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You've Got the Car of Your Dreams, Now How Do You Protect It?

As anybody who’s dealt with an insurance claim on a classic will tell you, it’s an important question. The fact is, the everyday insurance policy that’s perfect for your daily-use cars just doesn’t cut it when it comes to classics. Even if your classic stays in your garage, undriven, it probably won’t be covered by your homeowner’s policy for a fire, theft or accident. So what’s the difference between specialty and everyday insurance? Specialty and everyday insurance policies differ greatly when it comes to vehicle value and how you are compensated in the event of a loss. There are three ways auto insurance pays out claims: Actual Cash Value Most everyday insurers offer Actual Cash Value policies. This is what an insurance adjuster says your car is worth, usually based on used car values – not the classic car market. So if your classic’s stolen or declared a total loss after an accident, it’s unlikely you’ll be compensated for its true value. Stated Value Many everyday insurers offer Stated Value policies for classic cars, allowing clients to set their own value. But here’s the problem: the insurer only has to pay up to the Stated Value, and in fact is allowed to pay the lesser of the Stated Value or the Actual Cash Value, less any deductible. Agreed Value or Guaranteed Value Most specialty insurers offer Agreed Value or Guaranteed Value, which means you and the insurance company agree on a value for your car. If there’s a covered total loss, you’ll receive that full value, less any deductibles. Some companies require appraisals at your expense, while others will only insure cars for book value – no negotiations. The best companies don’t require appraisals, and rely on their expertise and your opinion to determine an accurate value for your classic.

Is Classic Car Insurance Right for You and Your Car? 

Different companies have different vehicle and age requirements, but vehicles are generally considered classics if they maintain or appreciate in value and are of limited production or special interest. Drivers must have a good driving record. Some companies require drivers to be 25 or older. Vehicles typically need to be securely garaged. Vehicles typically can not be used for back-up or daily transportation. Some companies have strict mileage limitations; others are more flexible. How do you choose a classic car insurance expert? As you shop around, here are some things to look for: Agreed or Guaranteed Value coverage - It’s the only way to make sure you get the full value of your classic. • Good Reputation - Ask around and read online reviews. Find out how companies treat their clients and deal with claims. • Financial stability - Choose a company with an A.M. Best rating of “A-” or better. This means that the company is financially strong and benefits from good management. Lets you choose the repair shop - In event of a claim, you should choose who repairs your classic.


- Content used in this post is used with permission and was originally published by Hagerty.
Posted 12:00 AM

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