Classic Car Owner Loses Thousands on Under Insured Classic Cars….
Don’t let this happen to you. Unlike your everyday automobile insurance, the underwriting for classic car insurance is very different. If you have got your classic car insured with a standard auto insurance company,
this is the number one reason why you need to rethink that decision.
Don't procrastinate get proper classic car insurance coverage and be
sure to update it on regular basics. Compare rates for collector car insurance
before buying; they vary widely by type of car insured, driving record,
and classic car insurance company. In fact, a recent study by
Progressive showed rates for different companies vary an average of
$586 for every six months of coverage.
Why are classic car insurance policies superior?
The answer is simple, better coverage for your vehicle versus standard
auto policies. Collector vehicles are typically out of the scope of
experience for your average car insurance company. Most classic car insurance plans
will allow you to select a reasonable mileage limit to fit your
personal needs and keep your premium low. Classic car insurance has
been available for many years for owners of classic, antique, custom,
and exotic automobiles. Yet, at least half of the these owners still
insure their vehicles through a standard insurance company
even though many may be paying a more costly premium and have far less
coverage. Collecting these cars is costly and thus you would want them
to be protected against all possible financial loss.
While specialty providers reserve the right to request a vehicle appraisal, they are typically not required unless the vehicle is radically modified, of extreme high value and/or very rare. Collector car insurance makes use of a form called a Physical Damage Policy that has caused some agents a lot of confusion. Make sure your agent understands how this form is to be used, and if it complies with your state laws. Do your home work, don’t get caught short, protect that classic beauty and insure it for what it is really worth.
While specialty providers reserve the right to request a vehicle appraisal, they are typically not required unless the vehicle is radically modified, of extreme high value and/or very rare. Collector car insurance makes use of a form called a Physical Damage Policy that has caused some agents a lot of confusion. Make sure your agent understands how this form is to be used, and if it complies with your state laws. Do your home work, don’t get caught short, protect that classic beauty and insure it for what it is really worth.
Safety Tips
Always have your classic collectible in a safe secure place. Any storage garage should have strong locks, reinforced doors and windows
and have proper lighting. You should have the doors locked, windows up
and the car should be in park or in gear depending on the type of
transmission it has.
When traveling always be aware of you surroundings and keep your eye out for anyone that may seem a little to interested in where you are going. Should someone express interest in buying your car do not give out your address and phone number instead get their phone number and call them from the safety of your own home.
If you
must leave your car out overnight, park in a well lighted areas use steering wheel
and or brake locks and above all don’t forget to lock the doors and
roll the windows up all the way. Classic Cars are not usually cheap to
buy and you paid a good price when bought it and or restored it. Don’t
pay an even higher price by being under insured should any type of loss
occur.
When traveling always be aware of you surroundings and keep your eye out for anyone that may seem a little to interested in where you are going. Should someone express interest in buying your car do not give out your address and phone number instead get their phone number and call them from the safety of your own home.