Classic Car Insurance – Safeguard Your Classic Car Investment
At Merit Insurance, we understand that classic cars are more than just vehicles—they’re a testament to years of love, work, memories, and stories that are irreplaceable. Whether it’s the thrill of the open road in a vintage roadster or the nostalgic roar of a rare muscle car, your collector vehicle deserves the best protection. That’s why we proudly offer specialized coverage through Hagerty Insurance, designed specifically for classic car enthusiasts. Discover why Hagerty’s classic car insurance is the best option for your vehicle, and how our Merit Difference guarantees you receive the finest coverage and service every step of the way.
How Classic Car Insurance Differs from Regular Car Insurance
A classic car is generally a vehicle that was manufactured more than 25 years ago. However, some insurance companies will consider newer vehicles for modern collectible vehicle insurance based on their collectible or rare nature. Classic car insurance differs from regular car insurance in several key ways. Unlike standard auto policies, classic car insurance considers the unique needs and value of collector vehicles. Regular car insurance typically covers a car’s depreciated value, whereas classic car insurance offers an “Agreed Value” policy, ensuring you receive a predetermined payout amount agreed upon at the policy’s inception. This is crucial for collector vehicles whose value often appreciates over time.
Moreover, classic car insurance policies usually have usage restrictions, acknowledging that these cars are not driven daily. These restrictions help keep premiums lower while ensuring the vehicle is adequately protected during its limited use.
Cherished Salvage: Preserving Your Classic Car’s Legacy
One of the standout features of Hagerty’s classic car insurance is the Cherished Salvage option. In the unfortunate event of a covered total loss, Cherished Salvage allows you to retain ownership of your vehicle without any deduction in its Guaranteed Value™. This means you can keep your beloved classic car and still receive the full agreed-upon value from your insurance policy. This unique benefit underscores Hagerty’s commitment to preserving your investment and sentimental attachment to your vehicle, exclusive to their collectible vehicle insurance.
Value Added Options: Flexibility and Customization
Hagerty offers Value Added (Premium or Ultimate) options that provide additional layers of coverage, allowing you to tailor your policy to meet your specific needs. These options include increased liability limits, coverage for modifications, and enhanced protection for high-value vehicles.
Here are some value-added endorsements available for customizable protection:
- Increased automatic coverage for new purchases
- Market Value Protection
- Coverage for spare parts and automotive tools
- Protection for personal effects and vehicle valuable papers
- Reimbursement for car show expenses
- Post-loss trailering and emergency evacuation expense coverage
Hagerty doesn’t allow ‘comprehensive coverage only’ during the winter months because summer usage is being factored into the rating. For any further information, reach out to your Merit broker.
The Hagerty Driver’s Club: Exclusive Benefits
The Hagerty Driver’s Club offers a range of exclusive benefits, including roadside assistance, event access, and discounts. While the Value Added options and Cherished Salvage can be added to your policy at any time, the Hagerty Driver’s Club requires inclusion at renewal or when obtaining a new business quote. This membership-based club enhances your classic car ownership experience, providing benefits that cater specifically to enthusiasts.
With our strong partnership with Hagerty Insurance, protecting your classic car has never been easier or more comprehensive. Contact your Merit broker today and let us help preserve the legacy and value of your collector vehicle with the best possible insurance solutions.
