What Most People DON'T Know About Classic Car Insurance (can cost you)

At Brew City Insurance it is our mission to offer customers a truly exceptional insurance buying experience. We provide our customers with the knowledge to choose the best possible insurance products that fulfill their wants and needs. Our friendly, knowledgeable and professional staff will help inspire, problem-solve, and best of all EDUCATE our customers so they can choose the coverage that best fits at a reasonable price.

With cooler weather around the corner, classic car owners are beginning to put their beloved vehicles back in storage for the winter season. Owners may find this an opportune time to contact their agents to review their policies and make sure they have the most appropriate coverage for their automobiles.

Classic car insurance companies have the ability to offer superior coverage at lower premiums and can provide other benefits specifically tailored to collector cars. Policy options often include repair shops of choice, roadside assistance with guaranteed flatbed towing, and coverage for spare parts and tools.

One of the first things to know is ~

Always keep a classic car insured. Many mistakenly assume that the homeowner’s policy will cover the full value of their car when it is in their garage. This is NOT TRUE! It is important to maintain coverage even if the vehicle is at a shop or in storage and not being driven. In the event of fire or theft, you will have to absorb the entire loss if the vehicle isn’t covered.

Get an Agreed Value Policy ~

Guaranteed value coverage means the owner and insurance provider agree upon the car’s value (this is called an Agreed Value policy or AV) at the time the policy is issued, and that value will not be depreciated in the case of a total loss. An Actual Cash Value (ACV) policy will potentially depreciate the car’s value, reducing the amount of the claim. This difference is particularly important because most classic cars appreciate in value over time, while most modern cars depreciate.

Properly value the car. It is important to accurately value your vehicle when seeking a classic car insurance policy. Either consider getting an up-to-date appraisal or consult a price guide. There are a number of classic car price guides available to research current market values, including Hagerty Price Guide, NADA and Old Cars Price Guide.

Insurance Company Considerations ~

Work with a company that deals exclusively with classic cars. They understand the unique needs associated with older, collectible vehicles and will usually save the client money. Because specialty insurers recognize that the risk for loss is far less in a classic car than in a regular-use vehicle, the premiums are often much lower.

Also, look for a company that handles claims in-house. An in-house claims department makes for more efficient claims handling and ensures that the person handling the claim has experience with the unique needs a collector car may require during the repair process.

Roadside assistance should include flatbed towing. Classic car owners are six times more likely to experience a break down than a claim. There are many types of roadside assistance programs available along with insurance policies, but make sure a guaranteed flatbed tow truck is included to fully protect your vehicle. Flatbed towing is one of the safest ways to transport a car because all wheels of the towed vehicle are off of the ground.

Bottom Line ~

Classic car owners are passionate about their vehicles. Many collector car owners have an emotional connection to their automobiles. Perhaps their classic is a family heirloom or the first car they bought as a teenager. There is often a sentimental value far greater than the actual dollar value. The opportunity to get the best protection for something you truly cherish is simply priceless. Shop around ~ better safe than sorry!

When shopping around for any insurance, Brew City Insurance is a great place to start..

Brew City Insurance has access to several major companies. We are able to run you through a rating service and find which company offers the best coverage at a premium to best meet your needs. There are several Wisconsin based insurance companies who do not advertise on TV, radio and therefore have lower premiums. And you will still have the convenience of the high quality personal service we offer instead of a 1-800 number and a call center somewhere overseas.

Brew City Insurance Agency Inc. is located in South Milwaukee between Pick N Save and Walgreens at 2937 S Chicago Ave. Stop in today and see what we can do for you! Or call 414-762-6600 and we can quote you right over the phone.

Visit our web page to find out more! http://www.brewcityinsurance.com