5 Essential Mistakes in Insurance for Muscle Car Owners YesEnsure

5 Essential Mistakes in Insurance for Muscle Car Owners

Most muscle car owners are more concerned with the loud engine, shiny paint job, and 15-inch spoilers than they are with insurance. They figure that since their car is paid for, it doesn’t make sense to pay very much money on an expensive policy.

That’s where they’re wrong.

The following are five of the most common mistakes muscle car owners make when it comes to their insurance policy.

1) Not Getting Enough

A collector that has a 1965 Shelby Cobra worth $1 million might think that the cheapest way to protect that investment is with something called “replacement cost coverage.” This means if the car is totaled, the owner can get enough money from his or her insurer to buy a similar car.

Unfortunately, that’s going to cost a lot of money – probably about $30,000 a year at today’s market rates. In other words, your insurance check is going to be cut by three-quarters for the privilege of having replacement cost coverage. Do you really think it will be enough to get back what you paid for the car originally?

2) Not Getting the Right Coverage

Most muscle car owners figure they have a nice, cheap policy going with basic liability and collision. After all, these cars are old and most of them don’t cost much to begin with, so why spend more on insurance than they have to?

Unfortunately, that leads to a problem. Basic liability and collision only cover the car, not any other property that might be damaged or destroyed by an accident that involves your prized 1960 Chevelle SS.

For example, you hit someone with your car and total his Ford Dock Wagon in the process. The bill for fixing that wagon is $10,000. Are you going to be able to pay it out of pocket?

3) Not Reading the Policy

Although no one wants to admit it, muscle car owners tend to prize flash and style over substance and formality. Unfortunately, that can cause problems when it comes time to read through that new insurance policy you just bought.

A lot of people will skip the policy’s thick print and vast, legalistic language in favor of looking at the glossy color pictures. After all, most of us aren’t lawyers or insurance experts.

Unfortunately, a lot of the information you need to know about who is covered by your policy and what it will pay for isn’t going to be found in those nice pictures. That’s where the boring language is. Make sure you read it carefully so you know what your policy really will and won’t pay for.

4) Not Making Sure You Have Sufficient Liability Coverage

Let’s face it, muscle cars are powerful machines that can do a lot of damage to other drivers if something goes wrong. That means you need to make sure you have sufficient liability coverage in case someone gets hurt when they hit your car.

If you only have the minimum amount of liability coverage required by law, it might not be enough if you cause an accident. That’s why it’s important to check with your insurer about whether your policy is up-to-date and has sufficient liability.

5) Not Doing Your Homework

Now that insurance rates are starting to go up due to more claims involving muscle cars, you might be tempted to shop around for a better deal. Don’t just call one insurer and ask them how much they charge for basic coverage on your Chevelle SS. Instead, contact at least three different insurance companies to see if you can get a better rate.

The main reason rates are going up is because insurers are having trouble getting the money back they paid out due to an increasing number of lawsuits. Although it might seem unfair, one way you can help lower your insurance premiums is by working with your insurer to make sure all claims are filed properly.

How much does insurance for a muscle car typically cost?

This can vary widely among different cars, drivers, and insurers. Make sure you contact at least three different companies to find out rates for your particular vehicle.

Is it a good idea to shop around for a better deal on my muscle car insurance?

Yes, definitely. Make sure you contact at least three different companies to see if you can get a lower rate. Even if it doesn’t make a huge difference, every little bit helps.

How can I lower my insurance premiums?

One way you can help offset the increased risk of owning a muscle car is by working with your insurer to make sure all claims are filed properly. Another thing that might help is making sure your policy has replacement cost coverage rather than actual cash value in case your cherished Chevelle SS gets totaled in a wreck.

What are some common mistakes made by owners of muscle cars?

Some of the most common mistakes include not having sufficient liability coverage, not reading the policy carefully, not making sure you have replacement cost coverage, and not doing your homework when it comes to finding good insurance.

Upon Further Review

We’ve discussed the 5 essential mistakes that muscle car owners make when it comes to insurance. Let us know in a comment below if you have any questions or would like more information on how to get your own policy for your much loved vehicle!

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