Like their daily drivers, your customers’ treasured classics need to be insured. Fortunately for them, classic car insurance is generally less expensive than insurance for late-model vehicles, according to an article by Bankrate.com contributor Constance Gustke.
Purchasing insurance for classics can be a more complicated process, though, but you can offer your customers a valuable service by sharing some of the tips suggested in Gustke’s article and helping them make an informed decision.
Premiums are lower, according to Gustke’s article, “because classic cars are often rarely drive, lovingly restored and carefully garages, so they’re better insurance risks.”
Insurers may also offer perks like inflation protection, trip interruption reimbursements, towing and repair services with a policy.
The best classic car policies, according to Gustke’s article, are pinned to the agreed value of the car, which is based on the owner’s assessment of the car’s worth backed up by photos and sometimes appraisals.
Under agreed value, there are no deductions for age, wear and tear, according to an expert interviewed for the story.
Classic car owners can use the Internet to help determine the value of their vehicle and be sure they’re not under- or over-insuring it, a particular problem for unique vehicles, according to the article.
The Internet can also be used to rate shop insurance policies. With a policy in place, insurers can insist that a car be lightly driven and stored in a locked garage if covered, according to the article.
Read the complete Bizrate.com article on the Fox Business website here.