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Definitions

Agreed Value - the amount the insured and company agree to at the policy inception date. That is, if a vehicle is written at a $10,000 value, $10,000 will be paid in the event of a total loss.

Classic Collectors is able to provide agreed value coverage upon request in most states at no extra cost to the insured! Agreed value ensures the value of your vehicle. We acknowledge the appreciating value of your classic auto.

Stated Amount - a total loss is adjusted to the lesser of:

  • The amount shown on the declaration page,
  • The actual cash value of property,
  • The amount necessary to repair or replace the property.

Stated amount coverage accounts for any depreciation, which might occur during the policy term. Newer vehicles which cannot yet be considered classic autos based on age are generally written on a stated amount basis.

Bodily Injury - coverage for when someone is injured or killed in an accident that's your fault. Your coverage pays for that person's medical expenses and lost wages.

Property Damage - coverage for damages you cause to someone's personal property when you have an accident that's your fault. The personal property that you might damage includes such things as vehicles, houses, fences, and walls.

Medical Payments - pays medical and funeral expenses for injuries that you or your passengers sustain while riding in your vehicle, regardless of who is at fault. (Not available in all states.)

Personal Injury Protection - includes a broader range of coverage than provided by medical expense coverage. PIP can include payments for lost wages and funeral expenses. PIP options vary by state.

Uninsured / Underinsured Motorists - provides coverage for you if you have an accident with someone who either has no insurance or lacks the proper amount of insurance. This coverage also protects you if you're struck by a hit-and-run driver.

Comprehensive - reimburses you when your car is damaged by theft, vandalism, hail, flood, fire, earthquakes, windstorms and/or animals.

Collision - reimburses you when your car is damaged as a result of a collision with another car or with an object, such as a tree or a brick wall. The damage can also be the result of overturning your car. Your reimbursement for the damage covers the amount of money it takes to repair or replace your vehicle, minus any deductible you agree to pay.

Towing Coverage - Towing and Labor costs for autos disabled on roadways are included in the physical damage rate. Towing and Labor costs from the insured's garage or storage location are not covered.

Spare Parts Coverage - spare parts coverage on our policy covers extra parts of the insured's vehicle such as a second set of wheels, or a hard top roof to a convertible. Spare parts doesn't mean those parts needed in the event of a vehicle breaking down.

Trip Continuation Coverage - coverage for expenses incurred up to a limit of $75 a day, $500 total for lodging and transportation starting 48 hours after disablement of the vehicle is included in the physical damage premium.

Lawsuit Threshold - Persons subject to the Lawsuit Threshold are barred from asserting claims for non-economic loss unless they meet at least one of nine types of injuries. If you are subject to the Lawsuit Threshold, you must establish that you have sustained one of the following injuries before your claim for money damages will be recognized:

  • Death
  • Dismemberment (loss of arms, legs, fingers or toes)
  • Significant disfigurement
  • Fracture (broken bone)
  • Loss of a fetus (unborn child)
  • Permanent consequential limitation of use of a body organ or member
  • Significant limitation of use of a body function or system
  • A medically determined injury or impairment of a non-permanent nature which prevents the injured person from performing substantially all of the material acts which constitute that person's usual and customary daily activities for not less than 90 days during the 180 days immediately following the occurrence of the injury or impairment.

No Lawsuit Threshold - insured's may bring a claim for any injuries sustained in an automobile accident, without regard to type or severity of injury.

Non-Stacking Coverage - restricts or limits the Uninsured Motorist Coverage available to you on your policy. If you elect the non-stacking coverage and are involved in an accident with an uninsured motorist, usually you will only be able to select one policy to make your claim.

Stacking Coverage - allows you to add together, or stack, multiple policies of Uninsured Motorist Coverage on multiple vehicles for a higher total coverage. It allows you to obtain coverage from another policy in certain circumstances where the vehicle you are occupying may not have Uninsured Motorists Coverage.

Full Tort - in Pennsylvania, purchasers of motor vehicle insurance can choose "full tort", which gives the insured the unrestricted right to seek money damages for all injuries sustained in an accident caused by another driver, including economic loss, pain and suffering and other non-monetary damages.

Limited Tort - in Pennsylvania, purchasers of motor vehicle insurance can choose "limited tort", which restricts their right to seek money damages for an accident caused by another driver. Under limited tort, the insured can only seek money damages for economic loss, including medical bills. The insured is prohibited from seeking damages for pain and suffering, except under certain limited circumstances.