Classic. Antique. Exotic. Collectible. There may be different names for these special autos
but the constant is the love their owners have for them. To protect these prized possessions, having the right insurance is a key part of the process. Read on to learn more about the coverage differences for collector autos.
Agreed Value
Perhaps the most important part of insuring these vehicles is knowing the value. This is taken into account when finding coverage, but in the case of your classic or vintage car, there may be other circumstances that make your vehicle even more valuable than its counterparts. Special modifications, unique history, a clean title – these all can matter. That is why “agreed value” is such an important part of these coverages. You and the insurer agree on a value of the vehicle for which the coverage is then based.
Usage of the Car
How you use your classic car will affect how it’s insured. For example, if you only drive it to car shows, you’ll most likely have a different policy than if you drove it as your daily driver. Some insurers have mileage limits, potentially as low as 2,000 miles per year. Make sure your use matches up with any limit or look for a policy without that limit.
Increased Replacement Cost
Some insurers allow for greater replacement cost coverage in cases where value or cost of replacement parts has increased beyond the agreed value of the policy.
No “Attendance Required”
If you frequently display your vehicle at car shows, there may be times where you are not monitoring people around your car. If an incident occurs during one of these times and your vehicle is damaged, having “no attendance required” coverage may allow you to be reimbursed for your claim.
Spare Parts Coverage
If you have specialty tires, extra engine parts, etc. for your classic car, some policies extend coverage to these parts. If damage or theft occurs, you may have coverage under these policies.
Let us help you protect your “baby” with the right auto policy! We’d love to hear about your prized possession and help you review the options for coverage.