Top 7 Reasons to Choose a Classic Car Agreed Value Insurance Policy vs Standard Auto Insurance:
1) Agreed Value Coverage: Collector Car insurance guarantees the FULL agreed-upon value (less any applicable deductible). Regular auto insurance generally does not factor in non-factory upgrades/improvements made during restoration into the claim settlement offer (e.g., engine upgrades, suspension improvements, wheel upgrades, safety improvements, custom paint, etc.). With an Agreed Value policy, you and the insurance company agree on the value you will receive if your car is stolen or damaged in a covered “total loss”.
2) Collector Vehicle Lifestyle: Because your special vehicle lives the collector car lifestyle, it is not driven frequently. Consequently, we believe you should not be charged as if it were your everyday driver. Collector car policies reduce your premium based on how much you drive. Fewer miles driven means more savings. Classic car policies cost up to 40% less than regular auto insurance policies.
3) Inflation Guard: Unlike a newer vehicle (where the value of a car tends to depreciate each year), classic cars can increase in value as they get older. In the event of a total loss, our classic car policy automatically increases the Agreed Value limit on your policy to help protect you against inflation (up to a max. of 6% per year, in approved states).
4) Spare Parts Coverage: Because parts for classic cars may be difficult to locate, classic car owners may have purchased classic car parts to install on their vehicle or to perform routine maintenance. Spare Parts Coverage provides coverage for those extra parts that belong on the collector car. Policy includes $500 of spare parts coverage. Additional coverage is available.
5) Automatic Coverage for Newly Acquired Vehicles: Going to an auction or making an impulse buy to add to your classic car collection? Newly purchased vehicles are covered on an Agreed Value basis for up to 30 days (max value of $100K or the limit of the highest valued vehicle on your policy).
6) Discounts You Deserve: A collector car policy rewards genuine collectors for their passion in their hobby and for their safe driving habits. Discounts are available for car club memberships, garaging securities, mature driving courses, multiple policies, and many more!
7) Optional Packages Tailored for Collectors: We don’t just cover the basics like emergency towing and roadside assistance. Our collector car towing bundles includes coverage for covered losses that occur while traveling to/from or attending a car show/event, such as: $500 Personal Effects, $500 Emergency Travel Expense, $150 Car Show Expense, $5,000 Theft Reward, and more!
For more questions about our classic car program, visit our FAQ page.