Fireman’s Fund Insurance Company has introduced insurance especially designed for collector car owners. The collector car market has expanded substantially over the last several years. It includes traditional collector cars such as the Ford Model A, Chrysler Desoto and Packard as well as vintage racecars, hot rods, vintage pick-ups, American “muscle” cars and sports cars.
Fireman’s Fund Collector Car Coverage protects cars in all of these categories and includes:
High-value car coverage – Whether it’s a historic automobile or a newer exotic car, Fireman’s Fund offers high limits of coverage.
Agreed value coverage especially designed for collector vehicles – Pays the full-insured amount in the event of a total loss and reflects the insured value of the car. For partial losses it includes diminution in value as a result of the loss.
Flexible usage – Although most collector cars are maintained primarily for use in exhibitions, club activities, parades and other functions of public interest, there is no specific mileage restriction.
Repair shop of choice – Policyholders are free to use any restorer they choose or even do the work themselves with no reduction in loss settlement.
High optional liability limits – Coverage includes protection from legal actions for up to $1 million. For collections where there are more cars than drivers, blanket liability coverage is available avoiding multiple premium charges.
“For display only” coverage – Fireman’s Fund offers specially priced coverage for large car collections that are primarily “for display” (garaged and/or exhibited) and driven only to maintain the vehicle.
In addition to specialized collector car coverages, the policy also provides broad coverage when the car is driven. However, because collector cars are driven less often and their owners take great care when driving and storing them, the rates are less than a standard auto policy. For example, coverage for physical damage to the car is reduced an average of 70 percent from standard rates.
Fireman’s Fund currently offers this coverage in 18 states (Arizona, California, Colorado, Connecticut, Illinois, Kansas, Maryland, Michigan, Minnesota, Missouri, Nevada, New York(9/1/07), Ohio, Oregon, Tennessee, Texas, Virginia and Washington) and plans to have it available in most states by the end of 2008.
Source: Fireman’s Fund, www.firemansfund.com
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