Archdale, North Carolina
11324 N Main St.
High Point, NC 27263
336-434-­2111

What You Should Know About Insuring Classic & Luxury Cars August 7, 2018

Archdale, Randolph
What You Should Know About Insuring Classic & Luxury Cars, Archdale, North Carolina

Owning a classic or luxury car is a dream come true for many auto enthusiasts, but insuring those prized vehicles is a different story. If you’re not careful, you could find that your priceless antique only has a few thousand dollars in coverage, or that the auto insurance for a luxury car is more than you can afford. Understanding how these special policies work can help ensure you get the insurance you need without overpaying.

Understanding Classic & Luxury Auto Insurance

Insuring a Classic Car

auto insuranceAs a general rule, auto insurance companies assume that vehicles are worth less over time, so they generally base policies on the Blue Book® value. While a certain vehicle might be worth $25,000 to a collector, the listed value of the car may only be $1,500 or so, which is all you’ll get if the car is destroyed. Classic auto insurance policies, on the other hand, are based on your stated value of the vehicle. Premiums on these policies can be quite low, especially if you choose one with low mileage restrictions and keep your car mostly in the garage.

Luxury Vehicle Insurance

Expensive sports cars and luxury sedans often have extremely high repair costs, which naturally drive up your insurance premiums. Fortunately, you can lower your rates by keeping moving violations off of your driving record and paying for minor repairs out of your own pocket. High-deductible plans offer much lower monthly premiums than other plans, which help contain costs without sacrificing coverage. However, make sure you have the funds available to cover your share if you do have to file a claim.
 

As a dedicated Nationwide® Insurance office, the Phillip Kent Beck Agency offers high-quality policies from one of the nation’s leading carriers. If you’re purchasing a Porsche® or rebuilding an old Chevy®, their experts will have an auto insurance policy perfectly tailored to your needs. Visit their website or call (336) 434-2111 to request a quote from their office in High Point, NC, and follow their Facebook for regular news and updates.

Other Announcements, Events and Deals from Phillip Kent Beck Agency
3 Types of Insurance Business Owners Often Overlook, Archdale, North Carolina
As a business owner, you might have insurance to cover your company’s assets and a liability policy to shield you from lawsuits, but sometimes a risk falls in between coverage scenar...read more
Top 4 Questions About Auto Insurance for Business Vehicles, Archdale, North Carolina
Entrepreneurs who rely on business vehicles to transport their products and make deliveries understand how valuable their fleet is for sales and profits. Just as important is having ...read more
3 Common Insurance Questions for Small Businesses, Archdale, North Carolina
As a small business owner, you know that protecting your enterprise is crucial. Securing the right insurance coverage is vital to this cause because it protects you against personal ...read more
5 Factors That Influence Car Insurance Rates, Archdale, North Carolina
The state of North Carolina requires drivers to register their vehicles and maintain certain minimum amounts of auto insurance. However, not every driver pays the same premiums,...read more
3 Tips for Lowering Your Auto Insurance Premium, Archdale, North Carolina
Every driver needs auto insurance for protection while they’re on the road. However, premiums can often be expensive, which leaves many people looking for ways to lower costs. P...read more