Owning a classic car is a source of pride for the owner. It is a lot of fun to show your car to both friends and strangers. Whether your classic or collector’s car spends most of its time on the road, on display or covered in the garage, knowing it’s nearby can be a great source of comfort.
Unless you’re mega-rich, your classic car is probably one of your most prized possessions in terms of market value. You’ve no doubt spent a lot of time and money researching the right car to buy and then, once you’ve bought it, taking care of it with the utmost care.
Insuring your classic car is undoubtedly the smartest way to protect your investment. It is important to know how to evaluate the different insurance companies so that you can choose the one that best suits your needs. Not only must the policy you choose be exactly right for your coverage needs, but the insurer you choose to work with must also provide top-notch customer service and claims department.
Buying car insurance for your classic car is not the same as buying other types of cars. Here are 5 tips for evaluating class auto insurance companies:
1. Find a company that specializes in insuring collectors and classic cars:
While it’s not absolutely necessary for you to find an insurance company that deals solely with insuring classic and collector cars, it will certainly help if you can find one that has at least a specialized department in this area. They know what questions to ask you so they can put you in touch with the right policy.
2. Make Sure the Company Values Your Car Enough:
If you decide to apply for a policy with a particular insurer, make sure to get a guarantee from them beforehand that they will cover your car for its full value in the event of a total loss. There’s nothing like claiming a total loss, only to find out that the company has undervalued your classic car and is therefore unwilling to pay you what it’s worth.
3. Find out if they have a dedicated parts specialist:
Some classic car insurance companies even have on-site parts specialists who will help you track down rare and hard-to-find parts for your classic car. Why not insure with a company that offers such a convenient service? Ask if any company you are evaluating offers these types of services.
4. Decide what deductible you are happy with:
Before comparing quotes from different companies, make sure you get apples to apples car insurance quotes. To do this, you need to decide what level of deductible you’re comfortable with and that for each company you talk to.
5. Compare quotes from multiple companies:
Be sure to list at least 3-5 classic auto insurance companies before signing up. Then go out and apply to each of them. Spending the extra hour calling or contacting multiple companies online can help you get the best rate on your new policy.
Take these 5 tips to heart when evaluating classic auto insurance companies.