Classic Car and Vintage Camper Insurance
It's a special car that should be protected like one. The fact is, the everyday insurance policy that's perfect for your daily use cars doesn't treat your dream car with the same love. And it's probably not covered on your homeowners policy if it's parked in your garage, undriven.
So what's the difference between specialty and everyday insurance?
Specialty and everyday insurance policies differ greatly when it comes to vehicle value and how you are compensated in the event of a loss. There are three ways auto insurance companies pay out claims:
Actual Cash Value
Most everyday insurers offer Actual Cash Value policies. This is what an insurance adjuster says your car is worth, usually
based on used car values - not the classic car market. So if your collector car is stolen or declared a total loss after an
accident, it's unlikely you'll be compensated for its true value.
Standard Agreed Value or Guaranteed Value
Most specialty insurers offer Agreed Value or Guaranteed Value®, which means you and the insurance company agree on a value for your car. If there's a covered total loss, you'll receive that full value, less any deductible. Some companies require appraisals at your expense, while others will only insure cars for book value with no negotiating.
*Hagerty's Guaranteed Value® coverage
The best companies don't require appraisals, and rely on their expertise and your opinion to determine an accurate value for your vehicle. That's what you get with Hagerty! ask around and read reviews. Should you need to file a claim, with Hagerty you'll talk to a person who cares about you and your car.
Features that set's Hagerty apart from the rest:
Financial Stability
Financial stability-An A.M. Best rating of "A-" or
better means a company is financially strong and benefits from good management. Hagerty has an "A" rating (excellent).
Selection of Repair Shop
In the event of a claim, you choose who does your repairs, or Hagerty will pay you if you do the work yourself.
Replacement Parts
Hagerty: Pays for original replacement parts whenever possible, and even have a dedicated team of experts to find rare parts.
Standard market: Often only provide the cheapest and/or after-market parts.
Why it matters: Using after-market parts can reduce a vehicle’s value and collectability.
Appraisals
Hagerty: Not required. They rely on their expertise to determine accurate vehicle values.
Standard market: Typically required for collector vehicles.
Why it matters: Access to Hagerty's expertise saves you hassle and money, and allows you to adjust your policy as values change over time.
Get the right coverage today to protect your dream car. Contact us for a no obligation quote or Click Here to book an exploratory meeting today.
*Hagerty policies are underwritten by Essentia Insurance Company. All coverage not available in all states. This is only a general description of coverage. All coverage is subject to policy provisions, exclusions and endorsements.