Some people only consider the price of their insurance policy, and don’t pay a second thought to how their policy will perform when something unfortunate happens to their classic car. If you love your classic car and want to protect your baby it will pay off to research the insurance company and policy for your collector car.
Whether your car is a shining example of an antique auto that sits nearly untouched in a barn, or a muscle car that gets driven on nice Sundays for ice cream you place at risk the future of your enjoyment by not paying careful attention to insurance.
Here are the things you want in a classic car insurance policy and company:
- Value Protection for total loss
How insurance companies assign value to your collector car after a claim is filed can vary greatly. You should be especially suspect of any policy designed for regular cars. Typical mass market auto insurance policies and companies get to decide how much they feel the car is worth, and they will treat classic cars more like scrap than the precious metal they are. It is best to find a company and policy such as Hagerty Insurance (www.hagerty.com) offers. Hagerty uses what they call “guaranteed value” also known as “agreed value” where you determine the full replacement value of your classic car in the event of a total loss.
Hagerty is a trusted and reliable insurance company that has been in play for many years down the line when it comes to car insurance with some interesting policies like non-owner car insurance where there are due procedures conducted and every little detail is paid attention to.
- Repair for Damage
If your classic car is damaged who is going to do the repair? How much will the parts cost? How will you find the parts and services you need to get your classic car back up to speed if it was damaged? Damage repair of classic cars is another area where regular auto insurance doesn’t offer adequate coverage or assistance. Hagerty Insurance offers in house collector car parts specialists to help you find parts and repair shops to fix your classic car, and they let you choose where those parts and service come from – even if they come from you. You owe it to yourself to take the time and investigate different companies that offer collector car insurance because all policies and services are not created equal.
- Claims Handling
If you were to have an insurance claim for your classic car who would you want to deal with? Did you trade a cheap insurance price tag for poor phone customer service or for claims adjusters who are only used to dealing with newer cars or are outsourced? In house claims handling specializing in classic cars and great phone service is a rare combination. It is a combination you won’t find with standard market or even specialized insurance. The only place I know of that meets these three criteria is Hagerty Insurance (www.hagerty.com).
So, if you love your classic car please take the time to carefully research your insurance and ask a lot of questions about what happens during a claim. If something happens to your baby your research will pay off.
