Monthly Archives: August 2012

Classic Cars and Insurance in Oklahoma

Classic car owners in Oklahoma should be aware of some of the coverage requirements that are in place, as well as some of the coverage enhancement that can be available to customize your insurance policy.

Today’s insurance policies can be tailored to the specific needs of a classic car owner, and this flexibility has evolved over many years.  Now there are many discount programs available, as well as policy enhancements.  For example, those classic car owners who tend to drive less and keep their cars in storage can qualify for a significant “low mileage” discount.  If you prefer a low, or a no deductible policy, those are readily available as well.  A classic car policy will most often contain an “agreed value” provision which is a practical and accurate way of making sure your classic car has enough coverage.  With this type of policy the value of the car is established when you purchase the policy, and is agreed on by you and the insurer up front.  That way if there is a total loss, disputes over the value of the car are eliminated.

A wide range of styles and types of classic cars are eligible for coverage under most classic car policies.  Some stock cars or drag racing cars can be insured under a classic car policy.  Street rods, hot rods, and rat rods are other popular categories of classic cars that can be insured.  If you prefer older or vintage cars, there are programs available for antique cars.  Exotic cars and kit cars are also popular categories.

Liability coverage is another important aspect of your classic car policy.  The limits that you choose are largely a personal decision, but bear in mind that Oklahoma has minimum requirements for liability coverage.   Bodily injury coverage pays for injuries you may cause to someone else in an at-fault accident.  In Oklahoma you must maintain at least $25,000 per person in coverage, and $50,000 per accident.  These limits are  not necessarily recommended for most drivers, they are simply the legal minimum.  Most drivers will require much higher limits such as $100,000 per person and $300,000 per accident.

Property damage liability is another required coverage in Oklahoma and this minimum limit is $25,000 per occurrence.  This part of your policy will pay for damage to another automobile that  you may damage in an at-fault accident, and it can also pay for damage to buildings, fences, or any other property that your car may damage.  This is another minimum limit that can be increased if you choose.

Under insured/Uninsured motorists  coverage is an optional protection that you can obtain for your policy.  This may be a good idea that you should carefully consider.  It protects you by providing coverage when you are injured in an accident caused by someone who has little or no insurance coverage.

Your choice of an insurance agent and an insurance company are both important when considering a classic car policy.  Be sure to select an agent who has experience with classic cars and make sure you deal with an insurance company with a high rating by A.M. Best company, which will ensure that your insurance carrier is financially stable and able to pay claims.

The Phoenix Insurance specializes in classic car insurance. We’re car fanatics and know exactly what it means to want to protect your passion. Give us a call, we can help protect what moves you.

Insuring Your Classic Car in Nebraska

Classic car owners in Nebraska should consider two important aspects of coverage when it comes to their auto insurance policy.  A classic car insurance policy will typically be based on an agreed figure of value for the car when the policy is written.  This may require a professional appraisal, but it is necessary due the unique characteristics of classic cars.  The other important consideration relates to liability coverage and the amount of insurance one should obtain for financial protection against claims for negligence.

Nebraska has financial responsibility laws that govern how much insurance you are required to maintain on the vehicle.  There are no regulations with respect to physical damage coverage on your own vehicle, but there are minimum limits required for liability insurance coverage.  In Nebraska you must maintain at least $25,000 per person, per accident, and $50,000 total per accident.  You are also required to carry at least $25,000 in property damage liability.  These limits are merely the minimums however and are not designed to provide adequate protection to you.  In most cases, much higher liability limits are advisable in order to fully protect your financial assets.  If you find yourself in an accident resulting in injury claims of several hundreds of thousands of dollars, inadequate insurance could leave you paying for a large portion of the claim out of pocket.

As indicated, most classic car policies have an “agreed value” provision.  This is in contrast to most standard auto insurance policies.  Under those policies, the section called “physical damage coverage” states that claims will be paid based on the market value of repairs and/or replacement.  For repairs this could be based on pricing for OEM parts or aftermarket parts, neither of which really apply to most classic cars.  Total losses are based on blue-book values. While in some cases this can be helpful for a classic car, but in many cases the blue-book values are difficult to determine accurately. The agreed value provision eliminates this valuation conundrum, particularly if your car is very unique, very old or rare.  Customizations also make the value difficult to determine.

Classic car insurance policies in Nebraska can also present great opportunities to save money.  If your classic car is frequently stored rather than driven, you can obtain a discount for low mileage.  Insurers recognize that a car that is primarily garaged for show poses a much lower risk than cars that are on the road.

You may also want to customize your policy to fit the unique characteristics of your classic car.  For example, you may want to add spare-parts coverage, accessories coverage, or even medical payments coverage at car shows.

Make your insurance decisions wisely and be sure to discuss your needs with a qualified agent with experience in classic car policies.  Be careful to select an insurance carrier that is highly rated by A.M. Best company, with ratings of “A” or “A+” which is an indication that the insurer is financially stable and able to pay their claims.

The Phoenix Insurance specializes in classic car insurance. We’re car fanatics and know exactly what it means to want to protect your passion. Give us a call, we can help protect what moves you.

Shopping For Classic Car Insurance – Kansas Coverage Requirements

Collector cars are not simple means of transportation.  For a dedicated aficionado, classic cars are an investment that has the potential of reaping great returns for a very long time.

Classic cars are unique to each individual owner.  Some classic cars are driven frequently, while others remain in storage for long periods.  Some are older than others, and some classic cars are more “stock” than others.  Given all of these potential variables, it is easy to see that a “standard” insurance policy would not likely be able to serve the needs of all classic car owners.  Insurers have developed policy formats for classic car owners that can serve many different needs.

One of the most common features of a classic car insurance policy is an agreed value provision.  This type of policy language provides that the insured person and the insurance company both agree on the value of a classic car before the policy is written.  In this situation, the value of the car is paid to the policyholder based on the agreed value in the event of a total loss regardless of the market value, or actual cash value.

Another unique feature of classic car insurance policies is the relatively low rates as compared to a standard auto policy.  Dollar for dollar, you are likely to pay less for this type of coverage than a standard policy due to the limited use that classic cars are typically subjected to.  Limited usage translates to less risk for an insurer, particularly when it comes to liability claims.  In fact, the fewer miles that you drive, the more you can save on your classic car insurance premium.

Classic car insurance policies are available with many enhancements, one of which is roadside assistance  that pay for towing or transportation services to get your classic car to a service facility in the event of trouble.

Classic car owners in Kansas should be aware of the minimum liability requirements established under state laws.  While there are no insurance requirements regarding the amount of coverage you carry for physical damage to your own vehicle, there are  important requirements regarding liability coverage.  In Kansas you mush carry at least $25,000 per person, and $50,000 per accident to pay for bodily injuries resulting from an accident caused by you.  Additionally there is a requirement that you maintain $10,000 in property damage liability.

The minimum coverage requirements are not necessarily the best option for most classic car owners.  In general, liability coverage should be evaluated in the context of potential loss to one’s total assets.  If liability limits are too low, you could be held financially responsible for the difference between your policy limit and any judgment rendered against you.

When evaluating your insurance needs, be sure to consult an experienced and professional insurance agent.  Classic car owners should be particularly concerned with an agent’s experience with classic car policies, as there are unique characteristics to this type of coverage.  Insurers have become aware of the specialized needs of classic car owners and now offer many incentives for premium reductions, so be sure to ask about any discounts that may be offered by your insurer.

Iowa Classic Car Insurance Policies

Owners of classic and collectible cars in Iowa need to be aware of the financial responsibility laws that apply to auto insurance while operating any passenger auto in Iowa.  While insurance for classic cars can be specialized due to the unique nature of these vehicles, the same laws apply to classic cars as for any other cars on the road when it comes to minimum liability limits.

In Iowa, there is a minimum liability coverage required of at least $20,000 per person and $40,000 per accident in total.  There is also a requirement that you maintain at least $15,000 in property damage coverage. These limits are designed to pay others that may be injured or who may suffer property damage as the result of an accident caused by you.  Claims of this type can be quite costly so it is important that adequate coverage is maintained in these areas.

A quality auto insurer that provides classic car insurance should be able to insure many types of pleasure-related cars such as antique cars and trucks, exotic cars, muscle cars and street rods to name a few.  You may also have similar needs for antique or classic motorcycles.

One of the more common characteristics of a classic car auto policy involves the way in which a classic car is valued.  Under a standard auto policy that most passenger auto owners would purchase, the policy will pay to repair or replace a damaged vehicle for the market value only.  Under a classic car policy, there is an agreed value provision that establishes the value of the car before any loss occurs.  In the event of a total loss, it is this limit that will apply to the loss.

Another common characteristic of classic car insurance policies is a discount system for cars that are not regularly driven.  This feature is customized to each policyholder and will provide a premium reduction as long as the car’s mileage is kept under a certain level each year.  In some cases, there are incremental amounts that apply to the mileage records, creating a tiered effect to the discounting method.  Additionally, it is not uncommon for these policies to offer varying deductible levels, and in some cases you may even be able to purchase a policy that has a “no-deductible” provision.

The minimum limits stated above are not recommendations as to an amount of insurance coverage to buy, but they are merely the legal minimum requirement.  As a rule, you should purchase as much liability insurance coverage as you can reasonably afford in order to properly protect your financial assets from claims made by others who may be injured in an accident.

It is important to consult a seasoned insurance professional when it comes to making important decisions about your classic car insurance policy, and ideally you should seek the services of an agent experienced in writing classic car insurance.  You will need to make sure that your policy is in compliance with Iowa auto insurance laws, but more importantly you will need to make sure that your financial interests are protected.

The Phoenix Insurance specializes in classic car insurance. We’re car fanatics and know exactly what it means to want to protect your passion. Give us a call, we can help protect what moves you.

Classic Car Insurance in Colorado

Colorado classic car owners should be aware of the unique coverages, auto insurance plans and special limits that are available (and possibly required) for rare, vintage or classic cars.

Classic car insurance policies have changed over a long period of about 25 years and the modern policy can be tailored to the specific needs of most classic car owners.  For example, if you store your car more than you drive it, you may qualify for a significant discount in premium.  However, if you use the vehicle for commuting purposes, there is still a practical classic car policy that can be purchased to meet your needs.  You may also be able to purchase a policy that has no deductible.  One of the most important features of a classic car policy is the valuation mechanism, which enables you to establish the value of your vehicle when the policy is written.  This is typically done to avoid disputes over a claim involving classic cars that are typically unique and rare.

There are many categories of cars that can be insured under a classic car policy.  Do you race?  Perhaps your stock car or drag car can be insured under a classic car policy.  If you are into street rods, hot rods or rat rods, those cars may qualify also.  Antiques, exotic cars, kit cars and replicas are also all typically insured under a classic car policy.

Once the decision has been made to move to a classic car policy, the next important step is to determine what liability limits you require.  Liability limits involve the coverage in your policy that pays others who are injured or who suffer property damage due to your negligence.  In Colorado, there are minimum limits that you must maintain in order to operate the car.  While the minimums are $25,000 per person for injuries, and $50,000 per accident in total,  these minimums are inadequate for the average driver and much higher liability limits should be obtained for adequate financial protection.

Another liability component involves property damage liability.  In Colorado this limit is set at $15,000 per occurrence.  This minimum limit may also be inadequate considering the high values of vehicles driven today.  A single accident involving a total loss to a new vehicle could leave you liable for tens of thousands of dollars in damages.

Another important coverage to consider is Uninsured/Underinsured motorist (UM/UIM) coverage which is designed to pay the policyholder for injury claims when involved in an accident caused by someone else who does not have enough insurance coverage.  This coverage has to be offered to consumers by law, but  you are not obligated to purchase it in Colorado.  It is, however, highly recommended financial protection.

Be sure to deal with an experienced Colorado insurance agent who knows your needs with respect to classic car insurance, and who can provide you with the proper policy options.  You should also take care to choose an auto insurance carrier that is highly rated by A.M. Best, with a rating of “A” or “A+”.

The Phoenix Insurance specializes in classic car insurance. We’re car fanatics and know exactly what it means to want to protect your passion. Give us a call, we can help protect what moves you.

California Options for Classic Car Insurance

If you own a rare, vintage or classic car in California, it is important that you have an insurance policy on the vehicle that is tailored to your specific needs.  A standard auto policy can provide basic coverage on a classic car, but these policies do not have many of the features that most classic car owners really need.  There are many extra coverages available in a classic car insurance policy and many opportunities to save money on coverage based on the driving characteristics of most classic car owners.  Additionally, claims that are handled under a classic car insurance policy are typically handled by adjusters and appraisers who only work with classic car insurance policies, which means that they will understand your needs and can properly evaluate the cost to repair or replace your classic car.

To make your quest for insurance coverage a little easier, it will be important to consider the two main components of an auto insurance policy.  The first component relates to physical damage coverage.  This is the section of the policy that pays for damage to your vehicle.  In most cases, a California classic car owner will want to have “agreed value coverage”, which will establish the value of your classic car when the policy is written so as to avoid any conflict in opinions later on in the event of a claim.  The second section you should be familiar with relates to liability coverage.  In California, the minimum required coverages are often expressed as  “15/30/5”, which means $15,000 per person, $30,000 total coverage per accident, and $5,000 in property damage coverage.  These limits are far too low for most auto owners, and especially so for most classic car owners who may have substantial financial assets to protect from claims.

There are many categories of classic cars for insurance purposes, and you may own a car that falls in to one of these many categories.  Antiques are cars that are generally 25 years or older.  Classic cars typically fall in the age range of 20 to 24 model years old.  A class known as Collectibles are usually 15 to 19 years old.  Another class of cars involve newer cars of not more that 15 years old, known as Exotic cars.  There are also Street rods, Customs and Kit cars as classifications.  All of these classifications pose unique challenges when establishing a value at the time of a claim so it is important that the proper insurance coverage is in place to avoid any problems.

Choosing your policy will be made easier for those who choose to deal with an insurance agent that has experience with insurance for classic cars.  You should choose a reputable, experienced agent, and you should also consider a strong stable insurance company.  Insurers are rated by A.M. Best and the strongest companies have ratings of “A” or “A+”.  These ratings mean that the insurer is financially strong and is well able to pay claims by its policyholders.

Arkansas Insurance Options for Classic Cars

Arkansas classic car owners face two important considerations when insuring their vehicle.  One relates to the value of the car and the result of an adjuster’s opinion when issuing a claim check for repairs or replacement, and the other important consideration is the amount of insurance one should obtain for adequate liability coverage.

While there are no regulations placed on the amount of insurance you need to cover the value of your car, there are regulations in Arkansas relating to the liability section of your policy.  This part of your policy is designed to pay others if you cause injury or property damage in an accident due to negligence.  While there are minimum limits in Arkansas, these limits are likely inadequate for most classic car owners.  Operators of an automobile in Arkansas are required to maintain at least $25,000 in bodily injury coverage per person, per accident, and at least $50,000 total for one accident.  There is also a requirement for property damage liability coverage of $25,000.  It is important to consider higher limits for your classic car insurance policy so that you have adequate financial protection against claims that may be made in an accident caused by you.

Important decisions must also be made regarding the coverage that pays to repair or replace your classic car.  This coverage is typically referred to as “physical damage coverage” in an auto policy, and most often this coverage states that it will pay to repair or replace your damaged car based on the market value of the vehicle.  This could be problematic if you have a rare or highly customized classic car, as there may be very few comparable vehicles available to establish a market value.  To combat this problem, most classic car policies can be designed with an “agreed value coverage”.  This method establishes a value prior to any claims so that the insurance company knows the proper value for your car before any loss occurs.

While the value of your car may pose some unique challenges to proper insurance, you may also find some interesting opportunities to save money on your classic car insurance.  If you drive the car infrequently, you may be entitled to a deep discount on your insurance as there is less risk of accidents when your car is garaged.

Various add-on coverages are available to tailor the policy to the needs of a classic car owner such as spare-parts coverage, accessories coverage, and medical payments coverage at car shows.  These features are often unique to a classic car insurance policy.

Establishing an insurance policy for your classic car should be done carefully, and with the right insurance company.  Be sure to consider insurers that are rated highly by A.M. Best, with ratings of “A” or “A+”.  These indicate that an insurer is financially sound and has a good record of paying claims.  You should also make sure that your agent is familiar with classic car insurance policies, as these are different from a standard auto policy in many ways.

Buying Classic Car Insurance in Arizona

A classic car can pose a challenge when it comes to insurance coverage due to the specialized nature of the car, especially if it is rare or customized.  If you don’t look at a specialty classic car policy,  you could risk missing the true value of your classic car due to a misguided appraiser or insurance adjuster when a claim occurs.

If you are a classic car owner, you may be familiar with the careful research required to replace parts on that vehicle because of its rare nature.  A classic car insurance policy is no different; be prepared to do some research into your insurance options before buying your insurance policy.  Not all agents are familiar with the needs of a classic car owner so make sure that you choose an agent that is familiar with this type of insurance product.

A standard Arizona auto insurance policy for your classic car may be what you are considering, but these packaged policies generally lack the specialized coverage you need if you own a true classic, antique or vintage model car.

One of your options when establishing the value your classic car for insurance purposes is called “actual cash value” coverage.  This is very similar to the method used in a standard auto policy, and it is based on an appraiser’s opinion of the value of your car after an accident has occurred, often including depreciation.  This works reasonably well for average daily driver cars, but for a classic car this method could pose a problem, particularly when a car has had a high level of customization.  The value of those customizations may be lost on the appraiser who will be looking for simple things such as year, make, model and mileage.

In order to avoid this problem, insurers that sell policies in Arizona have offered an alternative method of valuing your classic car called Agreed Value Coverage.  These policies present an opportunity for the insurer and the insured to reach an agreed figure on the value of the car before any claim takes place, rather than having to negotiate with an andjuster at claims time.

There are many opportunities to save money on a classic car insurance policy, so be sure to ask about discounts while conducting your insurance research.  For example, if your classic car is stored more often than it is driven, you may qualify for a low mileage discount with some insurance companies.

The value of your classic car is only one important component of your insurance coverage considerations.  You must also consider the liability coverage component, which is designed to pay others on your behalf if you cause an accident that involves injuries or property damage to others.  In Arizona, there are minimum limits that you must maintain on any automobile, and classic cars are no different in this regard.

Arizona’s financial responsibility laws require at least $15,000 in liability coverage per person, per accident, and $30,000 total for each accident.  There is also a requirement for property damage of at least $10,000 in coverage.  These figures are only a minimum requirement however, and in most cases a classic car owner will want to maintain much higher limits of liability to maintain adequate financial protection against claims.

Be sure to discuss your insurance needs with an agent that knows classic car insurance policies well and be sure that you have adequate financial protection for your car, and for your peace of mind.