Did you know that you can get special value when you shop for classic car insurance? Class or vintage car insurance is not just car insurance for old cars. It’s classic insurance for a collectible asset that appreciates in value over time. That appreciation, combined with the limited driving and extra care given to these vehicles by their proud owners, qualifies them for reduced insurance rates.
Remarkably, many collectors do not realize this and pay much higher premiums than necessary. So here are some tips on how to be a smart insurance shopper.
How To Be A Smart Classic Car Insurance Shopper
1. Shop With A Speciality Insurance Broker
Contact classic car clubs or search online for brokers that offer “classic” or “collector” car insurance. Interview them to find out how much they know about collector cars. According to NADA’s Collector Insurance Guide, they should have a strong network of specialty repair and parts providers and knowledgeable claims specialists. They should be able to advise you about valuation and about any use restrictions mandated by the coverage.2. Shop For Service, Not Rates
State insurance authorities govern local premiums, but they are going to be considerably lower for classic cars. You should be more concerned with finding a broker that you can trust to understand the needs of the collector. Unlike regular auto insurance, you probably won’t find any discounts for owning more than one vehicle. In fact, most policies assume that you own a regular car for daily use.3. Request Agreed Value
Because most collector cars appreciate in value over time, you want to ensure that you’re covered for the full and current market value, not some depreciated value out of a table. The “agreed value” that is written into the policy is the amount you will get in the event the vehicle is stolen or totaled. You should renegotiate this amount at every policy renewal date based upon then current value.Click here to read more about "How To Be A Smart Classic Car Insurance Shopper"
No comments:
Post a Comment