ACORD Forms and Insurance Applications
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Premiums for Classic and Collectible Car coverage are less expensive than Standard Auto policies. Most car owners pay just 25-33% of what they would for a comparable policy on a daily-drive vehicle.
The reasons for the lower rates are twofold. First, usage of these cars is expected to be strictly limited to special occasions—they are not meant to be used for the daily commute or taking the kids to soccer practice. Second, Insureds tend to take very good care of their cars, treating them more like a painting—or an investment they expect to appreciate over time —than a mode of transport.
Another key characteristic of collector-car coverage is that policies are Agreed Value, not Actual Cash Value. Insurance companies that underwrite this business will have a range of valuations they will accept from clients based on the make and model of a car. Clients whose proposed valuations are much higher would need to have the car independently appraised.
Some carriers allow collector cars to hit the track in very specific and controlled circumstances—basically for a leisurely spin around the circuit. But all carriers exclude actual racing.
Many classic car claims stem from incidents that occur on the insured's own property. Many claims have nothing to do with collisions, but are related to storage issues—something falls in the garage or there's flooding or rodents or a hazard from construction going on next door.
High-net-worth clients should combine both classic cars and regular-use vehicles on one policy. By insuring classic cars as part of a personal-lines account that includes regular-use vehicles on the same policy, the insurer has a better picture of vehicle usage, resulting in broader coverage for the insured. Other advantages include the efficiency of maintaining one agent, carrier, policy and bill for all cars as well as savings, including the potential benefits to your regular-use automobiles through multi-car pricing.
Recreational Vehicle RV Policy
Coverage, Costs and Service
The difference in price between a specialized RV policy and an auto endorsement can be minimal, but the difference in coverage is significant.
For example, if an RV breaks down, towing it to a repair facility requires specialized--and more expensive--equipment, so an auto policy might not cover the full cost. Specialized RV coverage typically fully covers roadside assistance claims.
Additional coverage options are also available. For example, depending on the state, Progressive's RV coverage offers:
- Total loss replacement - Replaces a totaled RV with a new model of similar make and quality
- Full timer's coverage - Provides homeowner-like coverage for individuals who use their RV as a primary residence.
- Vacation liability - Pays up to the specified limits for Bodily Injury and Property Damage for which a customer is legally responsible as a result of an accident that occurs while the RV is used as a temporary vacation residence. $10,000 limits are included with Comprehensive and Collision coverage, but higher limits are available.
- Fire department service charge - Pays up to $1,000 in fire department charges when the department is called to save or protect an insured RV. Higher limits are available.
- Pet injury coverage - If a pet sustains injury in an RV loss that is covered by Comprehensive or Collision insurance, Progressive will pay up to $1,000.
- Disappearing deductibles - For each year a customer goes without a claim, this optional coverage reduces their deductible.