Cherished Salvage® Coverage
You Keep Your Collector Car in the Event of a Total Loss
There are some things money cannot buy. The car your parents drove on their honeymoon. The vehicle you bought when you were 16 years old. The classic car you lovingly restored by hand. Unfortunately, other drivers are not always as sentimental about your beloved collector vehicle. When the unthinkable happens to your car, what happens next?
How Does Cherished Salvage Coverage Work?
Immediately after every accident, the first concern is for the safety of the drivers and passengers. The next thought is for the car itself. Where your daily vehicle can be compensated based on its value, accounting for depreciation through an Actual Cash Value (ACV) formula, collector cars face a different problem. There is no way to put a cash value on sentiment. This is where our Cherished Salvage Coverage comes in. In the event of a covered total loss, this coverage allows you to keep your vehicle, or salvage, and still receive the full “Guaranteed Value”. With this coverage, there is no need to buy back the salvage. You get to keep the car, restore it to its former glory, or use the parts for your next passion project. It’s up to you.
What Does Cherished Salvage Coverage Cover?
A Cherished Salvage coverage includes the following incentives for policyholders:
– This additional coverage costs approximately 15% of your comprehensive and collision premiums.
– If you choose to retain your collector vehicle following a total loss accident, the salvage value of the vehicle will not be deducted from your final payment.
Contact Wayfarer Insurance Group Today
Interested in learning more about the benefits of comprehensive insurance protection for your collector and classic vehicles? Then be sure to give us a call at 1.844.929.4768 today to speak with one of our knowledgeable insurance brokers.