What is it?
Classic Car Insurance allows you to insure your collector vehicle for an agreed value, as opposed to the depreciated value coverage provided on a conventional Auto Insurance policy. Since classic cars generally increase in value as they age, it is important to insure them properly to protect your investment.
Classic Car Insurance offer most of the same coverages as traditional Auto Insurance, but the settlement is agreed value rather than depreciated value:
- Liability (bodily Injury and property damage): If you are determined to be at-fault in an accident, this coverage pays for the resulting medical bills or costs to repair the damaged property of the other party.
- Comprehensive: This coverage extends for damage to your vehicle caused by non-collision events, like theft, fire, or hail.
- Collision: If your vehicle is damaged in a collision, this coverage will pay to repair your vehicle.
- Uninsured/underinsured motorist: This coverage will extend for your injuries and the injuries of your passengers if you are not-at-fault in an accident but the other driver either flees the scene or does not have insurance. Underinsured motorist coverage will extend if the at-fault party has insurance with liability limits lower than yours and it is insufficient to cover your injuries.
- Medical payments: This coverage can extend to pay for injuries you or your passengers sustain in an accident, regardless of who was at-fault for the accident.
- Roadside assistance: This coverage varies by carrier, but generally extends for towing, fuel delivery, tire change, jumpstart and lockout.
- Trip interruption coverage: If your vehicle breaks down more than 50-100 Miles (depending on the carrier) away from home, this coverage will pay for the use of a rental vehicle and the fees for food and lodging during repairs.
How does it work?
- If you have a loss: Call us at (303) 597-1667 as soon as possible for claim assistance.
- There are different ways to classify collector vehicles based on the age and the level of modifications made. Some classifications include:
- Antique & classic cars or trucks
- Modified vehicles
- Classic military vehicles
- Antique tractors
- Collector trailers
- Collector motorcycles & scooters
- High value vehicles
- Vehicles under construction and kit cars
- Most insurance carriers have strict requirements regarding the usage for classic vehicles and will not offer agreed value coverage if the vehicle is used for daily commuting.
- You are required to maintain an acceptable driving record in order to qualify for a classic car policy.