A collector vehicle is at least 15 years old and, as the name suggests, is considered collectable within the hobby. To be collectable, a vehicle should be worth preserving and it should also attract an interest when being sold. The vast majority of collector vehicles are cars and trucks.
One factor in determining insurance premiums is value. Most insurance companies rely on an independent car appraiser to determine a vehicle’s value based on the make, model and overall condition of the vehicle, along with comparisons to similar models. Hagerty Insurance is the exception. They are a large specialty insurance company and, rather than using appraisals, they utilize their own database to determine values.
A number of insurance companies will allow you to add a collector vehicle to a regular automobile policy. If it’s ever written off in an accident or claim, however, you could be in for an unpleasant surprise.
You should always confirm that the policy includes the OPCF19A, Agreed Valued Automobile Endorsement. With this endorsement, the insurance company has agreed to the value of your vehicle and it will be insured for this amount. Should your vehicle ever be written off, the value has already been established.
The OPCF 19A endorsement should also not be confused with the OPCF19, Limiting the Amount Paid Endorsement. When signing this endorsement, you agree to a settlement up to the amount shown on the endorsement. Should your vehicle be written off, the company will pay an amount based on the vehicle’s condition at the time of the loss and they will also deduct for depreciation.
That’s why we always recommend a specialized policy for your collector vehicle. Not only are they inexpensive, with annual premiums starting at just $100 per year, they offer higher liability limits, lower deductibles on collision and comprehensive coverage, and they always include the OPCF19A.
There’s still one further advantage: full coverage remains on the vehicle all year. Come springtime, you won’t have to remember to call and add the road coverage back on.
Contact us today for a free, no-obligation collector car insurance quote, or to find out more about collector vehicle insurance. We have programs to insure your vehicle with or without an appraisal.
Don’t want to wait? Get a quick, on-line quote with Hagerty Insurance.
