Congratulations! Your dream of owning that oh-so-special car is finally a reality…but now how do you insure it? After all, it is an investment as much as it is your dream come true.
So let’s start with a few questions:
First: how will you plan to use your vehicle? Will you only drive it to car shows or in a parade now and again? Do you plan to take your antique auto to the grocery store, or leave it unattended while you are running errands? Do you plan to drive it to work?
Second: who will you allow to drive your vehicle? Just you or will you let your 16 year old son drive it to the prom?
Lastly: how many miles to you intend to drive each year? Do you plan to store it during the winter months?
The answers to these questions will help your agent determine whether the coverage provided on your personal auto policy (PAP) will be adequate, or if you should have a specialized collector car policy. So what is the difference?
A personal auto policy typically provides you with bodily injury, property damage, medical payments, UM/UIM coverage and if you choose, physical damage for your vehicle. If you experience a loss, such as a deer hit, where the repairs to your vehicle will cost more then the total value, your insurance carrier will typically pay you the Actual Cash Value (ACV) for your vehicle, less the deductible stated on your policy declarations.
Unfortunately, the same would be true if you insure your dream car on your regular auto policy. The settlement would be determined by the Actual Cash Value of the vehicle.
An Antique Auto Policy will typically include special coverage such as:
– Agreed Value Coverage: pays for the car’s full-insured value with no depreciation in the event of a total loss, less your deductible
– Inflation Guard: To compensate for how classic cars increase in value over time, the policy increased the vehicle’s value quarterly
– Spare parts coverage
– Emergency towing in case of a breakdown
– Roadside assistance for items such as a flat tire, dead battery or running out of gas
– Car Show Expenses
– Personal Effects
So how can THZ help you? As an independent agency, we have contracts with some of the major players in antique auto coverage.
Contact your agent today to discuss more and get free, no obligation quotes!