|
* What kinds of vehicles will go under an antique policy?
The collector car market is broadening rapidly with hot rods, muscle cars, vintage pickups, historic race cars, sports and exotics and even some ’70s-era cars being collected today. Traditional antique and classic vehicles plus those mentioned above may qualify. Motorcycles and boats also qualify with some of our companies. Contact us to see if your vehicle qualifies.
* What is the difference between “Agreed Value” coverage and other coverages.
Agreed Value insurance policies guarantee that you will receive the full insured value of your vehicle in the event of a total loss. There is no depreciation of a vehicle’s value with an “Agreed Value” policy, unlike an “Actual Cash Value” policy which depreciates the value of a car as it ages, or a “Stated Value” policy, which generally requires an insurer to pay only “up to” the stated amount.
* Is an appraisal required for an antique
Usually we need justification for a vehicle's value if the agreed value requested is more than any of our current value sources. Companies also require value documentation for street rods and customs over $50,000.
* What are some requirements that have to be met for an antique or classic policy
Usage - Vehicles insured in these programs must be used on a limited basis consistent with the operation of something valuable, such as club functions, exhibitions, organized meets, tours and limited pleasure driving.
Storage - Collector vehicles must be stored in a fully enclosed and locked garage when not in use.
Driver Eligibility - Generally, one or two minor violations or accidents are acceptable for our program. We will not accept major violations such as a DUI or reckless driving if they occurred within the last 3-6 years, depending on state requirements. Applicants must have 5 or more years driving experience
Regular-Use Vehicles - All licensed household drivers must have a regular-use vehicle to use for daily driving. Each driver must also maintain regular-use insurance in his or her name.
|
