High-Value Auto Insurance
Culpeper, Warrenton

What vehicles are considered high-value for insurance?

Two main categories of vehicles typically fall under high-value coverage: luxury vehicles and collector or classic cars.

Luxury vehicles — High-performance or high-end vehicles that have a significant market value or are made by premium brands.

Collector or classic vehicles — Cars that are 10 years or older and have historical, collectible, or limited-edition value. These vehicles are often restored, maintained, or preserved in their original condition.

How much does it cost to insure a high-value vehicle?

One advantage of a high-value or classic car insurance policy is that the cost can often be more reasonable than expected. Premiums depend on the vehicle’s value, storage, usage, and driver profile, but most owners find the added protection and flexibility worth the investment.

The reason? High-value and collector cars typically don’t see the same level of daily use as standard vehicles. They’re often better maintained, carefully stored, and driven less frequently.

Overall, claims are less likely to be filed for luxury or classic cars than for a standard everyday vehicle.

How do I insure my high-value or classic car?

Purchasing car insurance for luxury or collectible cars can get a little complicated. These vehicles are insured based on the agreed-upon value of the car. This type of coverage is different from the traditional stated value coverage found in typical car insurance policies.

Agreed Value Coverage — The total insured amount of the vehicle is covered. Depreciation is not considered, and all sales taxes are covered in the case of a covered total loss. You and the insurer agree on the initial value, which may be adjusted through the insurance company when any modifications are made.

Stated Value Coverage — In the case of a covered incident or loss, your insurer has the right to pay the less expensive of either your vehicle’s depreciated cash value or for the replacement of the vehicle.

Some insurers may also have specific requirements before agreeing to insure your high-value or classic car. Examples include:

• Only eligible drivers listed on the policy may drive the vehicle.
• The car must be stored in a secure or covered location to protect it from weather, theft, or vandalism.
• Limited annual mileage or restrictions to certain uses, such as exhibitions, events, or pleasure driving.
• Proof of good driving history and ownership records may be required.

Like with standard auto insurance, an insurer will review your driving record, vehicle usage, and where it’s stored.

As experienced advisors in high-value and classic car insurance, we take time to understand you and your concerns.

You take excellent care of your vehicle. The next step is to protect it. We’ll assess your risks and help tailor a policy for your high-value, luxury, or classic car.

We’d love to chat with you. Contact Puffenbarger Insurance Services today!