Classic Car Insurance
With conventional automobile insurance, your car is typically covered only up to its actual cash value, which is equivalent to its replacement cost minus depreciation. For example, if you purchased a brand-new Dodge Challenger in 2010 for $22,000 but got in an accident that totaled the car today, your insurance company may only reimburse you an actual cash value of approximately $14,000.
By contrast, classic auto insurance usually covers your collectible vehicle for an agreed (often called “guaranteed”) value that is mutually agreeable to you and the insurance company – an amount the automobile is worth based on respected collectible car valuation guides like the Old Cars Report Price Guide, an appraisal by a professional, research conducted by the underwriter, or some form of documentation.
Auto insurance
With conventional automobile insurance, your car is typically covered only up to its actual cash value, which is equivalent to its replacement cost minus depreciation. For example, if you purchased a brand-new Dodge Challenger in 2010 for $22,000 but got in an accident that totaled the car today, your insurance company may only reimburse you an actual cash value of approximately $14,000.
By contrast, classic auto insurance usually covers your collectible vehicle for an agreed (often called “guaranteed”) value that is mutually agreeable to you and the insurance company – an amount the automobile is worth based on respected collectible car valuation guides like the Old Cars Report Price Guide, an appraisal by a professional, research conducted by the underwriter, or some form of documentation.
Collectible Cars
By their very nature, collectible cars generally increase in value, especially if they are well cared for and/or restored. Everyday automobiles that we drive to work, schools, stores, and our favorite destinations, on the other hand, usually lose value over time and don’t require agreed value-type coverage.
Collectible Cars
By their very nature, collectible cars generally increase in value, especially if they are well cared for and/or restored. Everyday automobiles that we drive to work, schools, stores, and our favorite destinations, on the other hand, usually lose value over time and don’t require agreed value-type coverage.