Antique & Collectible Vehicle
What is Covered with Antique and Collectible Vehicle Insurance?
Antique and collectible vehicle insurance is specifically designed to provide coverage for vehicles that are considered antique, classic, vintage, or collectible. The coverage can vary depending on the insurance company and policy, but here are some common elements typically covered:
Agreed Value Coverage: Unlike regular auto insurance that typically provides actual cash value or replacement cost coverage, antique and collectible vehicle insurance often offers agreed value coverage. This means that in the event of a covered total loss, the insurer will pay the full agreed-upon value of the vehicle, which is determined when the policy is issued. This takes into account the unique value of the antique or collectible vehicle, accounting for factors like rarity, condition, and market demand.
Comprehensive Coverage: Comprehensive coverage helps protect against damages caused by non-collision incidents such as theft, fire, vandalism, and natural disasters. It typically covers the cost of repairing or replacing the vehicle up to the policy limits.
Collision Coverage: Collision coverage is designed to cover damage to your vehicle in the event of a collision, regardless of fault. It helps pay for repairs or provides reimbursement up to the policy limits.
Liability Coverage: Liability coverage is essential for any vehicle insurance and helps cover the costs of bodily injury and property damage that you may cause to others in an accident. It protects you if you are legally responsible for the accident.
Specialty Coverage: Some antique and collectible vehicle insurance policies may offer additional specialized coverage options, such as spare parts coverage, coverage for towing and roadside assistance, coverage for transport to car shows or exhibitions, and coverage for damage during restoration.
Limited Use: Antique and collectible vehicle insurance often has restrictions on the usage of the vehicle. The policy may specify that the vehicle is to be used for exhibition, club activities, parades, or occasional pleasure driving rather than daily commuting or business use.
It's important to note that coverage options and terms can vary among insurance providers, so it's essential to carefully review the policy and discuss your specific needs with the insurance company or agent to ensure you have the appropriate coverage for your antique or collectible vehicle.