Although it is possible to just renew your insurance coverage without second thought, your collector car deserves a little more effort than that. By checking that its full value is covered and by all the right coverage types, you can effectively protect your investment. With that move, you are set to enjoy event after event without worry about your prized vehicle. To help you take all the right steps, here’s a collector car insurance policy renewal checklist to follow.
Review Your Collector Vehicle’s Valuation
Each year, your collector car likely goes up in value whether or not you do anything to it. If you have been busy upgrading its powertrain, interior, and everything in between, then its value may have skyrocketed.
Since the figures can vary so much from vehicle to vehicle, it is best to skip the guesswork and get an accurate valuation from an expert. They will look at your car from nose to tail to figure out just how much it is worth, so you can get the perfect level of insurance coverage. Repeat the valuation process yearly right before your renewal to adjust your coverage with ease.
Consider Optional Coverage Levels
Basic collector car insurance coverage provides ample peace of mind, but that doesn’t mean you have to stop there. You can go a bit further with protective policy add-ons, such as:
Vehicle Under Construction
If you are regularly hard at work restoring your car, then you want vehicle under construction coverage. This add-on keeps your car’s coverage aligned with its value, increasing the insured value by 10% each quarter. This continues until your coverage hits $25,000 above the Guaranteed Value included in your basic plan. As an added bonus, up to $250 of your automotive tools are covered as well.
When natural disasters demand that you leave your home fast, you have to figure out how to evacuate your collector car and where to store it in a hurry. With this optional add-on, you can claim up to 50% of what it costs to move and store your vehicle during an emergency event. Knowing that you will get a portion of your expenses back makes it much easier to quickly ship it out of the danger zone.
If the unthinkable happens, you likely do not want to part from your treasured vehicle, no matter how badly damaged it is. With Cherished Salvage coverage, you can hold onto vehicles dubbed a total loss without having funds deducted from your compensation. That way, if you want to rebuild, you can, even if it will cost an arm and a leg to do so.
If you are interested in signing up for any of these optional add-ons, renewal is the best time to make the switch, though you really can anytime throughout the year.
Verify Your General Info is Accurate
The last thing to do before making the call to renew your collector car insurance policy is verify that your contact info is still current. If you have recently changed your name, email address or moved, for example, you should update that info when you speak with your insurance broker. They will update your info in the system to ensure they can always get a hold of you and provide the ideal level of protection for all the most important things in your life.
Renew Your Collector Car Insurance Policy Today
It’s important to make sure that your collector car insurance policy is up to date and that you have the most comprehensive coverage available at an affordable price. Give us a call today at 1-844-929-4768 and we will be happy to help discuss your policy.
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