Based on cost new less depreciation for age and condition. More commonly known as market value.


In the event of a total loss on your vehicle, the insurance company will pay the full value as listed on your insurance policy. They can not depreciate off this value. Most companies that specialize in collector vehicles insure them on this basis.


Any vehicle (regardless of age) that is appreciating in value.


Any vehicle newer than 1949 that has been modified. We consider a car modified if you have altered the performance of the car or drastically changed the appearance.


A car of less than 15 years of age that is a collectible. Must be limited editions or sports types nature.


  1. Actual Cash value
  2. Stated Amount
  3. Agreed Value


If the vehicle's body or engine has been altered from original factory condition. The change in the engine would increase the performance of the vehicle. The body alterations do not need to be related to increase performance to be considered modified. If the modifications was a factory option, we do not usually define it as modified (Saleen or Calloway are examples of this).


Extra parts that are for a motor vehicle that are not attached to the vehicle. This would include items picked up at a swap meet.


In the event of a total loss, the insurance company will pay the LESSER OF: Actual Cash Value or Stated Amount. Most insurance companies that do not specialize in collector vehicles insure them on this basis.


A vehicle that has the original size and horse power engine and the body of the car has not been altered. Are built engine can still qualify as long as it has not been altered to increase performance.


1949 or older vehicle that has been modified. Modifications can be modernization (drive train, steering, power brakes) or radical (chopped, tubbed or shaved).


Coverage's are broken down, according to purpose, but are generally combined into one policy. Coverage descriptions are general information and not statements of contract because policy provisions, endorsements, limits and requirements vary by state.

The most common coverage's are:

Losses from property damage, medical and legal costs, and lost income add up to billions of dollars annually for automobile mishaps. Automobile insurance plays an important role in protecting consumers from serious financial losses that can result from accidents. Not all states require you to have automobile insurance, but all states do require you to prove that you can pay specified amounts if you cause bodily injury or property damage while driving. Your proof would be insurance or large amounts of cash or some other security. Without one of these, you may lose your driver's license and registration. Visit the Insurance Information Institute's web site at to find the specific auto insurance coverage's required by each state.

Uninsured or Underinsured Motorist: pays for costs related to injuries or property damage to you or your family members and guests in your car caused by an uninsured, underinsured, or hit-and-run driver.

Bodily Injury Liability: Pays your legal defense costs and claims against you if your car injures or kills someone. Covers family members living with you and others driving with your permission.

Property Damage Liability: Pays your legal defense costs and claims against you if your car damages another's property. Does not cover your property, including your auto.

Medical Payments or Personal Injury Protection: Pays medical expenses resulting from an accident for you and others riding in your car. Also pays for you or your family members injured while riding in another's car or while walking.

Collision: Pays for repairs of damage to your car caused by a collision with another vehicle or any other object, regardless of who was responsible.

Comprehensive Physical Damage: Pays for damages to your car resulting from theft, fire, hail, vandalism, or a variety of other causes.

Premiums: The cost of the insurance policy (usually paid out in periodic payments).

Emergency Road Service: Pays expenses incurred for having your auto towed as a result of a breakdown. Towing limits vary by state or policy provisions.

Deductibles: Although deductibles vary by state, they are typically available in amounts such as $100, $250, $500, or $1000. For example, if you had a $500 deductible, you would need to pay $500 of the covered loss. Generally speaking, higher deductibles lower your premium, but increase the amount you must pay out of your own pocket if a loss occurs. Ask yourself how much you are willing to pay in order to save on premium.

Auto Insurance also offers "special discounts" for automobiles that have: Anti-Lock Brakes, automatic seat belts and/or airbags. Anti-lock brakes improve steering control and stability when a car is brought to a stop, thus reducing accidents. Some states, including Florida, New Jersey and New York, require insurers to give discounts for cars equipped with anti-lock brakes while some insurers have a nationwide discount in place.

Other discounts that Auto insurance companies provide their customer's with are; no accidents in three years, drivers over 50 years of age, driver training courses, antitheft devices, good grades for students and and having more than one car insured with that company.

Another type of Coverage is called "Specialty Coverage". This insurance is a supplemental insurance that covers towing, labor and car rental reimbursement to your basic auto insurance policy. For every dollar or two added to your basic insurance you can purchase coverage that will pay for your rental car while your car is being repaired from an accident. Be sure to remind your insurance company or agent when you file a claim that you have this "Specialty Coverage".

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