May 25, 2011

Protecting A Classic Car With The Proper Auto Insurance

Protecting a classic car is the hardest part of owning one. Car collectors have to be careful to keep their vehicles free from rust, well lubricated and in otherwise good working order, and it's also important to get quality classic car auto insurance. There are a few crucial things to keep in mind when buying insurance for a classic car in order to avoid overpaying or driving unprotected.

Comprehensive and collision coverage are very important when protecting a classic car. While liability coverage and personal injury protection serve to protect the policyholder, other drivers and their property in an accident, comprehensive and collision coverage actually protect the classic car itself. Collision coverage is fairly self-explanatory; it pays for repair and replacement costs for the classic car in an accident. Comprehensive coverage pays for damages to a car due to theft, natural disasters and many other sources. Obviously, comprehensive and collision coverage limits should be set at the value of a classic vehicle to ensure full protection.

However, after setting limits it's also important to look at deductibles. Many drivers purchase classic car auto insurance that has an ample amount of coverage, but choose high deductibles in order to keep their premiums low. This can be a mistake, as deductibles need to be kept at an affordable level. If deductibles are set too high, even a minor accident could be disastrous for the owner of a classic car. Drivers should always try to set deductibles that are a bit below the maximum of what they could afford to pay in an accident, and they should remember that multiple deductibles may need to be paid in an incident–for instance, deductibles for both collision coverage and liability coverage might apply, depending on the circumstances of a collision.

Certain other types of classic car auto insurance coverage may be necessary depending on the vehicle. If a classic car has been heavily outfitted with new technology, for instance, custom parts and equipment coverage could be a good buy. Discussing classic car auto insurance coverage with an agent or an insurance company representative is a good way to settle on an appropriate amount of coverage. Comparison shopping for auto insurance coverage is also crucial in order to avoid overpaying. Drivers should look online for insurance quotes, and perhaps call around to ask whether special rates are available for classic cars, especially if the vehicle won't be driven very often. Looking at a variety of insurance rates and keeping the basics of car insurance coverage in mind is the best way to keep any classic car protected without paying too much for a policy.