I’m going to try something a little different here than I have done in the past and specifically look to the guys with classic, custom, muscle cars, etc…
I have access to an insurance market for vehicles that otherwise would not be covered properly under a standard auto policy.
This definition will separate the difference between a standard auto policy and an agreed value policy:
3. Why is Agreed Value coverage so important?
In the event of total loss, most standard auto policies will pay either Actual Cash Value (replacement cost minus depreciation) or Stated Value (the insurer is obliged to pay “up to” the amount stated on the policy). An Agreed Value policy, on the other hand, pays the full insured vehicle value in the event of total loss (minus any applicable deductible), with no depreciation. Think of Agreed Value insurance as the only way to fully protect your investment.
Some of you may have just added these cars on to you existing policy, but it may not be offering the coverage that you really need should something happen.
Here’s what qualifies:
To be considered for our program, collector vehicles must:
- Be driven on a limited basis, and not as a daily driver.
- Not be used for racing or timed events
- Be kept in an enclosed, locked garage (alternate garaging options may be available, e.g. carports within gated communities and common garages)
Also:
In order to qualify for our outstanding protection and affordable rates, drivers must have:
- At least 5 years’ of licensed driving experience
- A good driving record – no more than one moving violation or one at-fault accident within the last 3 years (up to 2 per household)
- One regular use vehicle for every licensed driver in the household (exceptions may be made for full-time students and retired couples)
9. Will you insure vehicles that are undergoing restoration?
We can provide comprehensive coverage for vehicles that are in various stages of restoration, as long as all of the parts are in the owner’s care, custody and control (and not scattered about at various vendor shops). We provide “Agreed Value” coverage, meaning that the full insured value of your vehicle (less any applicable deductible) is paid in the event of total loss. Comprehensive coverage (sometimes defined as “other than collision”) covers loss or damage to your vehicle resulting from fire, theft, vandalism, windstorm, glass breakage, etc. Once the restoration is complete and you are ready to drive your collector vehicle, you should contact us to add liability, medical, uninsured motorist coverage and collision to your policy.
So, what I’ll end with is this…Have you checked your policy lately to see how your vehicle is covered? Do you know that if your vehicle was totaled today, that you would get back what you have invested into it? These are questions that I ask my clients on a daily basis and the answer is usually no.
If this might be something that could help you, please feel free to give me a call or pm me on here. I have used this program for a few people on here and it was an upgrade to them immediately :tup: -Rob 716-604-5862