is covered. This will likely cost less money than the named non- owner policy. The cheapest but riskiest option is to forgo getting your own insurance. If you do this, only drive your company car and never be the one to drive carpool to lunch or offsite meetings due to co- workers’ injuries not being covered.
Antique and Classic Cars
Many car enthusiasts own antique and classic cars, and these require a special kind of consideration. First, it’s important to insure the car for the collector’s value, which will likely be higher than the car’s book value. Some insurance companies offer the option of sending in photos and getting a professional appraisal to get a stated amount of coverage. The stated amount value determines your vehicle’s rates, not what you’ll receive if your car gets totaled. While this type of coverage tends to cost less, I don’t generally recommend this because your car’s value may go up, and then your insurance won’t fully cover it. Also, the insurer gets the better end of the deal because they get to pay you based on what they determine is your car’s actual cash value—if it’s less than the stated amount, they’ll pay you based on the actual cash value instead. Actual cash value coverage is the most common kind of coverage in regular car insurance policies. It looks at what your car was worth right before the accident. The insurance company will pay you this value, although your deductible will be taken out of the payment. My preference for clients with collectible cars is to go with agreed value coverage, which means you’ll get payment for what your car is worth at the time of the accident, including coverage for whatever improvements you’ve done to make the car worth
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