Agreed-value coverage is a vital concept for a collector. But an estimated 50 percent of car hobbyists still have their vehicles insured under standard coverage. That’s bad news for the owner (and possibly bad news for the insurance professional’s E&O policy) when there’s a claim. Agreed-value coverage is almost always a better fit for a collector’s needs than is standard auto coverage.
Here’s how agreed-value coverage works: The insurance provider and the collector jointly agree at time of policy issue on the value of the collector vehicle, based on recent sales, auto pricing manuals, and other data. Then, at claim time, agreed-value coverage pays the car’s insured value, minus the deductible, in the event of a total loss. Nothing is more disappointing to a collector than hearing they’ll be reimbursed at book value.
Read about agreed-value coverage: www.americancollectors.com/Collector_Vehicles/Policy_Features/28/
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