Daily Car Insurance
Classic car owners overpaying for insurance
Chubb Personal Insurance has warned that many classic car collectors are paying over the odds for their insurance needs.
Worldwide Underwriting Manager Paul Franklin has expressed concern that those with vintage cars and high-powered racers may not only be paying too much but getting too little coverage.
Franklin has advocated, instead of adding the new cars to a standard insurance policy, taking out a collector car policy which can include lower premiums as the cars are infrequently used and particularly well-maintained.
Another big difference between cars collected and cars used everyday is that an everyday vehicle constantly loses value, whereas the vintage vehicle appreciates rather than depreciates.
Franklin also advises collectors to look for insurance offering global coverage, no limitation on mileage and high comprehensive, collision and liability limits.
Thinking cool thoughts on a hot day
A GOOD DEAL?: Dunnellon's Ronnie Remonda wrote: "I keep hearing how this insurance company and that insurance company is going to save me hundreds of dollars on my car insurance. There are about half a dozen companies that remind me of the Tweed ring. Each claims to be the 'good guy' while the others, presumably, are overcharging us. Experience tells me, yes, they will give you a cheaper rate, but after six months your rates will go up, and six months later they go up again. In the long run, you will be paying as much or more than you were before. Like satellite companies, the only customers who get the good deals are 'new' customers. The way I see it is, if you want a good deal on your car insurance or satellite service, change companies frequently."
Yep, Ronnie, you gotta be careful out there. In my own case, there's one particular insurance company which will NEVER get the chance to hold me in its "good hands" again. But I learned a valuable lesson from them way back in the 1980s, so maybe I shouldn't be so bitter today, right?
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