Recreational & Specialty Auto Insurance
What Is It?
Specialty auto insurance needs to be purchased for custom cars, antiques, collectibles, roadsters, show cars and race cars. A standard auto insurance policy will not cover these types of vehicles. Because of the uniqueness of the vehicles they require their own special policy. There are several carriers that offer this type of coverage. Because of the uniqueness the premiums can be much higher. These type of vehicles tend to be one of kind or irreplaceable making their value higher.
How Much Coverage Is Needed?
There are many ways you can insure your custom vehicle under a specialty policy. You can insure based on actual cash value at the time of the loss resulting in a lower premium or guaranteed value cost which tends to be a higher premium. Guaranteed value is the coverage type we recommend. Remember, that specialty vehicle your driving is probably going to be very expensive to replace in the event of a loss. If you have more than one specialty vehicle you can usually list them together under one policy. However, if there are different types of vehicles for example a motor vehicle or a motorcycle you may need to purchase two separate policies. The state requires that you still maintain a minimum of $10,000 property damage and $10,000 PIP(personal injury protection). However we highly recommend that you always purchase the bodily injury coverage as well in the event your policy would need to pay medical payments to a third party. Comprehensive and collision deductibles can range from $250, $500, to $1000. The higher the deductible the lower the premium. Rental and towing coverage is also offered and is highly recommendedThe majority of lenders if you are purchasing a new property or re-financing your home, will require you to carry a certain policy limit in order to help protect their investment in the property however it’s an advantage to a homeowner to take out a private policy because you benefit from the long list of coverages automatically included.