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What Collector Vehicle Owners Need to Know
Do you own a classic or collector vehicle? Is it
protected the right way? Your regular-use vehicle
insurance is designed to protect you and your regular-use
vehicle, but what about a specialty vehicle? Special
vehicles need special coverage.
Agreed Value vs. Actual Cash Value (ACV) and Stated
Value
Many collector vehicles are insured through an
actual cash value (ACV) or stated value policy.
While these types of policies may be great for
your regular-use vehicles, collector vehicles are
a different story. “Actual cash value” means that
if there’s a total loss, you will be paid the replacement
value, less depreciation for your vehicle. For
a collector vehicle, especially one that’s appreciating
in value, that’s not the best option. And a stated
value policy may allow you to state the value of
your vehicle, but a claim will pay “up to” the
stated value, which still allows for depreciation.
With an agreed value policy, you and your agent
have agreed upon the vehicle’s total value before
the policy is issued. If there’s a covered total
loss, you’ll receive the full amount you have
insured your vehicle for, with no depreciation.
And, if the vehicle’s value increases, the agreed
value can be adjusted.
ASK AAA
Get the Best Coverage Available for Collector Vehicles
Hagerty Insurance Agency offers a variety of specialty
services for vehicle collectors, including collector
vehicle and boat insurance, financing options for
collector vehicles, international services, hobby
resources through Hagerty Plus and support of the
Collectors Foundation, a nonprofit organization
dedicated to preserving the hobby. Hagerty has
been in the collector vehicle and boat business
for more than 20 years. A policy through Hagerty
offers agreed value coverage, flexible usage and
mileage, knowledgeable service, and in-house claims
settlement. Call your AAA agent today at 800-770-5174
for
more information and to find out how affordable
great coverage for your collector vehicle can be.
