Contents at a Glance
Transport Insurance
Don't take it for granted that your regular auto policy should cover anything that happens between the auction house and the climate controlled garage you'll be parking your new found joy in. You may stop for a moment and ask yourself "what if," but then shrug it off. After all, this is the moment you've been waiting a lifetime for. Stop before it's too late! That what if could turn the happiest day of your life into the saddest one in the blink of an eye.If your classic car is dented, scratched or otherwise damaged while it's being transported to your home or garage, you are going to be fully responsible for paying for it. Even worse, if the car is totaled, you'll get nothing. Don't leave fate to chance. You've waited a lifetime for this car; don't let it meet such an awful end. If you're transporting the car via a transport service make sure they have adequate insurance that will protect your car for its complete value. This isn't typically a problem with transport services since this is what they do, but always make sure you understand what coverage is included, and for what value. This is absolutely imperative.
Classic Car Insurance Vs. Standard Auto Insurance
If you are relying on your standard automobile policy to cover your classic car, even if you went through your agent and got a policy on this car, you could be under insured. Most regular auto policy companies are more than willing to take your money when you let them know you've procured a classic car. This may even be well intentioned, though there are several problems with this kind of policy, however. First of all, you'll be paying too much for your premiums. That's right, standard insurance costs more than classic car insurance. Many people are reticent when it comes to classic car insurance because they falsely believe that it is more expensive. Traditional auto insurance coverage is over insurance in the sense that your paying for high mileage. So, unless you plan on commuting with your collector car you'd more often than not be overpaying with your run of the mill policy.
You will also not get the fair value for your vehicle with standard insurance. Your vehicle will be given a monetary value just as if it were a new vehicle that you plan on driving daily. The vehicle loses worth; with each mile you drive it, through depreciation. Since new vehicles depreciate rapidly, so does car insurance. Most likely you consider your collectible car as an investment, so you'll want to insure it like one with appropriate coverage.
The other concern is that if the vehicle is in an accident, you'll get very minimal allowances for the repairs it requires. There will be very minmal consideration paid to what it actually costs to get your classic car fixed. Parts and labor, that's what you'll get, unless you have a classic car insurance policy. No one at the insurance company knows what it costs or takes to get parts for you vintage beauty. Nor do they care. If you've had any experience trying to procure rare classic car parts, you can just imagine the nightmare that could result from your insurer recommending non authentic parts. And being forced to repaint your car with a run of the mill auto body shop could prove devastating.
Don't Risk It!
Don't leave your classic car in the wrong hands. Get specialty coverage that truly covers your vehicle. Once you hit the road, it's too late. Get classic car insurance today and drive on.
by FrankRod
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