We as Americans love our cars. We love the freedom and the self-expression they bring to us. For those who own a collector car, not only do we love the freedom and the self-expression, but we also love the fact the car(s) we own are special to history as well as to us. However, when it comes to finding the right way to insure that special vehicle, understanding the fact that standard auto insurance isn’t going to work has to come first.
Standard car insurance policies only cover the “fair market value” of a vehicle. And, what compounds the issue is the fact that this valuation is determined by the insurance company, not you. This is why someone who owns a new car can wind up still owing money if the car is totaled in an accident. For those who own collector cars, the valuation doesn’t even come close.
Whether you own a supercar like a Ferrari Enzo, a luxury car like a Bentley Mulsanne or a true classic like the 1966 Pontiac GTO Judge, there may be no way to truly determine “market value”. This means you need to work with a great insurance company like Insurance and Mortgage Services, to develop an “Agreed Value” insurance policy for your vehicle. This means, if your car is totaled, you’ll be paid the full agreed upon value instead of market value. If you own a truly special car, you need insurance coverage that protects it as well as you take care of it.