar vehicle.

Classic car insurance policies, on the other hand, assign value to a specific vehicle based on the age, condition, modifications and type of vehicle. This is known as an agreed value. When agreeing upon value, car owners and insurance companies also take into account how the vehicle will increase or decrease in value over time.

Because classic or collectible cars usually appreciate in value, it’s important to continuously assess that value and adjust the policy accordingly. Some classic car insurers may require a professional appraisal to determine and update value.

Besides the way a vehicle’s value is determined, there are a few other qualifications and limitations that differentiate a classic car insurance policy from a standard car insurance policy. We’ve outlined them below.

Limitations of Classic Car Insurance

The biggest limitation of classic car insurance is how you’re able to use the vehicle. A classic car insurance policy may have some or all of the following restrictions:

• Low annual mileage: The more you drive, the more likely you are to get in an accident. So classic car insurance companies will often set a limit that usually ranges from 3,500 to 10,000 miles per year.
• Enclosed storage: You’ll likely be required to prove you have an enclosed space (garage or storage) to protect your classic vehicle from the elements and theft. Storage requirements vary by insurance provider. Proper storage can also mean lower car insurance premiums from some companies.
• Type of car: Age isn’t the only thing that makes a car a classic. Insurance companies require your car to have some type of historic interest or collectibility factor.

If you’re wondering if your car has historic interest and qualifies as a classic, you can check with your local department of motor vehicles. The requirements for registering your vehicle with historic status vary by state, but your local DMV will be able to provide you with a list of specifications.

Aside from State Farm’s requirements for classic car insurance, there are other guidelines for what qualifies as an antique or classic vehicle. According to American Collectors Insurance, these are the standards:

• Vintage cars were manufactured between 1919 and 1930.
• Antique cars were manufactured before 1976.
• Classic cars were manufactured before 2001.

Car buffs and enthusiasts often disagree about the differences between the three, and they may use the terms classic, vintage and antique interchangeably to describe all types of old and collectible vehicles. For example, LaFontaine Automotive Classic Cars defines vintage cars as 25 or older, classic cars as 20 to 45 years old and antique cars as 45 or older.

Because these specifications overlap, for the purposes of insurance, we’ve simplified the descriptions of vintage, antique and classic vehicles below.

Vintage Vehicles

Although you may expect antique cars to be the oldest of the bunch, by classic car insurance standards, vintage vehicles are older.

When it comes to insurance companies, vintage cars run the gamut in age range. Some companies define vintage cars as 45 and older, while others specify 50 or older. State Farm insurance includes vintage cars in the antique category at 25 years or older.

Antique Vehicles

Most classic car insurers, including State Farm, define antique cars as being 25 or older. Some insurance companies put a cap on how much older they are.

Classic Vehicles

Most insurance companies define classic cars as 10 to 25 years old. But again, this can vary from insurer to insurer.

If the gearheads and car buffs can’t agree, it can be difficult to know for sure if your car is considered classic, antique or vintage. While there’s no simple answer, as a general rule of thumb, if your car is at least 25 years old and holds historic or collectible interest, then it most likely qualifies for classic car insurance.

When shopping for classic car insurance, familiarize yourself with the parameters insurers use for classifying vehicles. Although different insurance companies may use different terminology for your car, most will offer similar coverage options whether your vehicle is classic, vintage or antique.

Hagerty Insurance

In business since 1984, Hagerty insures a wide range of classic and collector vehicles, including:

• Collector and classic cars from 1979 and earlier
• Collector vehicles from 1980 and later
• Collector trucks and SUVs from 1996 and earlier
• Modified cars like hot rods and replicas
• Racing vehicles
• Military vehicles that are 20 or older
• Retired commercial vehicles that are 25 or older
• Classic and antique tractors that are 25 or older
• Collector and raced motorcycles and scooters

In addition, Hagerty is an enthusiast brand and offers perks and bonuses designed with the most passionate gearheads in mind. For example, paid memberships in the Hagerty Drivers Club^Ⓡ include discounts, roadside assistance and events for auto enthusiasts.

Grundy Insurance

Grundy is also an option for insuring your classic vehicle if it’s at least 25 years old. Unlike some of its competitors, the company doesn’t have mileage limits for pleasure driving or car-related activities. Grundy also offers options for additional protection, including:

• Spare-parts coverage
• Trip-interruption coverage
• Towing and labor coverage

If you’re in the market for classic car insurance, State Farm is a great place to start. In partnership with Hagerty, State Farm offers competitive options for classic car insurance. As long as your vehicle meets these requirements, then it could be eligible for a State Farm classic auto insurance policy:

• Is at least 10 years old
• Has historic interest
• Is driven on a limited basis
• Is maintained or being restored
• Is stored in an enclosed building

Because consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to formulate our rankings of the best car insurance companies. We collected data on dozens of auto insurance providers to grade the companies on a wide range of ranking factors. The end result was an overall rating for each provider, with the insurers that scored the most points topping the list.

Here are the factors our ratings take into account:

• Cost: Auto insurance rate estimates generated by Quadrant Information Services and discount opportunities were both taken into consideration.
• Coverage: Companies that offer a variety of choices for insurance coverage are more likely to meet consumer needs.
• Reputation and experience: Our research team considered market share, ratings from industry experts and years in business when giving this score.
• Availability: Auto insurance companies with greater state availability and few eligibility requirements scored highest in this category.
• Customer experience: This score is based on volume of complaints reported by the NAIC and customer satisfaction ratings reported by J.D. Power. We also considered the responsiveness, friendliness and helpfulness of each insurance company’s customer service team based on our own shopper analysis.

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*Data accurate at time of publication.