Specialty Automobile Insurance Information
Classic Car | Specialty Auto Insurance - Poughquag, NY
Also serving Lagrangeville, Hopewell Junction, Dutchess County and other areas in New York
If you don't own an average car, why would you settle for average auto insurance policy? Specialty auto insurance is a great fit for individuals who own collectible and/or antique cars and vehicles.
What is covered under a classic car auto policy?
The coverage under a specialty auto insurance policy is similar to the coverage in an auto insurance policy. There exists the liability coverage and also additional options such as comprehensive coverage and collision coverage.
Bodily Injury (BI): coverage that pays people that you injure in an accident. You can either have split limits such as $100,000 per person / $300,000 per accident or a single limit such as $300,000 per occurrence.
Property Damage (PD): this coverage pays for the property damage that you cause to other's property.
Supplementary Uninsured/Underinsured Motorists: this type covers similar grounds as BI does, except it is for your injuries if you were in an accident caused by a driver who does not have enough BI coverage to pay out to you.
Personal Injury Protection (PIP): also known as no-fault insurance, this coverage helps pay for medical bills arising from your injuries in a car accident. It doesn't matter who is at fault. Your insurer will still pay you out so long as they're reasonable and medically necessary. All NY licensed auto insurers will offer basic PIP with a $50,000 limit per accident, which covers necessary medical expenses such as hospital, psychiatric, physical therapy, rehabilitation, and long term professional health services if your injuries require so.
Additional PIP: This adds to the $50,000 limit of your basic PIP. Additional PIP will increase your basic PIP coverage limit by either $50,000 or $100,000 per accident, depending on the limit you choose to purchase.
Optional Basic Economic Loss (OBEL): this coverage adds another $50,000 to your basic PIP limit (and also the additional PIP, if you have it). Economic loss refers to monetary expenses, such as the medical bills from treatments, ambulances, and hospitals, that you may need for injuries sustained in an accident.
Medical Payments: this coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.
Comprehensive Coverage: this coverage provides coverage for accident other than collisions with a car or object. This can include damage or loss from theft, fire, weather, or other such occurrences.
Collision Coverage: this coverage pays for damages resulting from collisions with another car or object.
How is classic car auto insurance policy different from an auto insurance policy?
Specialty vehicles are obviously different from standard issue autos, but there are some differences that can be especially troublesome when searching for insurance coverage. First, there is the challenge in assessing the cost of certain types of damage to a specialty vehicle. With specialty vehicle insurance, you may have access to an insurance adjuster who has the right knowledge and experience to properly assess your claim.
Another benefit to specialty auto insurance is that the value of the specialty vehicle is often much higher than traditional policies will cover. In order to ensure that you get the full value of the vehicle and that you have a policy that considers total replacement value for the specialized auto, specialty insurance is the way to go. Your policy will have what’s called an, “Agreed Value” that will spell out the amount you get in a total loss situation.
Antique and collectible cars are not generally driven daily and certainly not used to run everyday errands. This means that the mileage for specialty autos is often much lower than for a non-specialty car. Specialty auto insurance policies take this into consideration when establishing your rates. They also understand that standard safety measures may be missing and while a traditional auto insurance policy might penalize a driver for that, specially the auto insurance is tailored to that lack of safety devices.
Bottom Line: Pepe Insurance Agency is here to help insure that classic car or specialty auto so you can have fun driving it around knowing you are protected. Give us a call or request a specialty auto quote today!