Clunker Auto Insurance

 

 

 

 

 

 

 

It is hard to escape the proliferation of ads on the radio and TV of discount insurance and ways to save money on auto insurance. The public is fooled into believing that all auto policies are the same and that somehow one insurance company has the advantage in saving costs. Well, just like there are clunker cars on the road there are clunker insurance programs as well being peddled to the trusting consumer. The fact is that all policies are not the same. The Insurance Services Office in Boston “ISO” has designed the best coverage and most companies subscribe to the ISO format. Some, however, do not follow the ISO guidelines and have introduced hidden exclusions in their policies. Some will deny coverage if you use your car for “deliveries”. Others may exclude coverage for drivers that haven’t been disclosed such as a child just out of college “temporarily” living at home. There are a myriad of situational exclusions that have crept into the non ISO polices that the average consumer will not detect-until it is too late.

So if you are shopping for auto coverage, the first question to ask is: “Is your contract an ISO Contract?” If they can’t give a definitive yes, shift gears and call a trusted independent agent.

The author of this blog, Guy Hatfield CPCU CIC, can be reached at 203.256.5660.

 

Insuring my Muscle Car

muscle car

As we get older we tend to latch on to things that will make us happy and amuse us in our spare time. For many of us it is that special classic or antique car that is rarely used and is taken care of as if it were one’s first born. This includes those beasts of the 1960s such as the GTO or that over horse powered Chevy that gets rubber in all four gears-commonly referred to as “Muscle cars”. Chances are these vehicles are not our every day car and as long as you have a boring “regular car” for your daily use, these special collectibles can probably be insured separately through a specialty insurance carrier. I insure my 1950 Plymouth Woodie with Chubb’s Classic Car program at a fraction of the cost of a regular auto policy. The reason why these policies are so inexpensive is that the  insurance company is convinced that usage will be minimal  and the owner will take special care in maintaining and protecting the vehicle. Most companies that insure older collectibles have restrictions such as adult drivers only and no commuting to work. The vehicles also have to be garaged on a regular basis. An alternative to insuring separately is to place the insurance on the family auto policy and “laying up” the classic car during the winter. The separate policy is better, however, so on that particularly balmy winter afternoon one can rev up the Porsche and feel the wind in one’s hair without calling up your agent to add it back on to the policy.

The author of this blog, Guy Hatfield CPCU CIC, can be reached at 203.256.5660.

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