Insurance Tips for Classic Car Owners

Owning a classic car is the dream of many people. Perhaps you want to get that same car you drove as a teenager to restore and drive on the weekends, or maybe you want a true antique to take to car shows. No matter which type of classic car you have in mind, there is one thing you have to keep in mind—insurance.

Insuring a classic car is a bit different from a regular car. The details will mainly depend on how often you drive the car. If you are driving it once or twice a year to a car show, you may be able to get a significantly reduced rate; however, if you are going to take it racing on the weekends, you may need more insurance than a standard car.

One of the tips that comes up time and time again amongst classic car enthusiasts is to find an independent agent that specializes in this type of insurance. While it can be tempting to work with a big, faceless company, you will get the care you need by talking directly with an agent.

Do not try driving your car without some form of insurance. Classic cars are even more likely to break down than a traditional car, and if you find yourself on the side of the road, a police officer will be asking for your insurance information and the car’s registration. Not insuring your car can cost you way more than what you pay for your small monthly policy.

Another piece of advice is to make sure you get insurance that covers the full value of the car, not just the book value. A well-restored old classic is likely worth considerably more than the book value. You could wind up in some serious hot water if you do not insure for the full value and you wind up getting into an accident or otherwise causing damage to the vehicle.

Classic car owners want the very best for their car, which is often more than simply a mode of transportation; it is normally an investment too. Insurance is not a place where you should try to cut back to save money—however, saving money is a possibility if you work with an agent that understands your needs and can help you figure out how to get the best rate without sacrificing coverage.

Ways to Save Money on my Boat Insurance

Did you know that you could save money on your boat insurance policy? If you own a boat, of any type, you know the importance of having adequate insurance to cover any type of damage you may have. However, there’s no reason why you should overpay for this type of protection. If you are working with an independent agent, it is possible to get a lower price on the insurance you need. The key here is to find the right policy for you and to ask for the lowest price available.

You Can Bundle It

One of the easiest ways to save money on your boat insurance policy is simply to bundle this insurance policy with other insurance products you have. If you have auto insurance, homeowners insurance, or even business insurance, if you buy them from the same company, you can bundle the policies together. This can save you a substantial amount of money immediately without any reduction in the coverage you have. Do not have a separate policy just for your recreational vehicle.

Be a Good Driver

Often times, insurance companies will reduce the cost of coverage to you if you do not file claims often. Just as a good driver gets a discount on his or her auto insurance, a good boat owner also reduces his or her costs by not filing claims often. This does mean maintaining your boat properly and ensuring only those with experience are behind the wheel. In some cases, claim-free boaters can save as much as 25 percent.

Additional Discounts May Apply

There are likely other insurance policy discounts available to you. In some cases, you may get a discount for completing a safety course. You may save if you have more than one boat to cover on the same policy. If you are the original owner and the boat is paid in full, you may also qualify for a lower rate.

When it comes to getting the lowest possible cost related to your boaters insurance, work with an independent agent. This agent will help you to compare policies form numerous insurance providers until you find the one with the lowest overall cost to you. Ultimately, comparison-shopping could save you the most money of any of these discounts. You just need to know who has the best policy at the lowest rate. Your independent agent will help you to track this down.

Are there Insurance Companies that Specialize Policies for Older Homes?

Finding insurance for an older home does not have to be difficult. There are many companies that specialize in older home insurance coverage for an affordable price. You should always compare quotes to find a rate that fits your budget and your needs.

Whether your home is 20 years old, or considered an historic home, the insurance needs will vary compared to new homes. Homes that were built many years ago may have out dated building materials or tile and crown molding that can no longer be found. For this reason, many home insurance companies will not insure an older home. You will need to find a plan that specializes in older properties and will give you the coverage you need.

Insurance policies are listed from HO-1 to HO-8. An HO-1 policy is basic and only covers the bare necessities. If you live in a newer home, you probably have an HO-3 plan. Most older homes, on the other hand, will require HO-8 coverage. Many insurance companies will insure an older home for the market value. Unless you live in a historic home, you probably would not want to re-build the house using all of the outdated materials anyway. By insuring the home for the value, you will pay a lower rate and you will still be able to replace the home.

Many companies may also offer a better rate by not insuring the old plumbing or electrical systems. This would mean that if a fire or flood occurred because of the plumbing or electrical, the insurance company would not take care of the damages. Although this type of policy might save you money each month, in the long run, if there was a problem, you would be left paying for the damages out of pocket.

The best plan of action is to find companies that specialize in policies for older homes. Comparing the rates of several insurance plans will help you find one that offers the protection you need for a price you can afford. People often enjoy living in their childhood home, but don’t always consider the special considerations that go into living in older homes. Make sure you are prepared for any type of disaster with a great insurance plan.

What is Accident Forgiveness and is it Worth it?

Many insurance companies are advertising accident forgiveness, but not everyone knows what that means or if it is worth it. Basically, accident forgiveness is part of your auto insurance policy that will allow you to be involved in an accident for any reason, but it will not raise your premium. Of course, to include this as part of your plan, it will also cost a little more and usually you will need a specific length of time where you have not had any accidents before accident forgiveness will go into effect. So, is it worth it? That depends on your past driving history.

If you are a safe driver and you have never had an accident in the last 20 years, you may not need this type of coverage. Some people live in a very safe location without a lot of traffic, or maybe they only drive their vehicle once or twice a week. In this instance, accident forgiveness may not be worth the extra money. Although, if you live in the city where there are frequent accidents, it may make sense to get this type of protection. Sometimes families will also choose to purchase this type of policy when their teenagers begin driving. Just remember, the policy must be in effect without accidents for a certain number of years before the accident forgiveness will go into effect.

Your situation will determine whether you need accident forgiveness insurance. Once you start searching for quotes on car insurance, you can see how much this type of protection will cost and whether it will be worth it to include it on your policy. Just make sure to compare the rates from several companies for the same amount of coverage. You can find a great policy and an affordable payment when you compare quotes online.

The Difference Between Canceling and Non-renewing Homeowners Insurance

There is a big difference between canceling and non-renewing an insurance policy. The difference is that one could affect your credit rating and your ability to get insurance from another carrier. You need to understand the difference between these two terms and make sure you have continuous coverage on your homeowners insurance.

If you cancel your homeowners insurance because you sold your home or you are no longer living in the residence, you will need to contact the insurance provider in writing. You may even be due a refund if your premium was paid in full and there are several months left on the policy. On the other hand, if the insurance company cancels your policy, it is usually because you have not made your payments or you have had an unusual amount of claims during the policy period. If your coverage was canceled because of nonpayment, this will affect your credit rating. Also, if one company cancels your policy, other companies may not be willing to insure you either.

Non-renewing a homeowners insurance plan is different. This is when either you, or the company, decide to no longer do business together. Many homeowners choose to shop around for better rates on insurance. When you are comparing quotes online, you may find a more affordable payment for the same type of coverage. In this case, you would not renew your policy when it is up. You will probably want to make sure the insurance company doesn’t automatically renew your plan by sending them notice in writing. If the company does not renew your policy, it may be because they are no longer servicing your area or they may not provide that type of insurance any longer. Just make sure you always have continuous homeowners insurance by comparing rates online.

Is Hazard Insurance Covered under Homeowners Insurance?

Hazard insurance is part of your home owners insurance policy. This is the portion of your plan that will take care of fire or other hazards in the event of disaster. The other portion of the plan is liability insurance. This will take care of medical expenses if someone is injured while visiting your home. It is important to have both hazard and liability insurance coverage. If your home is destroyed, you want to repair or replace it as quickly as possible.

Although you do not want to think about your home being devastated by a fire, flood or other disaster, if it does happen, your hazard insurance will cover the expense of either repairing the damage or even rebuilding your home. Homeowners insurance may not be required by law, but if you have a mortgage on your home, your lender will probably require this type of protection. Since hazards vary from state to state, you will want to look at the policy and make sure you are covered for all types of disasters that are common for you area. Some areas may require special hazard coverage for flooding or hurricanes. Make sure when you compare quotes, you understand the type of protection you need.

When speaking with an agent, you can ask "Is hazard insurance covered under my homeowners insurance policy?" This will help you determine the type of plan you need and still find a policy you can afford. The best way to make sure you have a great plan is to compare rates. Do not just choose the first quote you find, when you compare both price and coverage, you might be able to get a better deal. Knowing you have top of the line insurance coverage will ensure peace of mind.

Renters Insurance: The Difference Between Actual Cash Value and Replacement Cost Policies

When comparing quotes for renters insurance, you need to know the difference between actual cash value and replacement cost policies. Although the two types of coverage will protect your belongings in the event of fire, theft or a natural disaster, there are distinct differences. Make sure to educate yourself about both types of plans before you choose one or the other. In addition to the cost of the policies, the amount of coverage will also need to be compared.

Actual cash value is the cheaper of the two types of protection. If you decide to purchase this type of insurance, it will pay you what your items are actually worth, or the actual cash value, at the time of the loss. This means, if you have a lot of older possessions, you will not be able to get much money when you make a claim. Probably not even enough to replace half of your items. On the other hand, if you choose replacement cost policies, you will be able to make a claim for what it will actually cost to replace the items you lost. If you own expensive electronics, game systems and high end appliances, this is probably the type of coverage you need.

Compare rates from several companies before choosing the renters insurance policy you need. Many times you can find an affordable replacement cost policy that does not cost much more than an actual cash value plan. If you ever find yourself in a situation where you need to make a claim, you will be glad that you went with more protection. No one wants to think about a disaster or theft affecting their home, but knowing you have great insurance will make the situation easier to handle.

Is there Homeowners Insurance for a Home that Needs Repair?

There is homeowners insurance that will provide coverage for your home even if it needs repairs. Sometimes, people who purchase homes that are fixer uppers, worry about whether they will be able to find protection while the repairs are being made. Often, once an insurance carrier sees the condition of your home, it may drop your coverage. It may require a little extra effort to find a company to insure your home, but it will be worth the time and energy.

The best way to make sure you have the homeowners insurance you need, to take care of a home that needs repair, is to be upfront with your agent from the beginning. There are companies that specialize in this type of protection and you need to compare quotes from several companies to find one that offers an affordable payment. You will want to make sure the insurance provider understands that you do plan to make the repairs to the home, but it may take some time. During this process, you will still want to make sure you are covered in the event of a natural disaster, fire or theft. Check online for rates that meet your budget needs and make sure your homeowners insurance is protecting you at all times.

A home that needs repair still needs to be covered by homeowners insurance. You never know when a windstorm, fire or other disaster could affect the home you are putting your heart and soul into renovating. Making sure you find an insurance carrier that will cover this type of structure is important. Finding a policy you can also afford is equally important. Comparing quotes online will only take a matter of minutes and you will find the coverage you need with a payment you can afford to pay. Go online and get your homeowners insurance today.

Special Insurance Considerations for Members of the Military

If you are a member of the military, there are special insurance considerations you need to think about. Whether you are concerned about car or home insurance policies, there are some questions that you need to ask. Many insurance companies will make special arrangements with members of the military to meet their changing needs. If you are comparing quotes online, make sure to let the company know you are in the military.

One of the biggest considerations is how you will pay your premiums if you are deployed on short notice. You may want to plan ahead for this type of situation and have your payment automatically drafted from your bank account. This is the easiest way to make sure your insurance policies stay in effect even while you are deployed. If you are hoping to save some money on insurance while you are out of the country, this might be possible also. For example, if you will not be driving your vehicle, but leaving it in a storage facility, you may be able to make changes to your policy and save some money. As a member of the military you deserve special insurance considerations, just make sure you ask for them.

If you know that you will be deploying soon, now might be a great time to shop for new rates on your insurance policies. Members of the military can often qualify for special discounts because of their service to the country. When you go online to compare rates, make sure your military status is highlighted. You want to make sure your insurance remains in effect while you are gone, otherwise you may have a hard time getting insurance when you get back. Go online and compare rates with multiple companies and start saving money today.

Accident Forgiveness 101

Accident Forgiveness sounds wonderful, especially for those of us who have an accident or two.  Here is a little insight to help you decide if this is the type of policy for you.  For a lot of people, price is the bottom line.  For others the security of knowing their premiums will not increase beyond their budgeted amount is important.

Did you already know that an accident, claim or moving violation would increase your insurance rates?  The insurance company can charge you higher premiums for 36 to 60 months depending on the insurance company, for a claim.

Accident forgiveness is offered by some insurance companies as a way to forgive an accident, claims or moving violations so that your rates do not increase.  The accident still shows up on your claims history, but is not counted as a rating factor or increase in your policy. Sounds great, doesn’t it?

Here are a couple of pointers when considering this type of policy:

Who is eligible for accident forgiveness?

  1. Many insurance companies will look at your driving and claims history.  Any many of the insurance companies will only offer accident forgiveness to those with a clear driving record, no tickets, no accidents, and no claims within a 3-5 year time period.  This time period varies depending on the insurance company.
  2. Some insurance companies will offer accident forgiveness to brand new customers, and some will require a longevity period with the company or require you to carry higher limits on your policy.
  3. Most likely, if you are willing to pay the additional premium to have accident forgiveness, there is an insurance company out there who will sell you a policy.

Accident Forgiveness Pros:

  1. Your first accident is forgiven, which means the insurance company will not increase your premium or charge a surcharge to you for that accident.
  2. Accident forgiveness allows you to manage your budget easier by knowing you will not have the surprise of an increase for 3 – 5 years because of an accident surcharge.

Accident Forgiveness Cons:

  1. The premiums are on average 40% to 50% higher than a policy offered by the same company without the accident forgiveness feature.  So yes, they will forgive your accident, but they are charging more for your premium upfront.
  2. Accident forgiveness does not remove an accident, claim or moving violation from your driving record.  Therefore you are still given points by your state and some states charge you for these points.

Accident forgiveness is not a transferable part of your insurance policy:  in other words, should you change insurance companies or move to another state, the time spent building the claims forgiveness is lost, and you have to start over with a new policy.  So all the time you spent paying the higher premium for that option on your policy is not carried over in the same way longevity would be.