How to Properly Insure Your High-Value Car

Congratulations! You just rewarded yourself with the purchase or lease of a gorgeous car with a price tag over the $100,000 mark. Of course, you got car insurance, as required by your state, but if you opted for the bare minimum coverage, you could lose your new ride after a simple fender bender. That special car needs a high-value car insurance policy.

Maximize Your Auto Insurance Liability and Medical Coverage

Most states have a minimum liability requirement listed on their auto insurance regulations. While the $10,000 to $25,000 coverage will pay the bills for most traffic accidents, the fact is that your high-end vehicle is driving around with a target on its door. It is advertising that the owner likely has a deep pocket, and the other party may decide to go after you for additional expenses.

It is a good idea to talk to your agent about raising the maximum payouts for medical payments, property damage, and liability. For you, this means that if you cause an accident, you end up paying only your deductible while your insurance protects your bank account. And the other guy? They are properly compensated for their injury or losses.

Discuss an Agreed Value for Your Future Collector Car

When you are driving the only Maserati or Land Rover in town, finding a replacement after an accident can be a little more challenging compared to your Dad’s Ford. It will not depreciate at the same rate as other more common rides. For this reason, high-value and collector cars often include an Agreed Value section. Most standard car insurance policies will lower the market value of your ride as the years go by based on statistical depreciation. The Agreed Value will remain the same, protecting your investment and allowing you to replace the unique ride with a comparable one if it is lost in an accident.

Check Off the Box for Flat-Bed Towing and Premier Repairs

The transmission and suspension on your supercar will not appreciate being hooked up to a standard tow truck. Prevent additional damage resulting in an even higher repair bill when you opt for the premium tow section on your policy. You will also want to stipulate that any repairs made to your car will be completed according to factory specs and at the certified dealer or restoration shop of your choosing. Other car insurance policies often specify that parts and labor will be done at lower rates, using aftermarket parts. That kind of repair can significantly alter the value of your unique ride. Making these decisions now limits your frustration and disappointment later.

Consider Adding an Umbrella Policy to Your Insurance Portfolio

Finally, if you live in an exclusive neighborhood, you just might end up scratching the paint on other high-value rides. An Umbrella Policy provides added protection when the liability portion of your auto insurance is maxed out by a tragic or expensive accident. There is no reason to put your car, home, and savings on the line due to some bad luck.

Even if you bought the new sports car on a whim and fast-tracked the transfer of your old car insurance policy, you can still make changes now. Simply pick up your phone and have a discussion with your agent about completely protecting the new ride and your bank account today.

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