Getting sufficient car insurance for your classic car, while still managing to get the best value for your money, can be a bit of a balancing act. When you have a solid broker behind you, this task will be made much easier. The Legends Insurance team always strives to help you find excellent auto coverage that is also relatively affordable.
Auto Insurance: Finding a Middle Ground Between Policy Features and Cost
As you are shopping for coverage that meets your needs, make sure that you ask your broker questions until you fully understand the implications of your final decision.
In the meantime, you can use the points below to gain some understanding of the basics. These tips should help you to determine what kind of plan will yield the most value based on your circumstances:
- Third Party Liability: You must have at least basic liability to drive legally on Canadian roads. In most provinces, the minimum coverage is $200,000. Liability covers only the damages and injuries for another vehicle or person if you are at fault. Thus, buying the minimum may seem like a cost-effective plan. Unfortunately, if you cause damage to your own vehicle or sustain injuries as a result, you will be stuck paying the bills. This means that minimum liability insurance may not ultimately deliver the cost savings you expect.
- Collision: If you are at fault or partially at fault in a collision, this type of insurance offers protection against damages to your car. The general rule is that this variety covers you if your vehicle was moving at the time of the incident, even if you hit an object that was stationary at the time, such as a street sign. You would also be insured if another driver collides with your vehicle and leaves immediately (hit and run). If your classic car is worth a lot, you would want to have at least collision added to the policy.
- Comprehensive: This provides further insurance for your automobile. It applies to damages that occur while your vehicle is parked. If your car is vandalized or stolen, the comprehensive plan would likely cover the financial loss. This type would also be applicable if a tree falls on your car during a storm. Like adding collision to the terms, buying comprehensive could pay off in the long run if your prized possession is worth a significant amount of money.
Consult Legends Insurance About Specialty Coverage
Is your classic automobile a collector’s item? Do you spend all your free time at classic auto shows, looking for your next amazing find? If so, be sure to speak to a representative of Legends Insurance. Your car might qualify for specialty auto insurance, and we can help you find a package specifically designed to protect a classic car. When you own a legendary vehicle, you should always ensure that it is properly insured for damages. Coverage for your collectible is always a wise investment.
Ask for a quote today for your auto, motorcycle, or classic car insurance in Medicine Hat, Calgary, or Brooks from Legends Insurance. Give us a call today at 1-800-830-9423.