Do you really need insurance for your classic car or old truck?

A collector car or an old truck is valuable and you certainly know that. But it's possible that you don't know exactly how valuable your old truck is.
Mind you that we are not talking only about the monetary value of your truck or other types of classic cars. There's another very important parameter to be considered when we think about the value of an old car or truck and it's the replacement value. If you have, say a custom 1953 Ford pickup and it is stolen, how do you replace that? With another 1953 Ford pickup, right?
Except that it is going to be very hard, if not impossible to find a truck exacly like the one that was stolen. It's not like you can go to a dealer and choose the color of your "new" old truck. They don't make them anymore, right?
And then you may say "Who would steal a custom 1953 Ford pickup? Classic trucks are unique and they are too easy to identify. The thief would be caught in a matter or hours". Well, yeah, but did you know that they are stealing classic cars and old trucks in general and taking them apart to sell the pieces or to export the pieces to foreign countries? They may even export the truck as it is because there are people overseas willing to pay a lot of money for a classic truck. They don't need your papers because there are criminals perfectly capable of counterfeiting most anything these days.
Now are you willing to think a little harder about collector car insurance for your old truck? Don't stop reading because there's more.
You may think you don't need collision coverage because your old truck is made of heavy gauge steel and if you get involved in an accident only the other car is going to suffer damage. But this isn't completely true. If you hit a concrete post or a tree there will be severe damage to your truck. Suppose your antique truck gets hit by a tractor trailer or by a train... Well, it is not common but it can happen, you know.
There are other risks like fire, floods, vandalism and so on. Wouldn't it be smart to buy coverage against all that? After all, even if it is kept inside a garage a collector car or classic truck is not completely protected against everything.
OK, what is this? Some kind of a plug for a collector car insurance company? No, what we are trying to do is to make you think about the need to protect your investment. It really doesn't matter if you own a US$ 200,000 custom truck or a rust bucket barely worth two grand. Get full protection for it and you won't be sorry.
And how do you go about getting insurance for your old truck? Well, the Internet is a great source of information for that too. But you can also talk to your insurance agent. If he can't sell you the insurance you need he will probably be able to point you in the right direction.
The first thing that you have to keep in mind is that the traditional automobile insurance companies may not be willing to get the coverage you need for a collector car or antique truck. And any company that sells the coverage you want will ask you to show exactly how much your truck is worth.
When you look for auto insurance or collector car insurance for your classic car or truck your agent will not be able to open a database in his(her) computer and figure everything out with a couple of clicks. The process is a little more complicated than that.
Beware of the fact that the real value of your truck may not have anything to do with what you paid for it. It may be worth less or it may be worth much more than you paid for it.

The premium you will have to pay to the insurance company will be based upon the real value of the property being covered. So look for somebody who specializes in collector car appraisals and have this person provide you with an affidavit, a written estimate of your truck's real value. Again, this information will be required by an agent willing to insure your old truck.

How much will your insurance cost? It's difficult to know because it depends on a long series of variables like the type of coverage you want, the year of your truck, its general condition, level of originality and so on. But an estimate is free. So, go ahead and shop around.
Prices may vary widely from one place to another. You will have to do your homework to find out what's available in your market and what it would cost you to get the best coverage you have decided that you need.
Even after you take care of everything you may need to go from one place to another before you find the coverage you want. There are companies out there that sell insurance for collector cars and trucks but they will not sell coverage for antique cars after these cars and trucks hit a certain age. These companies may not be willing to put up with certain levels of modification either. So, here too you have to be patient and look around carefully.
One final word about this: we are talking here about full coverage insurance and not about basic insurance protection, or liability insurance. Most states in America require liability insurance for every type of four wheel vehicle and your old truck is certainly included in this category. So, check your local laws to find out about this before driving your classic car or old truck.
And even after you get full coverage you shouldn't relax and think that you can lleave your classic car or truck anywhere or take your chances in traffic with it. Be careful, keep your jewell inside a garage when you're not driving it or showing it somewhere and never take chances with it.

Article Source: http://www.rightbiz.com

A few reasons why you should think seriously about full coverage insurance for your classic car or old truck. - www.we-love-old-trucks.com

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