1. What types of vehicles qualify for American Collectors Insurance?
We have a market for many different types of collector vehicles. This list includes antiques, classics, muscle cars, custom cars & trucks, street rods, replicas, antique and classic motorcycles, antique fire trucks, amphicars, military jeeps and even antique tractors! In addition to our collector vehicle program, we also have an insurance program available for most types of collectibles.
2. Why is Agreed Value coverage so important?
In the event of total loss, most standard auto policies will pay either Actual Cash Value (replacement cost minus depreciation) or Stated Value (the insurer is obliged to pay “up to” the amount stated on the policy). An Agreed Value policy, on the other hand, pays the full insured vehicle value in the event of total loss (minus any applicable deductible), with no depreciation.
3. I notice on your website that Agreed Value is not available in MA, TX and VA. Does this mean you do not offer coverage in these states?
Quite the contrary! American Collectors Insurance offers collector vehicle insurance in all states except Alaska & Hawaii. MA, TX & VA require insurers to use prescribed Bureau (state-mandated) forms that do not provide for an “Agreed Value” settlement option. These three states allow three settlement options: Cost of repair, Actual Cash Value or the amount shown on the declarations page. American Collectors Insurance has been providing collector vehicle coverage in these states for many years and our company settles “total loss” claims based on the “amount shown on the declarations page.”
4. Does American Collectors Insurance provide liability as a single coverage?
No, we do not offer liability as a “single” coverage (liability without physical damage coverage) because we are in the business of insuring collector vehicles. If your interest is solely in obtaining liability coverage (and not protecting the vehicle itself), then our program’s not for you.
5. What are the garaging requirements for a collector vehicle policy?
American Collectors requires insured vehicles to be kept in a fully enclosed, locked garage. Sorry, but carports are not acceptable to our program.
6. Will my claim be paid if I leave my car unattended?
Your claim would be paid for a covered loss, regardless of whether or not you were “attending” the vehicle. Leaving your collector car unattended would not be reason to deny a claim. The circumstances of the claim, however, and your adherence to our usage requirements, would be reviewed. If you left your collector car unattended for 6 hours in a busy mall parking lot while you were doing your Christmas shopping, for example, we would conclude that you were abusing the program (using your collector vehicle for "regular" use) and non-renew your policy. On the other hand, if the claim occurred when you stopped for a burger on your way home from a weekend drive or a car show...well, that's what you have insurance for, isn't it?!
7. How many miles per year may I drive my collector vehicle?
We have two mileage tiers available to accommodate our policyholders. Most collectors opt for the 2,500 mile tier, but a 5,000 mile tier is also available to satisfy the needs of collectors who attend many car shows/events throughout the year and need the additional mileage. The 5,000 mile tier is currently available in all states except MA, TX & VA.
8. How do I add/remove a vehicle to my policy?
In order to add/remove a vehicle to your policy, we will need a written request from you. The request can be mailed, faxed or emailed – whichever is most convenient. Be sure to include your name, policy number, Year/Make/Model/Value & VIN of the vehicle & instructions to add or remove. If the vehicle is being added, please also include the odometer reading.
9. Will American Collectors Insurance consider insuring vehicles that are undergoing active restoration?
American Collectors can provide comprehensive coverage for vehicles that are in various stages of restoration, as long as all of the parts are in the owner's care, custody and control (and not scattered about at various vendor shops). Coverage in most states is "Agreed Value," meaning that the full insured value of your vehicle is paid in the event of total loss. Comprehensive coverage (sometimes defined as "other than collision") covers loss or damage to your vehicle resulting from fire, theft, vandalism, windstorm, glass breakage, etc. Once the restoration is complete and you are ready to drive your collector vehicle, you should contact us to add liability, medical, uninsured motorist coverage and collision to your policy.
10. How many years driving experience does American Collectors require in order to be an eligible driver of an insured collector vehicle?
We require a minimum of ten years’ licensed driving experience.
11. Do you insure kit cars & replica cars?
Yes, we have a market for professionally manufactured replicas, so long as they will be used within our guidelines.
12. My wife and I have two collections (collector figurines and model trains). Can both collections be written on the same policy?
Yes, the Collectibles policy provides blanket coverage, and can accommodate many
different types of qualifying collectibles on the same policy.
13. Doesn’t my homeowners policy cover my collection?
Homeowners insurance is designed to protect your dwelling and its contents (furniture, carpeting, appliances, and so forth), and may not contain any language specific to collectibles. With homeowner’s insurance, in the event of a claim your collectibles could get lumped in with personal property (unless a “rider” is attached, specifically addressing collectibles coverage). Also, most homeowners policies are not as broad in coverage as the collectibles policy available through American Collectors Insurance. Finally, most homeowner's deductibles are $500 or higher, further reducing the amount you might expect to collect in a claim.
14. What types of collectibles will qualify for coverage?
We have a market for many different types of collectibles, including figurines, dolls, teddy bears, vintage toys, model cars, miniatures, collector plates, ornaments, animation art, sports memorabilia, model railroads and carousel animals. We also have a market for less well-known collectibles, so if you don’t see your particular collection on the list, give us a call!
15. Are there any collections that you will not insure?
Coverage is not available for “paper” collectibles (stamps, cards, etc.), china/flatware, jewelry, coins, firearms, furniture or fine art.
16. Is flood damage covered under a collectibles policy?
Yes, our collectibles policy covers perils typically not covered by homeowners insurance, such as flood, earthquake and accidental breakage. Additionally, coverage is provided for mysterious disappearance for items that are worth $2,000+ and scheduled on the policy.
17. How long has American Collectors Insurance been in business?
We’ve been in business since 1976. For over 30 years, we have been growing – and innovating – to maintain our reputation in the old car hobby and the insurance industry as the country's premiere provider of collector vehicle and collectibles insurance.