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Muscle Car Insurance Companies - The Top 4 Criteria to Consider
Owning and driving a classic muscle car can be a very enjoyable (although expensive!) hobby. If you own and drive a muscle car, then specialty classic car insurance is one thing that you really need to consider. If you are insuring your muscle car with the same company that provides you with the insurance for your "everyday driver", you may be paying too much for coverage that is woefully inadequate should you need to file a claim. It is best to get your classic car insurance from a specialty provider. They can offer insurance that is tailored to your needs and most likely save you a considerable amount of money, too.
Most standard car insurance policies are written for "Stated Amount" or "Stated Value". These policies don't take into account the value of your car as a collector vehicle, and actually will assume that the vehicle depreciates with time. If you own a classic muscle car, you need to make sure you get an "Agreed Value" policy. With an Agreed Value policy, you and your insurance provider come to an agreement on your car's value when you begin the policy. The insurance company will then reimburse you the Agreed Value of your car in the event of a complete loss, and give you much more reasonable options in the event of repairable damage.
When choosing a specialty insurance provider, you also want to make sure they are underwritten by a company that is financially solid. A.M. Best is the leading provider of ratings for insurance companies, and assigns each insurance company a "grade". You want to use a classic car insurance provider that has an A.M. Best rating of "A-" or higher. Ask who the underwriter will be for your policy, and then look up their rating on the A.M. Best website.
Many insurance policies don't allow for the cost of OEM parts for collision repair. Using aftermarket replacement parts could detract from the value of your classic car. Most specialty insurance providers cover the cost of using OE (or OE-licensed) repair parts. Make sure that the insurance policy you choose will cover this cost.
If your 67 'Vette gets damaged, do you want "El Cheapo Paint and Body" to do the repairs, or do you want a Corvette specialist to repair your car? A "normal" insurance policy may only cover the cost that "El Cheapo Paint and Body" charges, and you would be responsible for the cost difference if you choose to use a specialist that charges more. Find out if the insurance policy you are considering allows you to take your car to the repair shop of your choice.
Those are the first four things to consider when choosing a muscle car insurance company: 1) Agreed Value policy, 2) A.M Best rating of A- or better, 3). Coverage for cost of OE parts, and 4) Coverage for repair shop of choice. There are a number of companies out there vying for your insurance business. Using these four criteria will help you narrow down the list of possible providers for your muscle car insurance policy.
