Is Your New York Classic Car Underinsured?

Living in the north, we’re no strangers to intense storms and natural disasters: Rochester, NY, alone, experiences blizzards, hurricanes, and flooding. The worst flooding happened in 1865, leaving one-fourth of the city underwater. Flooding and storms still occur today. Classic cars receive damage from these storms and disasters every time they happen. At Bajorek Agency Inc, we understand the need to protect the significant investment made in classic cars. 

Minimum Liability Coverage Requirements

All vehicles driven in New York must carry a minimum amount of liability coverage. Coverage must include: 

• $10,000 property damage per accident
• $25,000 bodily injury per accident
• $50,000 for the death of one person involved per accident
• $50,000 bodily injury for two or more people per accident
• $100,000 for the death of two or more individuals per accident

Specialty Insurance Providers Navigate Nuances

General insurance providers may not specialize in all the ins and outs of classic vehicles. After damage occurs, the general insurance provider may only opt to reimburse you for the vehicle’s blue book value based on the year, make, and model. A specialty insurance provider understands the time put into these vehicles and the replacement cost of custom parts. 

Three Value Levels to Understand

There are three value definitions that insurance providers use to decide the amount of payment after a damage claim is made. These values are: 

• blue book value
• stated value
• agreed-upon value 

Bluebook value goes off the year, make, and model of the car, regardless of the modifications or restoration. This definition usually provides the lowest insurance payouts. The stated value is the value given by the insurance provider guidelines to start as a baseline value. The premiums may be higher or lower based on the vehicle and its modifications. Agreed-upon value offers a guaranteed minimum amount of payout when a claim is processed, which can help replace custom and hard-to-find parts. 

Contact Bajorek Agency Inc

Faithfully serving Rochester NY, and the surrounding areas, Bajorek Agency Inc is happy to help you pick proper protection for your New York classic car coverage needs. Contact us today for a free quote!