Exotic Car Insurance
Full Octane Insurance offers a complete line of Exotic Car Insurance.
We are confident we can provider better coverage and save you money over a traditional car insurance policy.
Here are some basic Qualifiers:
- All drivers must be at least 25 years of age in order to be covered.
- All drivers must each have a daily use vehicle for daily transportation purposes which is not the collector vehicle.
- Applicant must have a personal auto insurance policy listing them as the named insured on a vehicle owned and registered by the applicant in the same state as the collector vehicle.
- All drivers/household members must have a good driving history with no more than 1 minor violation/accident in 3-5 years and no major violations within 7-10 years.
ALWAYS ASK FOR AN AGREED VALUE POLICY
These are the ways a claim gets paid and you should be informed:
- Actual Cash Value (BAD)
Most everyday car insurers offer Actual Cash Value policies. This
is what an insurance adjuster says your car is worth, usually
based on used car values – not the classic car market. So if
your classic’s stolen or declared a total loss after an accident,
it’s unlikely you’ll be compensated for its true value. - Stated Value (BAD)
Many everyday insurers offer Stated Value policies for classic
cars, allowing clients to set their own value. But here’s the
problem: the insurer only has to pay up to the Stated Value,
and in fact is allowed to pay the lesser of the Stated Value or
the Actual Cash Value, less any deductible. - Agreed Value (AWESOME)
Most specialty insurers offer Agreed Value or Guaranteed
Value, which means you and the insurance company agree
on a value for your car. If there’s a covered total loss, you’ll
receive that full value, less any deductibles. Some companies
require appraisals at your expense, while others will only insure
cars for book value – no negotiations. The best companies
don’t require appraisals, and rely on their expertise and
your opinion to determine an accurate value for your classic.
