Owning a vintage or collectible automobile can be a great pleasure. However, antique and classic cars present a special challenge from an insurance perspective. For example, the market value of your antique or collectible vehicle may be substantially higher than the “book value” referenced by insurers for conventional auto policies to determine limits of coverage. Antique vehicles can also be more expensive to repair.
As a result, insuring an antique vehicle with a conventional automotive insurance policy could result in a payment that is inadequate to repair or replace the vehicle in the event that it is damaged or declared a total loss. Fortunately, Collens-Wagner has established relationships with insurance companies that specialize in covering antique vehicles and understand the unique issues involved. For example, with an antique automobile insurance policy, the insurer may be willing to cover the vehicle on “agreed value”—that is, a level of coverage that the owner and insurer “agree” to for the antique vehicle, with premiums priced accordingly.
While antique automobile insurance may provide a level of coverage far beyond the vehicle’s “book value,” the coverage can be surprisingly affordable, since antique vehicle insurers consider special factors common in antique vehicle ownership. For example, an owner may drive an antique vehicle only a very limited number of miles each year, and only in pleasure driving situations rather than for a daily commute.
If you are an antique vehicle owner, our specialists will be pleased to assess the details of your situation and recommend the coverage you need.