Wow! Have you been outside? It’s beautiful today! Sports car season is almost upon us.

If you’re a sports car, muscle car or antique car enthusiast, you’re probably itching to get your car out, just like I am today. Before you hit the road this spring, make sure you have the right type of insurance for your prized beauty.


Did you know that there are special types of insurance policies for sports, muscle, collector and antique cars? Depending on the age and value of your car, you might not want to insure it on the same policy as your daily driver vehicles. If you put your ‘71 Chevelle on the same policy with your 2018 Tahoe and you have an accident with the Chevelle, your insurance company will likely value the car as a 50 year old Chevy instead of what it’s actually worth and I’m pretty sure you wouldn’t be happy with that. The good news is that there are specialty insurance companies which offer specialty types of coverage to make sure that you’re covered appropriately if something happens. Some of these companies offer Stated Value coverage and others offer Agreed Value coverage. These may sound the same but they’re very different and you need to understand the difference before purchasing a policy.


With Stated Value coverage, you state the value of your car to the insurance company when you purchase the policy and, in the event of a total loss, the insurance company has the option to pay you either the stated value or the actual cash value, whichever is lower. The actual cash value would be the replacement cost minus depreciation which often ends up being significantly below the stated value. Many people who have stated value coverage believe it works the same as agreed value coverage and, unfortunately, the first time many people realize that they’re very wrong is after they file a claim.


With Agreed Value coverage, you and the insurance company agree on the value of your car when you purchase the policy and, in the event of a total loss, the insurance company will pay you the agreed value – guaranteed. As you can tell, agreed value is much better than stated value in most situations.

Unsure of the type of coverage that you have for your sports car, muscle car or antique car? I offer a variety of options to fit your needs. Let’s talk through your options and find the right coverage for you. For more information, please reach out to me at

John Lofrumento auto insurance Clifton park, nyJohn Lofrumento, CFP®, FSCP®, RICP®
President, The Lofrumento Agency
Clifton Park, NY / Ballston Lake, NY

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