When shopping for insurance on your rare or vintage car, you will most likely need to use a carrier who specializes in covering rare or vintage vehicles. Auto insurance carriers covering modern passenger cars will not give you agreed value or compensate you for repairing or replacing modifications. They will compensate you for damages to an old car, which will be minimal and no reflect the rarity and appreciation of your car. Questions to ask about collector car insurance:
What (if any) is the mileage limitation?
Can the car only be used for other than car shows, car club meetings, parades, etc?
Is coverage provided if the vehicle is used for normal daily use?
Is coverage provided for track use, timed or racing events of any kind?
Is pleasure driving allowed?
Will the carrier cover your street rod, vintage, exotic, race car, or replica?
Does the carrier offer stated value or agreed value?
Do to meet the drivers age minimum?
Must you have proof of another regular use vehicle?
Does the vehicle have to be stored in a fully enclosed, locked garage?
Stated value is usually lower than agreed value. Stated value amount always subtracts depreciation during the policy term. Stated value is the lesser of (a) a stated amount or (b) the cost to repair the covered vehicle not to exceed the stated amount (c) or the actual cash value. The actual cash value clause allows the claims adjuster (working for the insurer) to give you a lower amount than a stated amount or the cost to repair if your car is totalled.
Agreed value can be the highest amount you may get if your car is totalled beyond repair. Agreed value is the preliminary dollar amount the policy holder and carrier concur will be paid after a total loss. Some companies will conduct an investigation after a loss to verify the vehicle was indeed worth that amount to avoid paying an inflated price.
"I recommend that others who need an honest rate for their vehicle to use your site. The service is A+ and your prices are very competitive." - Sean Cornell, Texas
"New updated info so I can shop every renewal" - Linda Erin Miami, FL
"The prices were great, I got coverage quicker than I thought. Thanks!" - Henry Lion, Hersey PA
