Preserving the Classics: Collector Car Insurance Policies and Legal Protections
The global Classic cars industry was estimated to be worth over $30 billion in 2021 and is expected to be worth over $50 billion by 2028, according to a report by Credence Research*. The value of these Classic cars requires a certain level of protection, therefore we turn to insurance coverage.
When insuring such a prized possession like a Classic car, most policyholders aim to secure the highest available coverage. In return for the insurance company’s commitment to fulfill claims in accordance with policy terms, policyholders pay monthly premiums. However, are you really getting everything you are paying for?
In Am. S. Home Ins. Co. v. Lentini, 286 So. 3d 157, 158 (Fla. 2019), the Court dealt with the issue of “whether an insurer that issues a reduced premium collector vehicle policy may limit uninsured motorist coverage under that specialty policy to accidents involving the occupancy or use of the collector vehicle.” The Court ultimately held: “that the requirements of section 627.727, Florida Statutes (2015), prohibit the limitations placed on uninsured motorist coverage in the collector vehicle policy at issue.” Id.
This is a great reminder that insurance policies are contracts, and it is important to have adequate representation when reviewing legal documents to ensure your rights and interests are protected.