What Is Agreed Value Classic Car Insurance?

The classic car culture is quite robust in Richardson, TX. If you are looking to buy classic car insurance for the first time, you might have come across the term “agreed value classic car insurance,” and you wonder what it means. Collum Insurance Group LLC provides this guide in navigating agreed classic car insurance.

What Is Agreed Value Classic Vehicle Insurance?

Agreed value classic vehicle insurance is a type of classic car insurance whereby you and the insurer agree on the maximum payout to be made upon you make a claim. This agreement between you and the insurer is made when you purchase your classic car insurance, making your coverage an agreed value classic car insurance. Therefore, the maximum payout will be the agreed value after an accident.

When Do You Need Agreed Value Classic Car Insurance?

At Collum Insurance Group LLC, we advise our clients to pick agreed value insurance if;

  • Pricing: The classic car doesn’t have a standard blue book, or the value in the blue book isn’t representative of the vehicle’s current market value since classic cars tend to appreciate the older they get.
  • Repairs: After an accident, fixing a classic vehicle usually requires a specialized mechanic to return the car to its original vehicle. This is typically a costly repair that standard classic car insurance policies rarely cover.

How Can You Keep Your Agreed Value Classic Car Insurance Rates Low?

  • Minimize mileage: Most classic car insurers will offer you better rates on your agreed value policy if you accept to drive fewer miles
  • Minimal usage: You can expect discounts on your agreed value policy if you agree only to drive your classic vehicle for pleasure
  • Secure storage: Your insurer will offer you discounts on your agreed value policy if you promise to store your car in a locked garage and not in the driveway. 

Contact Collum Insurance Group LLC for unbeatable classic car insurance deals in Richardson, TX.