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Insuring your Classic Car – yes, it’s a bit different!

June 23, 2010

Cindy Donaldson, Director of Marketing & Personal Lines Sales - Founders Insurance Group

Founders Insurance Group is a proud sponsor of the Valley Collector Car Club 9th Annual Charity Benefit Car Show On July 11, 2010 in downtown Simsbury CT. This year they are celebrating 50 years of the Ford Falcon. Now I’m feeling a tad old, because I remember that car when I was little!

We often run into people who don’t understand how to protect their classic cars – insuring them is different! As we all know, cars depreciate as they age – according to the almighty “Blue Book”, but a restored 50 year old automobile isn’t worth $250 – it could be worth 100 or even 1000 times that amount!

Working with a reputable insurance agency that understands your “baby” is the right thing to do! Here’s a classic scenario – unfortunately we see it often:

You’ve worked for 20 years restoring your 1966 Mustang – it’s finally finished. The paint is perfect the interior is mint and it purrs like a kitten when you turn it on. You decide to take it for a spin around the neighborhood, and two kids in their Dad’s pickup truck t-bone you. Panic. You contact your insurance company – the same one that all your cars are listed on – and you realize that the value on your car is $675. $675! You “assumed” that your carrier would cover the car for what the car is “worth” – but that is not the case.(I’m pulling that dollar figure out of hat – so all you Mustang collectors, please don’t call and tell me it’s really $695! – I’m just trying to make a point J)

What your agent SHOULD have done is insured your vehicle with a company that specializes in Classic Cars – such as Hagerty Insurance. The vehicle would have been inspected and/or reviewed by their underwriting department, an Agreed Value would have been set – you cover your car for what it’s worth and you would receive every cent of your car’s insured value in the event of a covered total loss.

Come on down and visit us on July 11 – take in a piece of Americana at its finest. We’ll have a lot of information on insuring your classic cars!

For more information about the Valley Collector Car Club show – contact Pete Rocco  p.rocco@sbcglobal.net

Have a classic car and afraid you are not properly insured?

We have a Hagerty policy just waiting for you!

Cindy Donaldson – a “Wanna-be classic car owner”

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2 Comments leave one →
  1. July 18, 2010 4:59 am

    If you have insurance, you are eligible to receive up to the maximum insurable amount stated in your insurance policy. Unfortunately, insurance companies try to save money on your own when possible, so the collection of insurance after an accident has occurred can be stressful.
    I hope you have been monitoring the maintenance of your vehicle, if so, please send copies of insurance company records maintenance.
    If after providing such evidence, the insurance company does not cooperate, you may consider useful research papers written about property damage and insurance claims.

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