Archive for June, 2009

Insuring Your Classic Car: 3

Monday, June 29th, 2009

collector-3As briefly mentioned, classic car insurance comes with a lot of requirements and specifications, especially when you are talking about the car as a collector’s item. A lot of these restrictions have to do with the drivers. So, we are going to give those specs a more in depth look.

There is an age requirement. Teens are not allowed to have this type of insurance because drivers must be at least twenty five in some states and at least thirty in others. In all cases, a clean driving record is a must.

Mileage limitations represent another restriction. Usually they cannot be driven more than twenty five hundred miles a year. Storage is important as well — you better have somewhere to put your car, and you cannot use it to transport goods or even other passengers most of the time.

(more…)

Insuring Your Classic Car: 2

Wednesday, June 24th, 2009

classic-car-2No matter how they are classified, classic cars are an investment, and if you own one, then naturally you want to protect that investment.

You need to be aware of all stipulations, requirements, and everything in the fine print when it comes to a classic car insurance policy. Your car, for example, may not be allowed to be parked in either a car port or a yard. Fully enclosed and securely locked garages are necessary instead.

As the driver of the car, you will have to meet some specific and special requirements yourself. Your driving record should be clean and typically, you have to have at least ten years worth of driving experience.

Still, this is a great way to protect your investment, especially if you care more about your car’s value as a collector’s item.

Insuring Your Classic Car: 1

Tuesday, June 23rd, 2009

classic-car-1A lot of classic car enthusiasts are not sure what they should do about insuring their classic or vintage vehicles. Typically, these cars have more value as a collector’s item, as opposed to their value as an actual vehicle. Still, owners of these cars certainly do want to protect that value.

The kind of insurance you get for a classic car is not the same as what you get on your personal vehicle.

The first thing you need to do is figure out if your classic vehicle can be classified as an actual classic car or as an antique. There are very different options associated with each classification.

You also need to think about exactly how you put your car to use and how often you do so. Under the typical classic car insurance policy, you will be allowed to drive your classic car to certain exhibits, parades, and other such events — but that means you can only drive a specific number of miles every year.

Understanding Car Insurance: 4

Thursday, June 18th, 2009

old-carThe kind of car you drive can have a tremendous effect on how much you pay for insurance as well.  Many people do not realize this, or at least never stop to think about how much more expensive it will be to insure the brand new, 2010 car they are preparing to buy.

Car make, model, year, mileage — all of these things will factor in to how much you have to pay on your insurance premiums.  That is why it is always recommended that, on those occasions when you are buying a new car, you should at the very least talk to an insurance agent about your list of possibilities, so that you can try to buy the vehicle which will be less expensive to insure.

Although it might not seem all that palatable, you might even consider purchasing a used car instead — even if it is a newer used car, they are notoriously less expensive to ensure than brand new vehicles.

Understanding Car Insurance: 3

Wednesday, June 17th, 2009

damaged-carAccidents happen, we all know that. Car accidents happen, we all know that as well. That is why you need to make sure that any property damage insurance you have covers your car. Now, where auto insurance is concerned, for all intents and purposes there are two kinds — first party and third party coverage.

When you have first party coverage, both you and your property are covered, so any damages to your car, medical expenses, et cetera, should be taken care of by your insurance company. Thus, if you get sued because of a car accident, your company is bound to defend you.

Third party coverage, then, will actually take the responsibility of paying for anyone else’s damages or injuries if you happen to be responsible for an accident, partly or totally.

As with any other type of coverage, you want to shop around for this coverage. Because accidents do happen, however, it is always worth it to have some type of coverage of this kind, whether it is first party or third party.

Understanding Car Insurance: 2

Tuesday, June 9th, 2009

car-insurance-rising__Now that we have touched quite a bit on liability, let’s move on down to comprehensive car insurance.  This is actually going to be the important one as this is what the insurance company is going to pay for any damages that are done to your car – or if your car is stolen.  You want to make sure that you check out the deductible for this one, as that is going to be what the insurance company is going to pay and anything after that, you are going to have to pay.  Just remember, that the lower the deductible, the lower the premium for you.

Another thing you need to know about is property damage.  There are many car insurance companies that are skimping out on this insurance, but you want to make sure that you absolutely add it on, as this is what the car insurance company pays if you do happen to damage any properties.  Usually, the standard policies are going to be upwards of $100,000.

We will touch more on this stuff in the next blog and help you understand your car insurance that much better!

Understanding Car Insurance: 1

Monday, June 8th, 2009

carinsurance1-main_fullTo be completely honest, buying a car is definitely something that is a huge decision.  Not only are you going to have to deal with getting a loan for the car itself, but you are going to have to get yourself some car insurance.  In order to drive any car, it needs to be insured and while you might not understand car insurance yet if you are a new driver, it is absolutely worth the effort to take a few minutes to understand it before you buy.

That is exactly what we are going to teach you!  Car insurance is difficult, especially if you are just starting out in the car insurance field.  The first thing that you need to understand is the Liability aspect of car insurance.  All states have their own liability requirements, so you need to make sure that you find out what your state’s is before you buy.

Liability is going to be – for example if your policy was 100,000/300,000, the first number is going to be to cover your medical expenses, while the second number is going to cover anyone else that was in the accident if you do get into an accident – so that is an important thing to remember … more in the next blog!