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Why Your Client’s Collector Car Deserves a Specialty Policy

An agreed value policy better protects a collector car’s value.

PL - Collector CarWhile most of your collector vehicle customers have multiple daily-use cars insured on a standard auto policy, they may not know that their classic car should be insured on a separate specialty policy. A classic car is a different risk and the coverage needs are very different compared to a daily-use auto. To explain to your customer why his “baby” deserves a specialty policy, compare agreed value with stated value coverage.

American Modern’s program uses an agreed value standard in determining a total loss settlement. Before the policy activates, you, our underwriters and the insured agree on the car’s value and list it on the dec page. In the event of a total loss, that value is the payout amount. The deductible of course applies, but there is no depreciation, no misunderstanding, no argument and no angry customer.

Some other specialty auto policies, and a typical daily-use auto policy, offer stated value coverage. It’s not the same. In fact, it is really just ACV coverage with a maximum limit – the stated value – and the carrier pays the vehicle’s market value which it determines after the loss. The owner may have bought his vintage car for $40,000, but if the market value has dropped to $30,000 since then, that lower number is the payout. He will be upset and looking for someone to blame.

Avoid that ugly conversation by quoting an agreed value policy from American Modern. If you need help, our dedicated personal lines team can explain available coverages and options, plus help you complete a quote. Contact the Concorde Personal Lines team at 1.800.726.1611, Option 2. Ready to quote? Log onto modernLINK through Concorde’s Single Sign-On access to this and other online rating tools.

Plus, Keep talking about The Build, American Modern’s 1965 Chevelle Malibu restoration project on Facebook has over 1,500 “Likes” and counting.