Car accidents happen every day. But if you own a convertible car, it might be difficult to find out how much your insurance will cover and whether or not the accident was your fault. This blog post provides 12 tips for convertibles owners who want to know more about their insurance options after an accident has occurred.
1. Your convertible car is considered an ‘act of God’
A convertible car is classified as an act of nature (such as hail, fire or earthquake) and the insurance company will not pay for damage caused by this type of weather-related incident. It’s best to carry extra coverage for this type of event.
2. Legal liability can be expensive
Legal liability is the cost of fixing the other person’s car. If you own a convertible, this can be expensive because you are liable for the damage your car causes to both property and people. As a result, if another person gets injured in an accident caused by your car, they could sue you. To keep premiums low, consider buying more liability protection.
3. Convertibles typically have a lower value
The more expensive your car, the more money it costs to replace it if it’s stolen or damaged beyond repair. This makes convertibles a poor choice for anyone insuring their cars with comprehensive coverage since you’re reimbursed for the full cost of repairing your car – not just the value of it.
4. Coverage for windshield replacement is generally more expensive
A convertible car’s roof doesn’t usually have a strong metal structure to reinforce the windows, which means that more damage can be done in an accident. Therefore, insurance companies charge more to fix them after they’re damaged beyond repair. To help with the cost of replacing your roof, consider carrying higher levels of uninsured motorist coverage.
5. It’s harder to find insurance for convertibles
When you’re shopping around for car insurance, keep in mind that many companies will refuse to cover your convertible as a result of its unique design. This means that if you have an accident, fewer insurers could accept the claim. If you’re looking for convertible car insurance, try working with an independent agent who can offer plenty of options.
6. Your deductible will be higher
As a premium benefit, deductibles are the amount that you have to pay before your insurance company starts paying out claims on your behalf. Since convertibles cost more to repair, it makes sense that you will have to pay more in case of an accident. Keep this in mind when shopping around for quotes so that you can get the best rates.
7. Your coverage may need to be adjusted after an accident
If your convertible gets damaged beyond repair, you’ll need to adjust your policy to reflect its loss. This means that the insurance company will remove your convertible from its policy since it no longer exists. To do this, you’ll need to buy special coverage to protect the investment you made in your car.
8. You may be covered for non-accident related damage
A convertible is designed with aesthetics in mind rather than protection against hail and other weather conditions that can cause damage to the exterior of your car. This means that if hail causes damage to your convertible’s roof, you should be covered because this type of weather-related incident isn’t considered an accident.
9. You may need to buy extra liability protection
Convertibles are not cheap cars and they can cost upwards of $50,000 (or more). Therefore, if your car gets stolen or damaged beyond repair, you could be liable for a substantial amount of money. To protect yourself against this significant financial risk, consider buying higher amounts of coverage to offset the cost of a claim.
10. Your rates will change after an accident
Since convertible cars are more likely to be involved in accidents, insurers will likely increase your premium after you file a claim. This means that if you don’t anticipate filing an insurance claim, it’s best to buy enough coverage to keep your premiums low.
11. You may be covered for injuries or damage that occur in the car
If someone gets injured while riding in the backseat of your convertible, they could sue you in the case of an accident. To keep your premiums low, consider buying more liability protection.
12. You may need to change companies after an accident
After you make a claim on your policy, your insurer might raise your premium because it views convertibles as high-risk vehicles that are likely to get involved in another accident. This means that you could be forced to switch companies if your insurer hikes up your rates.
What are some insurance tips for owning a convertible?
Most convertible cars don’t have strong metal roofs. Because of this, their windshields are more susceptible to damage in an accident so they cost more to repair. Keep this in mind when shopping around for quotes so that you can get the best rates.
What type of insurance is best for convertible cars?
Since convertibles pose many risks when it comes to accidents and claims, it’s best to buy an add-on policy that has a low deductible. The lower your deductible, the less you pay if you have to file an insurance claim for damage or injuries involved in an accident.
What factors determine my premium?
Your premiums will be based on the type of car that you drive. Since convertibles are not easy to repair and they cost more to cover, their owners will likely pay high premiums as a result.
How are convertible cars insured?
Convertible car insurance is almost always an add-on to an existing policy that you have with your insurer. To get the best rates on this type of coverage, work with multiple insurers until you find one who offers good rates and service.
How long do I have to report an accident?
You should file an insurance claim within the time frame that your policy allows for reporting and filing claims. To protect yourself against late fees and other penalties, you need to file your claim promptly. Otherwise, you could be stuck with higher rates.
Are there any “must-have” features when insuring a convertible?
You should have good credit to land the best rates on convertible car insurance. Insurance companies view high risk drivers, which is what you are after an accident, as more likely to default on their premiums so they will charge you higher rates. To avoid this type of financial loss, work hard to maintain a good credit score.
Are there disadvantages to owning a convertible?
If you’re looking for convertible car insurance, you should be aware that your premium could increase after filing an accident claim. Because convertibles cost more to repair, it makes sense that you will have to pay more in case of an accident. Keep this in mind when searching for quotes so that you can get the best rates.
What are some common issues with convertible car insurance?
Insurance companies will refuse to cover your convertible if it’s not included on their standard policy. To solve this problem, work with an independent agent who can offer plenty of options in terms of coverage and premium costs.