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Classic Car Insurance for Collectors

If you have a vehicle that qualifies as a classic or collector automobile you may want to look into some specialized insurance. While you can just add that vehicle to your normal Auto insurance policy there are benefits in a more taylored classic policy you should consider.

Storage in cold climates

One of your activities as a collector car owner, especially if you live up north like Wisconsin, is storing it. Unless you feel like paying high rates 12 months out of the year you will likely have to call up your insurance agent twice a year to remove coverage then add it back on. The risk in such an activity is forgetting to add your coverage back on because you take your beautiful vehicle back on the road.

Storage coverage generally only covers your vehicle for comprehensive coverage. This coverage pays out for perils like roof collapse, theft, vandalism or fire. One large coverage notably absent from this list is liability. You will want that coverage if you are out on the road. A collector car policy understands you aren’t going to drive that vehicle all year round and so it builds that into the rates. This means you wont have to alter your policy at all The fact that most companies like Hagerty or American Collectors Insurance are based in northern climates proves this.

Valuation of your classic vehicle

Most auto insurance policies are designed to base your rate off a blue book value which determines what you will be paid out in the even of an accident. A forty year old vehicle that is kept in mint or pristine condition should be valued differently. Collector Car companies understand this and employ experts to aid in proper valuation of your vehicle up front. They also understand that fixing or repairing damage to older vehicles is a more intense process for a mint collector vehicle.

Limitations to consider

Obviously to qualify for the lower rates and specialized coverage there will be limitations. For instance, your vehicle will likely have to be in a completed status, or not in the restoration process. You will be required to provide many photos of your car including interior and trunk photos. A further limitation is a cap on total annual miles. The rates are low because folks that own older collector vehicles generally do not use their cars as primary auto. For this reason they only accept vehicles driven under a number of miles per year.

Other types of coverages

These companies don’t just stop at private passenger cars. Many have branched out to other specialized markets like collector tractors or collector boats. Some will insure collections in general. Because collectors take extra good care of their machines these companies can provide a very specific service and save you money overall. Call your agent or us today for a collector vehicle quote!

By Aaron Wallrichinsurance 101, product information No comments yet

Using Deductible tools to save yourself money

As long as there have been insurance policies there have been insurance deductibles. The general idea of a deductible is that if you have a loss the deductible is your “share” of the loss. So, lets say you have an auto colission loss and your deductible is $1,000. The total amount of damage or “cost to repair” is $12,000. The insurance company will pay you $11,000 to repair your covered vehicle.

A deductible is the amount you pay out of pocket when you make an insurance claim. Deductibles are usually a specific dollar amount, but they can also be a percentage of the total amount of coverage on the policy. Some deductibles are the same across all your policy perils, some have separate deductibles. Some homeowners insurance companies, for instance, have seen alot of wind claims in certain areas over the course of many years. You may see a wind deductible that is separate from say a fire loss. Many companies will have a 1% deductible. This doesn’t mean you pay 1% of the loss, it means you pay 1% of your total coverage. If you have a $500,000 home limit your deductible is $5,000 on a loss.

As you can see the insurance companies will use the deductible as a tool to offset claims and thus keep premium amounts reasonable. Some insurance companies have come up with tools to help you save money on your deductible while rewarding customer loyalty.

Combined Deductibles

Some companies will offer you a combined deductible, so if you have multiple covered cars involved in a single accident or maybe a scenario where your vehicle and home are both damaged in a single event, like a hale storm or backing into a garage door, you will only pay one deductible.

Deductible Bank

Some companies have a “deductible bank” or “deductible savings bank”. Its a bit misleading. In most cases its like a loyalty system where every year you keep a policy active you gain $100 in your deductible bank. So after a year your deductible would still be $1000 but at the time of loss they would reduce it by the $100. Once you use it the total resets in your bank. Every company has different rules but be aware that in some cases this is an option you actually pay more for.

If you are savvy or have a great insurance agent you can use these tools to your advantage. Ask about these options today in so you can start saving money.

By Aaron Wallrichinsurance 101, product information No comments yet

Boat Insurance Coverages you may not know exist

Many people assume that since you do not need a Drivers License to operate a boat on open waters that you do not need to insure it.  While that is technically true, in Wisconsin you do not need a license to operate a watercraft, you will still be legally liable for damaging property or bringing Bodily Injury to others while on the water or putting-in your boat.

First you may want to check your homeowners policy or call your agent to see if your home policy will cover boating liability. Some policies will cover your liability if your boat motor is rated under 100 Horsepower. The general idea here is that your small fishing boats, canoes and kayaks will be covered under your home policy as a nice policy bonus. But as you upgrade and add fishing equipment, stereo systems, skiing rigging or higher powered engines its tine to get that separate policy in order to protect yourself.

Will I be covered if another boater hits my watercraft or injures me or my passengers? The answer here is with a stand-alone boating policy you can purchase uninsured and under-insured coverage for very little to make sure your boat and medical bills are covered in the event an irresponsible boater causes you harm. There is no need to add insult to injury by having to sue someone after an accident on the water.

Can I purchase coverage to get my boat towed if it stops functioning on the water? With most policies you can buy on-water towing coverage. If you have ever been stranded out on a lake you will know how hard it is to get you pulled ashore and the next surprise will be your bill when you are safe on land. By adding towing you can rest easy this situation will not interrupt your leisure time.

Will my homeowners policy cover my personal items or fishing equipment if they are lost or stolen on the water or while on my trailer? The answer here is “maybe”. Again you will want to read your home policy or check with your agent to be sure. Whether it is covered or not the last place you want any type of claim is on your homeowners policy. It can affect your rates and in some cases get your policy non-renewed. This is why we recommend separate boat, atv/utv and snowmobile policies in the first place to our clients. On most boat policies you can add coverage for “personal effects” and “fishing equipment” for a low additional premium thus transferring that risk to a separate inexpensive policy.

Can I get Replacement Coverage on my fancy boat or will it be depreciated when a claim happens? Like most Automobile policies your boat will likely be values on an Actual Cash basis at the time of a claim. However on some boat policies if your watercraft is 1 or 2 years old you can buy an endorsement to ensure that if you have a large claim you can get a full replacement on your boat.

Will a mechanical failure be covered by my boat policy? The answer here is largely NO. Recently some insurance companies have added “affordable wear-and-tear” coverage or “lower unit” coverage to your boat policy. This was in response to so many related claims where a covered loss also caused damage to lower units in these boats. Ask your agent if this is a possible add-on but it is a good rule of thumb with any vehicle insurance policy to assume wear-and-tear is excluded and is more of a warranty issue.

By Aaron Wallrichinsurance 101, product information No comments yet

Stay afloat with Boat Insurance from the Wallrich Agency

The Wallrich Agency provides affordable boat insurance coverage options for recreational boaters in Wisconsin. Low-cost policies, available for most boat types, are available through our top national carriers like Progressive and Nationwide insurance. Find the right policy for your boating lifestyle.

Stand Alone policies for your boat

Many agents will slap your beautiful watercraft right on a homeowners policy.  There are two problems with this.  The first, if you have a boat claim it is technically classified as a “home claim” which can cause your homeowners rate to go up and lock you out of many preferred programs.  The second reason is your coverage will not be adequate for the modern boater.  Our stand-alone policies come with plenty of options for specialized coverage, such as Roadside Assistance, Towing, Total Replacement, and more.

Coverages you may not know about:

Don’t wait until you have a claim to learn about special coverages.  On-Water Towing is a popular coverage which will help you in case you’re stranded on the water.  You may also want to have Uninsured Boaters coverage because not everyone zooming past you will have insurance. You can also choose Fuel Spill Liability and Wreckage Removal coverage. Without these watercraft insurance coverages, you may end up getting stuck with the bill for cleanups and removals. Personal Effects and Fishing Equipment coverages are also available with our carriers.

No matter what propels your watercraft be it wind, inboard, outboard or jet we can cover it at the Wallrich Agency.  Contact us today.

By Aaron Wallrichproduct information No comments yet

Hit the Highway with Motorcycle Insurance from the Wallrich Agency

Count on the Wallrich Agency for quality motorcycle insurance coverage from top insurers like Nationwide, Dairyland and Progressive with great, low insurance rates.

Low Motorcycle Insurance Rates

The Wallrich Agency covers a wide range of motorcycles including standard bikes, cruisers, sport / high performance motorcycles, off-road vehicles and more.

The Wallrich Agency also offers motorcycle insurance packages, and the best motorcycle insurance discounts including OEM Parts and Multi-Policy discounts to your auto and home insurance policies. We also didn’t forget scooters and mopeds, ATVs, UTVs & Off-road vehicles, and off-road motorcycles & dirt bikes.

Custom Parts – covered properly

Some policies require you to add coverage for your custom parts and equipment.  The bike you carefully choose and outfit needs to be protected fully – this includes all your accessories.  All the policies we sell come with two to three thousand dollars of custom parts coverage.  Many agents will fail to explain this but it can become a huge problem if you bike is stolen for instance.  Coverage over the minimum amount is very inexpensive.

Year-round coverage

We live in Wisconsin so we understand you only get half a year to enjoy your motorcycle.  Many riders will take out policies to cover their bikes during the riding season then remove the coverage in the Winter to reduce their costs.  There are two problems with this: The first, You may get excited to get that motorcycle out of the garage on the first day of Spring and not have insurance coverage in place.  What’s worse, you don’t have coverage for your bike while it is in storage.  The second problem, insurance carriers will sometimes rate you higher if you do not have continuous coverage.  Our solution is simple, we only sell policies from companies that understand our climate.  They have tweaked their rates to account for those months you do not ride.  Some build it into the rates and some give you a seasonal discount.  The best part about having a flexible annual policy is when the sun comes out you can hit the road worry-free.

With hassle-free service and great low rates for motorcycle insurance, you’ll have no worries about having the right insurance coverage for your motorcycle or ATV/Off-Road vehicle.  Contact us today for a quote or to get coverage started!

By Aaron Wallrichproduct information No comments yet