This is the only policy form guaranteeing you in writing what amount you will receive if your "Collector Car" is stolen or totaled during the policy period. Note there is no "Actual Cash Value" clause in the form. The "Agreed Amount" form states the insurance company will pay you, the lesser of: The "Agreed Amount," or The cost to repair the covered auto, not to exceed the "Agreed Amount". The "Agreed Amount" should be reviewed carefully with your agent before the policy is issued. Your agent and you must agree together upon the "Agreed Amount" before the policy is issued. The "Agreed Amount" should represent the true market value of the car at the time the policy is written. If the market value changes during the policy period, the "Agreed Amount" can be changed by endorsement. Before policy renewal each year the "Agreed Amount" should be changed, if necessary, to reflect current market value.

Many collector-car programs will require you to have at least one other car in your name for everyday use. Be sure the coverage limits for both liability and uninsured/underinsured motorists coverages provided by the auto policy covering your everyday car(s) match the same coverage limits provided by your "Collector Car" policy. The medical payments limits may vary, depending on what the insurance company's filings offer.A few insurance agents will tell you not to obtain a separate collector car policy because their auto policy or personal umbrella/excess policy will not allow it. There are two key provisions these policies may require of a collector car policy: 1. The limits of liability coverage provided by the "Collector Car" policy must be the same      or higher than those provided by the everyday auto policy. 2. The insurance company issuing the policy must be "A" rated. If necessary, ask the agent to show you where their policy states you cannot secure a separate auto insurance policy for your "Collector Car."

Obtain an "Agreed Value Collector Car" policy through a reputable insurance agent or broker who understands the collectible automobile business. That way, you won't lose any sleep over how a future claim will get settled. Your agent should have a solid relationship with the insurance company underwriting the policy. A few agents have claims authority to help the insurance company settle claims quickly to your complete satisfaction. Better agents are actively involved in the collectible car hobby. Many participate in various car clubs' activities. Does your agent have any long-term commitments to any car clubs or car manufacturers? Why settle for less? If your current insurance agent cannot offer you a true collector car insurance policy with an "Agreed Value" form, find a new agent. Read your policy carefully, and shop around. Spend time comparing all aspects of an insurance policy - not just its price - and make sure it suits your needs.

Leland-West

Grundy's Worldwide

American Collectors Insurance

Allstate Insurance

J.C.Taylor Antique Automobile Insurance

Classic Automobile Insurance

Sneed Insurance

Page 1 of Insurance Alternatives for Your Corvette