by Susan Mueller, CISR on Sep 25, 2015
Fall in New England has officially arrived! It's time to think about putting your classic vehicle away for the winter months. Georgetown Insurance is proud to represent Hagerty, a specialty carrier for all types of classic and antique vehicles. So while you are prepping your vehicle to store it for the winter, it's the perfect time to review insurance coverage options! A standard auto policy is NOT a good insurance choice for classic/antique cars... there are three major reasons why.
1) VALUE- A classic car policy offers agreed value, and that will insure your vehicle is covered for the proper amount. A standard auto policy provides for actual cash value. This can lower the classic vehicle's value to well below what you might receive even at auction.
2) PARTS- Parts required to fix a classic car, are usually original manufacturer parts which cost more, and may be hard to find. A standard auto policy typically allows for aftermarket parts for repairs on an older vehicle.A standard policy coverage allows for an average shop hourly rate for repairs...finding a shop that is skilled in working on your classic, typically has a higher hourly rate. The standard policy will not properly provide coverage for the cost of parts and labor for your classic!
3) CLAIMS- When it comes to claims service - estimating damages to a classic vehicle requires more time and is much more involved. An adjuster trained in claims for the standard policy, will not be familiar with the details and time needed to find the right parts for your classic vehicle if damaged.
Special cars, need special coverage! If you have a classic or antique car on a standard auto policy, do yourself a favor and CALL US at 978-352-8000! The price of a specialty policy, that provides the kind of coverage you need, is usually less than the cost of a standard policy. And as outlined above, a classic car policy is designed for covering your vehicle for the right value and repair methods.
Enjoy the fall! Visit our website for more valuable tips and information: www.georgetowninsurance.com