State Farm’s history of low rates and customer satisfaction make it a popular choice for standard car insurance, and it’s also a solid option for your classic vehicle. You can choose from a range of insurance coverages and get up to $500 coverage for your car’s spare parts.
Many Available Coverages
State Farm offers many of the same coverages for classic and antique vehicles as it does for standard vehicles. Available coverages for a classic car include the following.
- Liability: This covers medical bills and property damage the other party sustains if you cause an accident.
- Medical payments: This covers medical costs for you and your passengers in the event of an accident.
- Uninsured/underinsured motor vehicle (UIM): This includes damages that a driver with no or inadequate insurance causes, including hit-and-runs.
- Collision: This covers damages your vehicle sustains in a collision.
- Comprehensive: This covers other losses your vehicle sustains, including theft (assuming your vehicle is properly stored in an enclosed building, as outlined in your policy).
- Emergency road service: This includes towing, tire changes, and lockouts.
Fair Insurance Payouts
With a standard car insurance policy, your provider will pay you the actual cash value of your car in the event of a total loss. The actual cash value accounts for depreciation and the book value of a car. But classic cars are often one of a kind, which means they don’t have a “book value,” and they appreciate in value over time, not depreciate.
A good classic car insurer will work with you to reach an agreement on a price for your vehicle.
Your State Farm agent will work with you to determine an agreed-upon value for the car. You and your agent will weigh factors like age, condition, and type of car to arrive at a value. The higher the value, the more your policy will cover. If something happens to your car, you will receive the full value of the car.
For example, if you agree on a value of $50,000 for your 1955 Chevrolet Bel Air and it’s stolen, you’ll receive a $50,000 payout, minus any deductible. On a standard insurance policy, you’d receive the cost of a replacement vehicle minus depreciation and any deductible.
To help their teams better understand the value of classic cars, State Farm built a “Split Camaro” for training purposes. One side of the Camaro is yellow and is restored to factory specifications, while the other half represents what someone might build in their garage at home.
The company created the vehicle to better understand the cost of modifications someone might make to their car, and how modifications affect the car’s value. That way, its underwriters can determine an accurate insurance value for a modified vehicle. In other words: if you put money into modifying your vehicle, your insurance policy will reflect that.2
Top-Notch Customer Service
State Farm’s customer service is available around the clock; you can speak with a representative 24 hours a day to handle your classic car insurance needs. State Farm also received a customer satisfaction rating of 847 out of 1,000 from J.D. Power, which is above the 835 overall customer satisfaction rating.3