Classic cars are a cherished investment for millions of Americans. From Chevrolet Corvettes to Ford Thunderbirds, there are many makes and models to consider owning, whether solely for the collectible status or for joyrides in a famous piece of the past. One thing to keep in mind when driving vintage vehicles is insurance. At Bogden Insurance Agency, we help vehicle owners in Connecticut secure specialized classic car insurance to safeguard their investments and provide peace of mind. Let’s take a closer look at the agreed value coverage in classic car insurance policies and what it means for you.

Defining Agreed Value Coverage

When deciding on a classic car policy, the insurer will use a combination of photos, appraisals, current condition reports, and/or historical documentation to determine the value. The goal is to reach an agreed value between yourself and the insurer, which will be the amount the collector car is insured for. If you need to make a claim, the agreed value coverage policy will provide a payout of up to that full amount to the repair shop or directly to you, minus a deductible, if the vehicle is totaled.

Standard vs. Agreed Value Coverage

A classic car policy is different from standard auto insurance, which considers depreciation when insuring cars for their actual cash value. Agreed value coverage for a vintage vehicle does not include depreciation, so no matter how much its value has gone down over time, the value and maximum payout are locked in from the opening of the policy.

Get in Touch With Bogden Insurance Agency

If you’re in the market for a classic car, it’s a good idea to prioritize an auto insurance policy with agreed-value coverage for vintage vehicles. The right policy will make servicing and repairs has more manageable so you can maintain your ride for years to come with reassurance that your investment is well-protected. Contact Bogden Insurance Agency serving Berlin, CT for help finding a classic car insurance policy.