Vehicles are one of your precious investments. No matter how safe you are, accidents could happen anytime. Therefore, it is prudent for you to keep them insured so that you are protected and get back on the road quickly in case of an unfortunate event.
Let’s help you find the right type of insurance for your vehicle:
Types of Vehicle Insurance
Contrary to what people believe, there is no generic insurance for all vehicles. In fact, security varies from one vehicle to another. For example, you can have one type of car insurance for regular vehicles and another for motorcycles. You must also take into consideration Guaranteed Auto Protection, or GAP.
Classic Car Insurance
If you are a car aficionado, you know very well that Classic Car Insurance (CCI) is not just your typical kind of automobile security. Rather, this insurance provides protection for specially designed vehicles. In addition, it also covers those expensive vintage cars that owners hardly drive themselves. It is common knowledge that not all insurers are willing to cover these automobiles. For one, they are expensive and highly risky. Thus, choosing the right company to ensure the security of your valuable vehicle is pertinent.
Criteria for Classic Car Insurance
Classic Car Insurance does not cover all vehicles. A car owner must fit the criteria before availing the benefits of CCI. If you satisfy all the criteria below, you may be eligible to avail of this amazing coverage:
Car Usage
You can only enroll your vehicle in CCI if this is not your primary vehicle. This means that you only use the car from time to time and not on a daily basis.
Car’s Age
Conventionally, insurers only accept classic vehicles that are at least 15 years and older.
Type of Vehicle
Your car must fall in any of these categories:
- Veterans – cars with manufacture dates on or before 1904
- Edwardian – vehicles with manufacture dates between January 1905 and December 1918
- Limited – rare vehicles in limited editions
Parking Space
Insurers require that Classic Cars have an indoor parking space.
GAP Insurance
Guaranteed Auto Protection Insurance can be one of the most complicated policies in the market. However, it can be a saving grace for most owners of brand new cars. Why? Here’s the reason:
GAP covers the remaining obligation of a newly purchased car after an accident or theft. For example, you leased a car worth $35,000 and after two months, a drunk driver completely destroys your car. An insurance company comes in and assesses the value of your car. Considering the depreciation factor, they find out that the car is just worth $30,000. Hence, this is the amount that they will cover. As a result, you are left without a vehicle and a $5,000 debt.
However, if you choose to avail GAP, the insurer will cover the remaining $5,000. As a result, you do not have to worry about the debt any longer.
When Is the Best Time to Get GAP
Generally speaking, you must avail of GAP when you:
- Buy a car with small down payment
- Lease a new car
GAP may seem to be too hefty for your pocket. However, it is less compared to what you will be spending if you do not have it. More importantly, it serves as a reliable fallback when you lose your car due to accident or theft.
Motorcycle Insurance
Most vehicle owners are more attached to their motorcycles rather than cars. Apparently, it is not surprising since the two-wheeled buddies can take you almost anywhere with a thrilling ride. However, most owners would agree that riding a motorcycle is riskier. Since they are more prone to scratches and repairs, it is smart to get insurance for your motorcycles.
Factors Affecting Motorcycle Premiums:
Similar to cars, insurance premiums vary from one motorcycle to the other. Most insurers use the following factors as the basis:
Type of Motorcycle
The faster and the more powerful your bike, the higher the premium that you may have to shoulder. Apparently, fast and powerful motorcycles are more prone to accidents compared to the regular ones.
Type of Engine
The stronger your engine’s horsepower, the faster you can go. Hence, a higher risk of accidents and damage to your bike.
Parts
If your motorcycle is made of premium and expensive parts, your premium may be higher as well. The good news for people who are looking for motorcycle insurance in Pennsylvania, and other types of auto insurance, is that Body-Borneman is here to help you get the best coverage at the lowest possible rate.
Regardless of the type of vehicle you drive, they are able to offer you insurance policies that you can count on. We are a team of professionals dedicated to ensuring the safety of your vehicles. They work with the best insurance carriers who offer maximum coverage at minimum rates.
