Buying Collector’s Car Insurance
You gaze longingly at the classic Chevrolet Camaro for sale online, but you hesitate to make the purchase. You already have a 1972 Ford Mustang in your garage that you never take out because insurance is too expensive. When purchasing car insurance in Salt Lake City for your beloved classic, you have several options, and it is important to choose the right one.
Deciding How Much Coverage You Need
You can always purchase liability coverage from your regular auto insurance in Salt Lake City. This is not a good option because it only protects others when you drive your classic. You will be responsible for the damage to your beauty.
Another option is to purchase full-coverage insurance that includes comprehensive and collision. The issue with this option is that you may be paying for a policy that only calculates the cash value for the vehicle.
Your next options is to use a stated-value policy, which allows you to state how much coverage you want. You can pay the premiums for that amount even if the car is worth more. For example, if your classic is rare and worth $1 million, you can choose to cover it for $500,000 if that is all you can afford.
Paying for coverage for a value that is agreed upon by you and your insurer is another option for car insurance in Salt Lake City. You determine how much you are willing to put in for repairs based on restoring it to its previous condition or paying for modifications.
Once you see your options and the costs, you can decide which one works for your budget.
You have two basic choices for purchasing car insurance for your classic vehicle. You can either buy a policy from your traditional car insurance provider or look for a classic or collector’s car insurance company.
Look at the prices from multiple providers, but don’t forget to check the details of the policies to ensure that you have the coverage you need. You don’t want to base your policy on price alone. Remember that you want the company to pay for the repairs or replacement of your vehicle if damage should occur. It is often a combination of budget and coverage that helps you make the final decision.
To get the best rates, make sure you keep your classic in a secure garage. Find out if there are mileage limits or other factors that influence the final rates you will have to pay. Shop around to find the best deal, but make sure your policy provides the same level of care as you do when you maintain your vehicle.
Insurance for classic cars is often more about how much the car means to you than what it would cost to replace it. Purchase a policy that you won’t regret having if you should ever need to file a claim. After all, replacing a classic is not as easy as going to a car lot and purchasing a new vehicle.
ASA Insurance provides excellent coverage for car and home insurance in the Salt Lake City area with the lowest rates to the English and Spanish communities . Affordable rates and superior service for all home, auto and business/commercial insurance needs.