Collectible Autos aren't for everyday driving - they're for the hobbyist. A Collectible Auto is used mainly for exhibitions, club activities, parades and other functions of public interest. Here are some examples:
- Muscle cars
- Hot Rods
- Customs
- Classics
- Woodies
- Exotics
- Replicars
- Kit cars
- Foreign and American sports cars
Owners of these vehicles put time, effort and usually a lot of money into their cars. It's not just a standard vehicle and that's why specialty insurance is so important. The Collectible Auto product is categorized into two programs: the Antique and Classic program and the Modified program. Although both types of vehicles are considered collectibles, they are very different by definition. Antique and Classic cars are considered collectibles because of their age and preservation. Modified cars are considered collectibles because of the modifications that were made to the car, altering it from its original condition.
What is an antique and classic auto?
An antique auto is a vehicle that is 25 years and older. A classic car is considered a vehicle 19 to 24 years old. Both the antique and classic vehicles must be in the original (or original restored) condition. An antique Model T or a classic Mustang convertible might come to mind when you think of cars that fit into this program, but the Antique and Classic Auto Program doesn't only include the obvious. This program is also great for light trucks, motorcycles, farm tractors, military vehicles, foreign and American sport cars, muscle cars, convertibles, station wagons, woodies, Corvettes and other unique original autos.
What is a modified auto?
A modified automobile is simply a vehicle modified from its original condition. Whether it's chopped, channeled, lowered, chromed, Frenched or flamed or it's powered by a flathead, hemi, mouse motor, side oiler, Caddy or an Olds rocket, the Modified Auto Program is the perfect fit.
Street Rod - A vehicle manufactured prior to 1949 whose body, chassis, engine suspension or interior has been modified.
Customized/Modified - A vehicle manufactured after 1948, which is at least 20 years old and has been altered from its original condition.
Replicar - A commercially assembled reproduction of any motor vehicle at least 25 years old.
Kit Car - A representation motor vehicle at least 25 years old consisting of separately manufactured components that are assembled by the purchaser.
Exotic Vehicle - A motor vehicle that is considered to be increasing in value rather than depreciating because of its specific make, model year of manufacture and exceptional physical condition.
So go ahead - offer your customers a Foremost policy today! Give them superior coverage while growing your book of business at the same time.
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Agreed Value |
Collectible autos have a stable market value and usually appreciate over time. To protect the value of the car, you and your customer will come up with an "agreed value" to represent the vehicle's current market value. In the event of a total loss, the insured will receive the full agreed amount less any applicable deductible. The agreed value should be changed on the policy if the market value of the car changes during the policy period. That way the policy is always up to date and the customer knows exactly how much they will receive if a claim should occur. |
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Low Annual Premiums |
A collectible vehicle insured under a specialty policy rather than a standard auto policy will save your customer hundreds of dollars and hassles. They'll be paying less and they'll reap the rewards of a program designed with the true enthusiast in mind. The Collectible Auto Program has more features specifically for collectible car owners. |
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Multi-Vehicle Discount |
Your customer receives a discount when they want to insure more than one collectible car. |
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Expert Claims Service |
Foremost's claims staff has the expertise and experience needed to settle claims quickly and fairly. And they strive for excellence in customer satisfaction. Your customers can count on our collectible auto experts who understand what makes these vehicles so special. |
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Towing and Roadside Assistance |
We offer optional sign & drive towing and roadside assistance coverage. |
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Repair Shop of Choice |
Because collectible auto owners put a lot of time into their cars, your customer will choose where they would prefer to take their car for repairs or parts. Most hobbyists will have a preferred repair shop that they trust or they will make the repairs themselves. Claims adjusters are also available to help locate parts and find experienced restorers and repair shops. |
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No Attendance Clause |
When the owner wants to walk around at car shows and enjoy the other displays, their attendance at the insured vehicle is not required in the case of a loss to the vehicle. |
Full Glass Coverage - When an optional deductible is selected, damage to safety glass (windows, windshields) is covered with no deductible.
Spare Parts Coverage - $750 coverage for spare parts for the collectible auto is included automatically with Agreed Value coverage for the vehicle.
Car Covers & Bras - $250 coverage for car covers and automobile bras used to protect the vehicle.
Underwriting*
Modified Automobile Program Eligibility Requirements
- Automobiles are primarily used as a hobby vehicle. This includes exhibitions, club activities, parades or other functions of public interest. Occasional pleasure drives are acceptable.
- No daily drivers. No commute vehicles. Any vehicle ever driven to work is not eligible under this program.
- Racing is prohibited, as are vehicles with nitrous oxide and roll cages.
- The minimum vehicle value is $3,000.
- All vehicle operators must be at least 25 years of age and should have a good driving record with no more than one moving violation and one at fault accident within the last three years.
- All vehicles must be kept in a locked, fully enclosed garage when not in use.
- The underwriting mileage guideline is 3,500 miles per year (but additional mileage requests are considered).
* These are general underwriting requirements. State differences may apply.
New Business
All applications and payments will be handled directly through the Heald Insurance Agency. They are responsible for submitting a completed application mailed to J.C. Taylor with the following:
- Payment for the estimated premium.
- Color photos of the modified auto.
- An appraisal if the car is valued over $40,000 (higher amounts are considered without an appraisal, depending on the vehicle).
