Your classic or collectible automobile is far more than a vehicle. It represents a hobby, a passion, and carries tremendous value beyond its use for transportation. We have insurance policies that are designed to take care of your vehicle, protect you for the true value should you incur a loss, and give you the peace of mind you need to enjoy that special car.
Classic and collectible car insurance functions like standard auto in- surance. There is a deductible, state minimums apply, and the policy covers losses including bodily injury, collision, and liability.
Comprehensive coverage is also available and recommended for clas- sic or collector cars, as it will protect your prized vehicle against acci- dents with animals, falling objects, theft, and vandalism.
Classic and collectible car coverage differs from standard automobile insurance in one major way: It offers Agreed Value Coverage and not the more limited actual cash value amount.
Your collectible or classic car is covered up to a guaranteed amount, which is a mutually agreed upon by you and the insurance company. The basis for this value can come from an industry recognized valua- tion guide, an independent appraisal, research, or other documenta- tion. The important thing to know is that your vehicle is covered up to the full guaranteed amount, not affected by depreciation.
Collectible or classic cars are generally driven far less than standard automobiles that you might drive to and from work. The insurance policy you select can be tailored to take your use into account. That way you’re not paying for coverage that you don’t need.
Typically, classic car insurance is much lower than regular car insur- ance because of the infrequent use and low miles a classic car is driven.
A variety of factors will influence the cost of classic car insurance. First and foremost, the guaranteed value is the biggest determinant, as more valuable vehicles cost more to ensure. After that, the amount and frequency of usage combined with the types of use (display, exhi- bition, etc.) will come into play.