Glossary of Terms
for Collector Car Insurance
AGREED VALUE
A special coverage that is included in all our policies. Prior to issuing your policy, we will come to an “agreed value” that will be included in your policy and will apply to the value we will use in the event that there is a covered total loss to your vehicle. This agreed value is the amount you will receive less any applicable deductible.
ANTIQUE VEHICLE
A motor vehicle twenty-five years or more of age, that is maintained primarily for use in exhibitions, club activities, parades or other functions of public interest; it is not used primarily for the transportation of persons or goods.
CLASSIC VEHICLE
A motor vehicle of unique or rare design and of limited production that is an object of curiosity and maintained primarily for use in exhibitions, club activities, parades and other functions of public interest; it is not used primarily for the transportation of persons or goods. Vehicles 19-24 years old are normally treated as Classics by J.C. Taylor.
COLLISION
The upset or collision with another object of “your covered auto.”
DEDUCTIBLE
A deductible is the amount of a covered loss that the named insured is responsible for.
EXOTIC VEHICLE
A motor vehicle which because of its specific make, model year of manufacture and exceptional physical condition, is considered to be increasing in value rather than depreciating in value and is maintained primarily for use in exhibitions, club activities, parades or other functions of public interest; it is not used primarily for the transportation of persons or goods.
KIT CAR
A motor vehicle consisting of separately manufactured components that is assembled by the purchaser that is maintained primarily for use in exhibitions, club activities, parades or other Functions or public interest; it is not used primarily for the transportation of persons or goods.
LIABILITY
Bodily Injury Liability pays for injury to others when you are at fault. Property Damage Liability pays for property damage when you are at fault.
OTHER THAN COLLISION
Sometimes referred to as “comprehensive coverage,” “Other Than Collision” includes loss to “your covered auto” caused by missiles, falling objects, fire, theft or larceny, explosion, earthquake, windstorm, hail, water, flood, malicious mischief or vandalism, riot or civil commotion, contact with bird or animal or breakage of glass. If breakage of glass is caused by a “collision,” you may elect to have it considered a loss caused by “collision.”
PERSONAL INJURY PROTECTION
In no-fault states, Personal injury protection (PIP), covers medical expenses and lost wages of you and your passengers if you’re injured in an accident. PIP coverage protects you regardless of who is at fault.
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REPLICAR
A commercially assembled reproduction of any classic motor vehicle that is maintained primarily for use in exhibitions, club activities, parades or other functions of public interest; it is not used primarily for the transportation of persons or goods.
SPARE PARTS
A replacement for an extra original item normally a part of “your covered auto” that is not currently in place on “your covered auto.” The policy coverage limit is $750.
UNINSURED/UNDERINSURED MOTORISTS COVERAGE
Uninsured/Underinsured Motorists Coverage pays for coverage to you if the other driver is not insured or is underinsured.
Contact our expert team today to get started on a quote, or to answer any additional questions that you may have.