Guide to Insurance for Collector Vehicles

Collector vehicle driving onto the sunset

We recognize that a special vehicle like yours should have special insurance coverage to match! Here are some tips and considerations for when you seek out collector car insurance.

Determining the value of your classic car. There are three ways you and your auto insurance company may go about determining the value of your vehicle.

1. Actual Cash Value. This value gets calculated by used car values and mostly gets used by everyday standard insurers. It is unlikely that this value will be equal to your classic car’s true value.

2. Stated Value. A stated value is when an insurer allows clients to set their own values. However, with a stated value, the insurer has the option (and is likely) to pay the lower of the following two amounts: the vehicle’s cost value or the cost to replace your car.

3. Agreed Value or Guaranteed Value. These values get offered by most specialty insurers (which we recommend for your special vehicle!). Agreed values get determined through collaboration between you and the insurance company. Should an accident happen, you would receive that full amount! These values are typically the most accurate in terms of a classic car’s true value.

Why classic car insurance versus regular car insurance? 

  • Lower Premiums.Classic car insurance recognizes that your vehicle is not getting driven daily and adjusts your rates accordingly. Having classic car insurance is an excellent way for you to save money. Why should you pay the same amount for a car you drive regularly and a car you save for special occasions and drive with immense caution?
  • Guaranteed Value. You will be covered based on an accurate value for your vehicle! Most insurers typically do not require appraisals.
  • Benefits with Hagerty.Hagerty is one of the top classic and collector vehicle insurance providers! On top of the regular benefits of class car insurance, you can also receive:
    • A policy with no fixed mileage limit
    • A personal selection of classic auto repair: choose your preferred shop or do the work yourself.
    • A community of fellow car lovers: Hagerty offers a variety of opportunities for you to connect with others who have a passion for classic cars just like yourself!

Contact your local Avery Hall agent in Salisbury, Maryland to discuss your collector car insurance options. Or, request a free quote for your classic car insurance on our website.

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