Frequently Asked Questions
INSURANCE FOR CLASSIC CARS
Why do I need a special type of policy for my classic vehicle?
Your personal auto policy provides coverage for your vehicles on anACTUAL CASH VALUE basis. This means that if your vehicle is stolen or burns in a fire, you will get the depreciated value of your vehicle. Classic cars are unique. Their values are usually increasing or at the very least, staying the same. If you just add your Classic Vehicle to your personal auto policy, even if you have the STATED VALUE on the policy, they can pay you the depreciated value if it is less, which means you might lose money in the end. A Classic Car policy with AGREED VALUE will provide you with the full value of your vehicle after a loss, plain and simple.
Do I need an appraisal?
With most Classic Vehicle policies that pay your loss based on the AGREED VALUE, the answer is yes. This protects YOU as you and the insurance company have the value and pictures on file which makes it quite easy to compensate you fully if your classic vehicle is lost or stolen.