Yes, State Farm does have classic car insurance for 10-25+ year-old vehicles that have been restored or maintained in their original condition, or are being rebuilt. State Farm’s classic car insurance is generally reserved for vehicles that are widely recognizable and have “historic interest,” like a hot rod or a muscle car. More specifically, State Farm not only offers insurance for classic cars, defined as vehicles that are 10-24 years old and of historic interest, but it also insures antique cars, defined as vehicles that are at least 25 years old with the same historic interest standard.
Unique insurance is necessary for antique and classic cars because they often appreciate in value, unlike new vehicles, which depreciate in value as soon as you drive off the lot. Classic car insurance provides coverage that’s better tailored to the more expensive or specific needs of qualifying vehicles in case of damage or loss. Also, since classic and antique cars don’t have a “book value,” State Farm and a customer must agree on a value for the vehicle based on a variety of factors like its age, what kind of car it is, and its condition.
State Farm Classic Car Insurance Requirements
- The vehicle must be stored in an enclosed building.
- The vehicle can be driven no more than 2,500 miles per year.
- The vehicle should only be used for things like shows, exhibitions, club activities or parades.
- Drivers must have access to other vehicles for everyday use.
- Drivers must meet qualifications based on age and driving record.
Remember, the availability and rules regarding State Farm’s classic car insurance depend on a customer's state and a variety of other factors. It’s best to talk to your local State Farm agent about whether or not classic car insurance makes sense for your policy.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines
. This question was posted by WalletHub.
Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.