Some cars are so special or unique that they deserve their own category of auto insurance policies. Such cars are typically covered under specialty auto insurance. Below is a brief overview of specialty auto insurance.
The Need for Specialty Coverage
Luxury cars require specialty coverage because they are expensive to replace or repair, they face unique risks, and they may require unique replacement parts. Some specialty cars are also thief magnets. Then there are also specialty cars that are more susceptible to damage than regular cars.
All the above factors present expensive risks to auto insurance companies. Since insurance is all about the management of risks, it would not make sense to lump specialty cars with standard covers and protect them with the same policy. It is for this reason that some auto insurance companies have crafted specialty insurance for these cars.
What makes a vehicle a specialty car varies by insurance companies, but there are a few common elements for the same. For example, an insurance company may consider your vehicle as a specialty car if:
These are just a few examples; there are numerous things that may make a car unique. Consult with your insurance agent for definitive designation if you are not sure whether your car qualifies or not.
Examples of Specialty Cars
Here are some common examples of specialty cars:
The above terms may be subjective to many people. However, the insurance company reserves the right to determine which category best fits your car.
Affordable Coverage Tips
Specialty auto insurance can be expensive, but there are a few tips you can use to keep the costs affordable. Below are some of these tips:
In addition to the above, you can also use conventional tips such as raising the deductible, installing security systems, and going for multiline insurance to enjoy the associated discounts. For more information, contact a local auto insurance company like Boone Ritter Insurance.