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What is covered by auto insurance

But “its an old car”

The explanations of insurance coverages in each subsection are in general terms only. In all cases, actual coverages are as stated in the terms and conditions of the policy wording. Nothing stated in this website can be construed to extend, expand or modify the actual policy wording. If you have a specific question of significance to your situation contact your insurance Advisor.

Old cars are either virtually worthless or very valuable because they are collector autos.

If your auto is a total loss through accident or theft, the insurer will only pay you what the auto is worth. In practice, old cars are deemed to be worth very little unless you can prove the value and you have insured it properly. If you have a collector type car, have it professionally appraised and insure it to value by adding an endorsement called an Agreed Value Endorsement OPCF 19A. It will specify the maximum value that the insurer will pay.

If the auto has value and it is appraised, it might be worth insuring it for physical damage. If it has minimal value, look carefully at the cost of the collision and comprehensive (or All Perils) coverage. You might conclude that the cost is not worth the benefit of having the coverage but remember, no coverage means you are insuring the car yourself!. Regardless of the age of the car, you must have the mandatory coverages!

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