Specialty Auto Insurance
If you have a passion for cars, and you own a classic car, collector car or an antique car, then the question is: How do you find the right kind of insurance for it without paying through the roof? Most owners of specialty cars are older and experienced, and usually keep their cars in good shape. Many times, specialty car owners make the mistake of using standard insurance for their collector cars. They not only end up paying more than they need to, but they often don't get the coverage they really need.
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Specialty auto insurance: More than standard coverage
Your classic or collector car requires more than standard insurance and a rate that would not be too high. Therefore you would require an insurer that deals with such cars, and not a standard insurer. Even if you have umbrella coverage with an insurer, it does not mean that you will get a good deal on your collector car.
Some features of specialty auto insurance
Most specialty auto insurance policies offer a Stated Value policy where you will determine the actual value of your car. This means that you will receive the true market value which is quite different from what standard insurance companies follow. You require something better than the “Blue Book value” or the “Actual Cash Value” for your car.
For the best deal on specialty auto insurance see to it that you are given Agreed Value coverage. Agreed Value coverage is a guarantee that the insurer will cover the total value for which your car is insured in case of a partial or total loss. Standard insurance policies will not guarantee this and will pay for a pro-rated or up to a particular amount. Although Stated Value will suffer depreciation, the best option you have is Agreed Value. Want to learn more about specialty auto insurance? Request a quote for coverage here!