pocket3799
07-09-2004, 11:02 AM
I was googling Classic car insurance and found some interesting info, I checked three sites. Does anyone here deal with any of these insurers?
www.hagerty.com
http://lelandwest.com/aw01.cfm
www.classiccar.com
below is from here: www.classiccar.com/aci_whattoknow.shtml
Collector Vehicle Insurance
What Every Classic Car Owner Should Know
By Jill Bookman
Just as a '65 Shelby Mustang is not the same as an "old Ford," collector vehicle insurance is not the same as the insurance you buy for your regularly driven, "everyday" cars. Collector vehicle insurance can differ significantly from standard auto insurance in terms of availability, coverage and cost, and it pays the collector (sometimes literally) to know the difference.
First, let's discuss availability. Collector vehicle insurance is available on a national basis, and you can purchase it from a specialty provider either directly or through your independent insurance agent.
Collector vehicle insurance is generally NOT available to individuals with vehicles that are less than 15 years old (vehicles must be at least 25 years old in Massachusetts). You should also have a decent driving record, at least 10 years driving experience, other vehicles for "regular" use, and garage space for your collector vehicle when it's not in use.
Now let's talk coverage. Standard auto insurers provide one of two types of physical damage coverage (insurance for the car): "ACV," or "Actual Cash Value" coverage is the most typical, and is defined as "replacement cost minus depreciation." Obviously this is not a good option for car collectors, as appreciating collector car values are not recognized.
The second type of physical damage coverage is "Stated Value," which obligates the insurer to pay "up to" the stated amount of vehicle value. Note that "up to" does not guarantee the vehicle's full insured value. Also note that standard auto insurers typically offer $250, $500 and $1000 deductible options.
Here's where having a collector vehicle policy really pays. In most states (with the exception of MA, TX & VA), specialty insurance providers are able to offer "Agreed Value" coverage, which guarantees the full insured value of the collector vehicle. In other words, you and the insurer agree up front on the value of the vehicle, and this amount is written on the declarations page of your policy. In the event of total loss, the company is on the hook for the agreed amount - period. What's more, most specialty providers offer this coverage on non-modified ("stock") vehicles with $0 (Zero) deductible.
Finally, there's cost to consider. Believe it or not, you can buy Agreed Value coverage from specialty providers for generally LESS THAN what it typically costs to buy ACV or Stated Amount coverage through a standard auto insurer.
Collector insurance rates are typically so low because specialty providers place certain usage restrictions on insured vehicles, thus limiting the insurer's risk of loss. The restrictions generally include: limited pleasure driving & hobby use only (no daily driving, commuting to work, running errands, etc.), no commercial use, and vehicle must be garage-kept.
If you can live with the usage restrictions, a collector vehicle policy can truly bring peace of mind and save significant dollars, too.
For a free, online quote, visit http://www.AmericanCollectors.com or call (800) 360-2277.
Jill Bookman is a licensed PA insurance agent and the VP of Sales & Marketing for American Collectors Insurance. Online quotes are available from American Collectors at http://www.AmericanCollectors.com.
www.hagerty.com
http://lelandwest.com/aw01.cfm
www.classiccar.com
below is from here: www.classiccar.com/aci_whattoknow.shtml
Collector Vehicle Insurance
What Every Classic Car Owner Should Know
By Jill Bookman
Just as a '65 Shelby Mustang is not the same as an "old Ford," collector vehicle insurance is not the same as the insurance you buy for your regularly driven, "everyday" cars. Collector vehicle insurance can differ significantly from standard auto insurance in terms of availability, coverage and cost, and it pays the collector (sometimes literally) to know the difference.
First, let's discuss availability. Collector vehicle insurance is available on a national basis, and you can purchase it from a specialty provider either directly or through your independent insurance agent.
Collector vehicle insurance is generally NOT available to individuals with vehicles that are less than 15 years old (vehicles must be at least 25 years old in Massachusetts). You should also have a decent driving record, at least 10 years driving experience, other vehicles for "regular" use, and garage space for your collector vehicle when it's not in use.
Now let's talk coverage. Standard auto insurers provide one of two types of physical damage coverage (insurance for the car): "ACV," or "Actual Cash Value" coverage is the most typical, and is defined as "replacement cost minus depreciation." Obviously this is not a good option for car collectors, as appreciating collector car values are not recognized.
The second type of physical damage coverage is "Stated Value," which obligates the insurer to pay "up to" the stated amount of vehicle value. Note that "up to" does not guarantee the vehicle's full insured value. Also note that standard auto insurers typically offer $250, $500 and $1000 deductible options.
Here's where having a collector vehicle policy really pays. In most states (with the exception of MA, TX & VA), specialty insurance providers are able to offer "Agreed Value" coverage, which guarantees the full insured value of the collector vehicle. In other words, you and the insurer agree up front on the value of the vehicle, and this amount is written on the declarations page of your policy. In the event of total loss, the company is on the hook for the agreed amount - period. What's more, most specialty providers offer this coverage on non-modified ("stock") vehicles with $0 (Zero) deductible.
Finally, there's cost to consider. Believe it or not, you can buy Agreed Value coverage from specialty providers for generally LESS THAN what it typically costs to buy ACV or Stated Amount coverage through a standard auto insurer.
Collector insurance rates are typically so low because specialty providers place certain usage restrictions on insured vehicles, thus limiting the insurer's risk of loss. The restrictions generally include: limited pleasure driving & hobby use only (no daily driving, commuting to work, running errands, etc.), no commercial use, and vehicle must be garage-kept.
If you can live with the usage restrictions, a collector vehicle policy can truly bring peace of mind and save significant dollars, too.
For a free, online quote, visit http://www.AmericanCollectors.com or call (800) 360-2277.
Jill Bookman is a licensed PA insurance agent and the VP of Sales & Marketing for American Collectors Insurance. Online quotes are available from American Collectors at http://www.AmericanCollectors.com.