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While commercials might lead you to believe that even a cave man can understand auto insurance, we're not so sure. Generally speaking, there are two types of automotive insurance coverage: standard policies and agreed value policies. For example, if you purchased, a 2005 Ford Escape for $23,000 in the summer of 2005 and totaled that Escape today, you'd likely get a check for the actual cash value, around $8,000 give or take a few bucks. However, what if you own an antique car or some other type of vehicle that is anything but normal? For example, the owner of a perfectly restored 1970 Plymouth Cuda convertible with a 426 Hemi V8 requires an insurance policy approaching $1 million.
Agreed Value policies often include restrictions such as mileage limits and no-commuting clauses. These safeguards ensure that the vehicles aren't been used for everyday transportation duties, and reduces the insurance company's exposure to heavy losses. Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline.
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No matter what kind of ride drives your passion, a hot rod, classic car or collector car… or those antique cars that spend most of the time in the garage, we all need a special kind of insurance.
It’s the leading type of classic car insurance so we should know exactly what it is, right?
To summarize, your classic car insurance is an important decision and you should have all the facts before choosing which company to go with.
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One of the benefits of Condon Skelly’s Collector Vehicle policy is the agreed value feature.

It can be tempting to insure your collector car for less than it’s worth – after all, a smaller agreed value means a smaller annual premium. Let me say that again: You will not be able to make the insurance claim without forfeiting the car. If you were to actually total your car, meaning it had suffered damage equal to its total actual and agreed value, you wouldn’t think twice about taking the insurance money and forfeiting the car because it has no remaining monetary value. On the other hand, if you insure your car for the correct market value, $20,000 in this case, then as you would expect, the damages are accessed and even with $10k in repair costs, you’d keep the car and get a check to cover the repair.
When you underinsure and have a total loss, you may have a to make a hard decision: either pay for the damages out of pocket to avoid claiming a total loss, OR claim a total loss, get the $10,000 and lose ownership of your car. Increasing the value on your policy is as simple as sending an email or making a phone call to your insurance company.
OTHER INSURANCE If there is other applicable auto medical payments coverage (note that personal health New York and Florida are examples. They are two different plans designed for very different types of vehicles and their drivers. Standard coverage reflects the driving reality of commuting in and living with an average vehicle. Typically owners of sports cars, classic cars, antique cars, hot rods, and custom vehicles seek out insurance carriers who offer "Agreed Value" policies. Conversely, the owner of an unrestored and tattered 1970 Plymouth Barracuda coupe with a lowly 225-cubic inch six-cylinder owns a car that is, by comparison, nearly worthless. Some insurers require that covered vehicles must be fitted with alarm systems and hidden transmitter tracking devices. In exchange, the insured knows that if the vehicle is stolen or totaled, he will be reimbursed for a known amount that reflects the accurate value of his special ride. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination. Replacing even simple things like bumpers and tailights can be a real challenge and cost more.

When I needed insurance for my 1927 Roadster, I needed it within a few days (of course) because my other insurance was expiring and I needed to drive my car.
However, we can all agree, saving a few dollars a year would never be worth losing your car if it’s wrecked or stolen. Then, if your $20,000 value car, for whatever reason, is damaged to the tune of $10,000, your agreed value, you will not be able to make the insurance claim without forfeiting the car. The same rule applies to underinsured vehicles, but it’s much harder to choose between the car and the cash. Also, like I said first: Don’t forget to increase the agreed value, as needed even more than once per year, when you make changes to your ride. Policies often require that policyholder must have a separate vehicle for general use, and may also restrict vehicle drivers to those who have clean driving records.
Don’t make the mistake underinsuring in hopes of saving a few dollars on the policy… that can have terrible consequences! One thing that many standard policies have in common is that they depreciate the value of your vehicle as it ages.
These policies base the vehicle's replacement value on a formal appraisal, regardless of its current market value. Therefore, if you have an accident that totals your vehicle, the insurance company pays you the depreciated value, less your deductible. At that point, you can of course, recover the full amount of your insurance policy, but in doing so ownership of the car is transferred from you to your insurance company.

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11.07.2015 admin

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