Insuring an Old Car or Vehicle

Insuring an Old Car or Vehicle

Most old car owners are not alive to the fact that, unlike new cars that depreciate on a daily basis, an old car can appreciate in value as it gains vintage status. An old car can be considered a classic car however the definition of a classic car can vary depending on the manufacturer. For matters of insurance, any vehicle with a lifetime surpassing 15 years is considered classic below that it is considered non-classic. In the world today the insurance trends on old cars indicate that they are charged fewer premiums. This is attributed to the fact that owners of old cars are considered low risk. Insurance companies are also of the school of thought that old car owners will maintain them, therefore, reducing their risk.

What does it take to insure an old car? It is worth noting that regular insurance may not be appropriate to insure an old car. The first thing that one ought to do as an old car owner is to sit down with the insurer and determine the value of the car. The value agreed upon will be specified in the car’s policy and the car will be covered up to the amount dictated by the policy. In addition, while insuring an old car look for a policy that covers specialized service and restoration, for example if you own a classic Ferrari, Mercedes-Benz  or a Ford, your insurer should cover costs to repair the vehicle in their manufacturers garages although this can be a bit more costly. Make sure that the policy also covers key areas such as spare parts, engine components, and transmissions. This may look a little bit straightforward to some, but it can be the cause of rejected claims, ensure while insuring your old car the policy covers normal insurance policy provisions such as clauses on body injury liability and damage to property.

There is a section of old car insurance that calls special insurance. If your car is more than 25 years old, and its present value exceeds the original selling price, then it can be considered for specialized insurance. Examples of vehicles that need specialized insurance include classic truck, old military cars, old motorcycles and old unique tractors.

Insuring an old car is bound by some qualifications. It is important to note that just being the owner of an old car does not qualify you to old car insurance. These factors are different in various companies but as a general rule review the following criteria before insuring your old car.

  • A good driving record- if you are in the books for careless driving, traffic offenses such as over speeding, drunk driving or causing accidents the probability that you will be disqualified for old car insurance is high. This is because you increase the risk to the insurance company.
  • Insuring an old car demands that you put it in a secure location in your residential area. You realize that old cars are gems and thieves might stop at nothing to steal or even dislodge some of its parts. If the insurer can prove that you do not have a safe storage location for your car chances are that you may be disqualified from the policy.
  • Some insurance providing companies can limit the kind of car shows you take your car to for exhibition. It is important to inquire if there are any such restrictions on the policy if you regularly plan to showcase your old car.
  • Limited driving- to insure an old car might mean reducing its usage. Insurance companies restrict the usage of classic cars for daily errands and commuting as these increases the risks on their end. In this sense they can put some clauses in the policy, such as mileage limitations and some go to the extent of requesting proof that the car is being well used and serviced properly. An emerging trend in this limitation is insurance providers requesting clients to own a second car for doing their everyday chores so as to qualify for the cover.

The most crucial thing while want to insure an old car is to ensure you have ironed out all the policy details with the insurance provider. Ensure you understand the limitations of the policy so as to avoid instances of rejected claims.

To get an auto insurance quote before you make your purchase. Contact us or give us a call at (305) 220-0900.

10 of the Most Dangerous Roads in America

10 of the Most Dangerous Roads in America

Road accidents can occur on any road but there are certain roads in the US that are most notorious for road carnage. In fact, USA roads have three times the date rate as compared to U.K. Here are the 10 most dangerous roads in the U.S that will make you a nervous wreck as you drive on them;

1. Colorado’s Highway 550

The Highway 550 in Colorado is a 25-mile stretch that connects the ancient tourist towns of Silverton and Ouray. The factor that makes this road dangerous is the absence of guardrails that are intentionally missing to ease the removal of avalanche debris and snow. It also lacks shoulders, hence, veering off the road leads to a fatal plunge down a steep mountain slope. It is popularly known as the “million dollar highway”.

2. Alabama’s U.S. 431

This stretch covers approximately 98 miles between Phoenix City and Dothan. Most accidents on this road occur due to heavy traffic, and limited visibility, especially on the two-lane sections. However, the bridges were replaced, and the roads expanded to four-lanes in 2014 to curb the problem.

3. Arizona’s interstate-10

The most parts of the I-10 stretch are safe, but the 150 mile between Phoenix and California border is especially deadly. The statistics stand at an average of 85 deaths in a year. Overall, the state records 700 road accidents in a year that shows that I-10 alone accounts for a big portion of the accidents. The road passes through a desert hence there are few settlements along the way.

4. Montana’s Highway 2

The Center for Excellence in Rural Safety based in the University of Minnesota considers Highway 2 as one of the most dangerous roads. Overall, Montana records the most fatalities in the U.S. The major reason for this is that it is a rural road hence; ambulances take longer to reach the accident scene. The less traffic on the roads also makes drivers to over speed.

5. California State Route 138

Drivers have nicknamed it the “death bed” or “highway of death”. It stretches from I-15 to the town of Palmdale. The road is characterized by sharp twists and steep slopes. It recorded 56 deaths and a massive 875 injuries in late 1990 according to a 2000 issue of Los Angeles Times newspaper. The death rate was ten fatalities each year in 1990. Recently, wider lanes have been constructed and better sight lines drawn.

6. U.S 24 from Fort Wayne to Toledo

Highway 24 that passes from Toledo to Fort Wayne and covers 77miles used to be a black spot until 2012 when it was improved. Most accidents involved head on collisions with trucks from Ohio and Indiana factories.

7. South Carolina’s 1-26

Despite being surprisingly short, the I-26 stretch is one of the most dangerous roads in the South Carolina according to Charleston newspaper Post and Courier. The federal and state data shows that there were 325 deaths in 286 wrecks on the 1-26 stretch between the year 2000 and 2010. Most of the accidents occurred when cars rolled over ditches and hit trees. This part of the road has few guardrails even though there are steep slopes to the side road ditches. Sharp turns, narrow lanes and wildlife also cause the accidents.

8. Alaska’s Dalton Highway

This is a dirt road that stretches 414 miles between Fairbanks and the North Slope of Alaska. Trucks use the road to transport oil and gas. The road snakes around steep mountains that have extremely chilly temperatures. There are about ten crashes every year. Most accidents involve cars rolling down the slopes. Driving through this road requires exceptional driving skills and extra fuel since the filling stations are few and far between

9. 1-15 route from Los Angeles to Las Vegas

The Nevada AAA observes that this 180miles road has been a site of more fatalities than any other place in the state. Distracted and drunk driving causes most accidents. The death toll between 2000 and 2005 was recorded as 173 people.

10. Connecticut’s interstate-95

The 8-mile section of the I-95 stretch around the city of Norwalk is the most dangerous section accounting for 10% of all accidents. An average of 735 crashes is recorded in this part. Accidents mostly occur due to congestion, hills and curves along the road.