Everyone likes to have nice things, but nice things are expensive. If you have invested in a muscle car, whether it is an original classic or a recent restoration project, having it insured should be your top priority.
There are several steps involved in insuring something valuable, whether that is a car or anything else that could be stolen or damaged. Here are the seven steps to getting insured for your muscle car.
Step One: Searching for Coverage
The most important part of this process is making sure that you have coverage for your muscle car in the event that something happens to it. It’s important to make sure that you know what type of coverage you want, whether collision or comprehensive insurance is best, or if you would be better off with some type of coverage that is less expensive but only applies in the case of damage.
Once you know what type of insurance you want to get on your muscle car, it’s time to begin searching for an insurer who will provide it. This process can take some time because not all insurers are open to this type of policy, but it is worth the time and effort.
Step Two: Acquiring Coverage
When you know what type of coverage you want for your muscle car, it’s time to acquire that coverage. There are quite a few insurers out there that offer insurance coverage for specialty vehicles, so finding one shouldn’t be hard to do. Some of them even specialize in coverage for certain types of cars, such as muscle car insurance.
Once you find an insurer who will provide insurance to you and your muscle car, it’s time to begin the underwriting process. This is where the insurer begins to look at the vehicle and its owner(s) and determines whether they will authorize the insurance and, if so, what they will charge for it.
Step Three: Underwriting and Authorization
As we mentioned before, this is the part of the process where your insurer begins to closely assess you and your car. This can take some time but is necessary so that the insurer knows whether or not they will cover you.
After getting all of the information you need for your insurer to make a decision, they will either authorize the insurance or decline it. If they decline it, there are two options; go back to step one and look for another insurer or accept that you won’t be insured and leave your car uninsured (which is dangerous).
Step Four: Policy and Payment
If your insurer agrees to insure you and your car, it’s time to begin the process of actually getting the policy in place. This is where all of the terms and conditions that you agreed upon will be laid out in a policy that is specific to your car and its coverage.
When everything is approved and set up, your insurer will require a payment to finalize the policy and get it started, so be prepared with at least a small down payment.
Step Five: Payment and Renewal
When you receive your insurance policy for your muscle car, it will come with an expiration date. When that date is up, you need to pay for another year of coverage if you want it. This is where you will need to contact your insurer and authorize another payment in order to get the policy and coverage reinstated once more.
Step Six: Renewal and Reporting
When it comes time for renewal, you don’t want to just send a check or money order out with nothing else. You should know that your insurer needs more than just the payment, so be prepared by having your VIN number, registration number, and other information to hand over when you are contacting them.
This is also where you should be checking up on your insurer in regards to your policy. If they have not contacted you about renewing the policy or updating the coverage for what it covers, then it is time to start asking questions.
Step Seven: Reporting Problems
If something has happened to your muscle car or if you are having some problems with it, then it’s important that you report this to your insurer as soon as possible. This is where they can make some decisions about whether or not they will cover the costs of damages or repairs for your car.
If you do not contact them, they may assume that the problem is due to an act of God or something else out of your control and decline coverage for it. This could leave you on the hook for major costs associated with your muscle car.
I am looking to insure my muscle car but it is currently uninsured, can I get a policy to cover it?
Yes! Even if your muscle car is not insured, you should be able to apply for insurance and have it approved. Just be prepared to pay a little bit more because of the fact that the vehicle is not currently covered.
I have gotten my muscle car insured with _ company, do I need to change over when my policy is up?
It depends on your insurer. If you are happy with the service that you are receiving, then there is no reason to change companies. However, if you are not happy with the rates or coverage, then you may want to start shopping around for other options.
I have some minor damage on my muscle car, do I need to report it?
Yes! If you are having some issues with your car or there was some damage that occurred to it, then you are required to report this information. Your insurer will need to know about any of these occurrences so that they can decide if they are going to cover it or not.
While Further Study Is Warranted
Insuring a muscle car can be complicated but follow these seven steps and it should be much easier to start the process of getting coverage for your car. If you have any questions or concerns, then contact your insurer directly. They are more than happy to answer them and get the policy rolling!