Adding a classic car to your personal auto policy is time-saving and efficient, but is it always the best way to cover your “baby?”
There are a few reasons why a separate classic-car policy might be better.
1. Agreed value loss settlement – A classic car with a restored interior, engine, body, tires, etc. is different from an old clunker even if they are the exact same vehicle. Since the standard personal auto policy provides settlement on a depreciated basis, it might not reflect the true value of a better-cared-for vehicle. An agreed value loss settlement removes the depreciation factor.
2. Special/original manufactured parts – The standard personal auto policy defaults to replacing parts under a claim with aftermarket materials. A collector of classic cars may desire to have the original Chevy part put on that '57. A classic car policy often includes a special parts enhancement that provides parts coverage that may be more attractive to the classic car enthusiast.
3. Claims handling – No one handles claims on a classic car better than a classic car adjuster. Simple claims settlement techniques like standard flatbed towing and the patience required to research the exact right parts, colors and repair shops are paramount for returning that classic to collector shape after a loss.
Check with your agent today about classic car coverage and protect your investment in that collector vehicle.