Recently in this space, we went over some of the general options that are typically available when it comes to insuring your classic car. Classic car insurance has many areas that are similar or identical to modern vehicles, but also some that may differ - and one key element here is ensuring you're working with reputable insurance companies and professionals who will guide you in the right direction.
At Andersen Restoration Parts, while our primary services involve providing classic car owners with all the restoration parts they may require, including suspension kits, center links, ball joint sets and many others, we also regularly offer expertise and knowledge as well. Here are some of the key qualities that any car insurance company you consider for your classic vehicle should have, plus some of the specific benefits or coverage formats you should be looking at.
Reputation in the Industry
As you're doing your research on classic car insurance companies, make sure you're working with professionals who have a proven track record and are respected in the classic car industry. Ask other classic car owners for their recommendations, as well as research customer reviews, to ensure that you're going with a company you can trust.
The realm of reviews is one that has only increased in importance in recent years, so be sure to factor this into your decision-making process. Use Google and other online platforms to find out what people are saying about the companies you're considering.
Proper Vehicle Valuation
When searching for classic car insurance, it is important to ensure that the company you choose properly values your vehicle. Many insurers will provide a standard market value of your vehicle and may not account for its unique history or collectible value.
It is vital to have your classic car appraised by an experienced professional to determine its true worth. This will help when it comes time to make a claim, as you don't want to be stuck with an undervalued amount for your vehicle.
Flexible Payment Options
Flexibility is important when looking at classic car insurance - and that's why you should look for companies that offer flexible payment options so you can choose the plan that best fits your budget and lifestyle. Look for insurers that offer monthly, quarterly, semi-annual or annual payment plans and don't forget to factor in any discounts you may be eligible for.
High Level of Service
It's a simple reality: Because they tend to break down more often than modern vehicles, classic car owners may be dealing with insurance companies more often. That's why it's essential to select a car insurance provider that offers high quality customer service and quick response times for any claims or questions you may have.
Look for companies with knowledgeable representatives who can answer your questions and provide the best solutions for your classic car, as well as a speedy claims process so you can get back on the road quickly.
Comprehensive Coverage
When it comes to classic car insurance, you want to make sure you have comprehensive coverage. This type of policy will typically provide protection against both property damage and liability claims, in addition to theft or vandalism. Comprehensive coverage can also come in handy for classic car owners who maintain an automobile collection, as it can provide a single policy to cover all of the cars in your collection.
Make sure you clearly understand what is covered under any insurance policy you may be considering, so that when the time comes and you need to file a claim, you don't have any surprises.
Additional Benefits
On top of the basic coverage you receive, most insurance companies provide additional benefits to incentivize you to work with them. Here are some that you might consider:
- Roadside assistance: Many insurers will provide free roadside assistance or towing reimbursement for classic cars if you have an emergency.
- Agreed value coverage: This type of policy allows you to agree on the amount of compensation that would be provided in the event of a total loss, rather than relying on market values at the time of claim.
- Spare parts and restoration coverage: Many classic car insurers will offer coverage for spare parts and/or the cost of restoration.
Don't Get Frustrated
As we noted above, there are elements of classic car insurance selection that can be a bit more nuanced or complex than modern vehicles - but that doesn't mean it has to be a frustrating experience. Take the time to do your research and find an insurance provider who is knowledgeable and experienced in dealing with classic cars, as well as one that offers flexible payment options and additional benefits for their customers. With the right insurer, you can make sure your classic car is properly Insured and ready to take on the open road.
And if you do find yourself getting frustrated, it's vital not to simply give up. Insuring your classic car is an important decision, and you want to make sure you have the peace of mind that comes with knowing your car is fully protected. With a bit of effort, you can be confident in selecting an insurer who has the expertise and experience to ensure your classic car is properly covered.
For more on this, or to learn about our huge selection of classic car restoration parts for any need your vehicle may have, speak to our experts at Andersen Restoration Parts today.