Get The Right Classic Car Insurance For You

Insuring classic cars can be very difficult for the first time; because how you insure the car depends on how you’re going to use it. If this is your first classic car before, you will not know the right questions to ask your car insurance agent. And if your agent isn’t familiar with classic cars, they will not know the best way to insure your car although they should be able to reccomend a good company. Finding out  that your investment wasn’t covered properly will not make owning a classic car a happy experience.
Ask yourself if you would need any of these seven situations to be available from the car insurance company.

1. Using your own mechanic for repairs
2. Insured for what you feel the classic cars actually worth and not what they think its worth
3. Liability insurance when participating at club events just in case!
4. Coverage for damage incurred at car shows show it get damaged
5. Insurance coverage during restoration
6. Flexible premiums based on miles driven per year or useage of the car

If you answered yes to three of those situations, you may want compare quotes from a few classic car insurance companies.
Classic car insurance has been available for years now, but statistics show that fewer than 50% of the classic cars on the road today are insured by classic insurance companies.Experience has shown that standard car insurance companies often charge higher premiums for restrictive policies, when it comes to insuring classic cars.
Having said that, there could be rules that need to be met for insurance such as:
· You must own and use another vehicle
· The car may need to be a certain age
· You may need to be a certain age
· The car may only be driven 3,000 miles per year
· The car may only be driven for certain activities
· The car may not be driven for commercial use
Language used with classic car insurers can be also be annoying, so don’t assume anything. Ask questions in regards to how they would handle a specific claim, such as what would happen if my motor was a total loss. Each company may answer that question differently. We know of three types of coverage offered for the total loss of your vehicle: Actual Cash Value, Stated Value, and Agreed Value coverage is what insures most everyday cars and pays out a depreciated ‘book’ value in the event of a claim; the older a car is on an ACV policy, the less value it has. Some car insurance companies offer Stated Value policies for collectibles. These policies are better than ACV because they allow you to ‘state’ a value for your car that is more than its depreciated ‘book’ value. But, Stated Value can still depreciate vehicles because the policies generally require the car insurance company only to pay up to the ‘stated’ amount. Only Agreed Value insurance policies guarantee you will get all of your money back in the event of a total loss.
There are different levels of service, prices and types of coverage and claims handling with standard car insurers. The same is true with classic car insurance firms. Anyone insuring their classic car should research all options before making a final decision. Price should be considered, but in my opinion, should not be the deciding factor. When purchasing classic car insurance you are buying a service; look for good customer service, excellent claims handling and a knowledgeable staff who know and understand classic cars. An insurance policy may only be as good as the staff processing your claim or the man person who bought it.

 

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This entry was posted on Sunday, July 18th, 2010 at 5:42 pm and is filed under Auto Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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