One of the biggest concerns with classic car owners is getting the correct amount in return for claims made.  For example if you own a 68 camaro, you may find the book value on the car to be extremely lower than its real value.  These days, its hard to find a nice 68 camaro under $20,000.  In the event of an accident, it’s important to the owner to get the true value back from the insurance company..

.The solution to this is to request an optional coverage known as stated-amount coverage.  What you do is take pictures of the interior and exterior of the car.  Send the pictures as well as a market value appraisal, ordered from a trusted appraiser, to your insurance provider.  Your camaro will then be listed on the policy for the true value and so will your premium.  It may be wise to re-appraise the car every 6 months to make sure your classic is listed correctly on the policy.  The value of cars like this are continually rising and for something like this, you want to be properly covered.

After an accident, your vehicle may need to be repaired. Here are some things you need to know:

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Check your deductible.  If the damage to your vehicle is’nt major, it may be less than your deductible. For example, if your bumper needs to be repaired and is estimated to cost $199, and you have a $500 deductible, you will be responsible for the entire amount of $199. The insurance company will cover any repairs after the initial deductible has been paid. If you have a $500 deductible and the damage exeeds that amount, for example the repair estimate is $1050, you would pay the first $500 and the insurance would take care of the remaining $550.

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The insurance company will assign an adjuster to estimate the damage to the car and how much the company will pay to have it fixed. It may also be wise to get a few quotes from other body repair shops for estimate comparisons. The final choice of repair shop is yours. You may want to use a repair shop the insurance company chooses. If you choose a different one, be aware you may have to pay the difference if your body shop’s estimate is higher than the insurance company’s, unless the additional costs can be justified and agreed upon.  The first company may not notice something that needs repair that your company may have picked up on it.  With car parts, it sometimes can get tricky.  If you choose to put a brand new part on an older car instead of a salvaged or remanufactured part, you may have to pay the difference in cost.  If your car is brand new, you may find yourself fighting with the insurance company to make sure they understand the insurance was covering a new car which means you should be entitled to new replacement parts.

If your an owner of a high performance car, auto insurance rates can get extremely high. This goes especially for people who see an open road and push the car’s performance up a notch. One way to make sure your on the right path to an affordable auto insurance is by comparing rates.

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One car I owned in my early 20s was a turbo charged eagle talon. Being a pretty fast car, the performace could never compare to that of a Corvette. My insurance rates, however, felt like it should have. My rates were through the roof. Fully covered with one accident and two tickets still dwindling on my record from a couple years ago, I was shelling out roughly $400 a month. This was my major financial OUCH. I eventually got myself into the position where I could pay off the rest of my car loan and change my coverage from “full coverage” to “liability only”. This took my payment down from $400 a month to $67 a month. I cannot imagine the coverage cost if It was a Corvette I was cruising. The insurance costs will increases with the increase of risk.

Take that Chevrolet Corvette I mentioned. A well known example of American Muscle. Auto enthusiasts nationwide have much respect for this top sports car for it’s beautiful design and it’s high perfomance. When insurance agents are placed in the position to cover a policy on this car they see something totally different, a dangerous car that reaches top speeds faster than many people can handle. The risk of crashing isn’t all there is for the provider to be concerned with. The Corvette also attracts it’s share of car theft, vandalism (”haters”) and the high cost of repair in the event of an accident. Avoiding tickets will be another battle a driver must concour. With all the performance within the drivers reach, for some it will take a lot of patience and self control to be behind the wheel of a high perfomance Corvette. When looking for insurance make sure to take advantage of every discount you possible can. Merging homeowner’s and auto insurance together is one good step to take. Another is to be a responsible driver and avoid traffic violations, ask the agent you choose if there are any discounts availabe within your reach and make sure to shop around for quotes. Quote comparisons are a great way to save. Corvette Video - Push Play

Above is a video I felt would make a great addition to this article. This may play as a good example of how an insurance provider views a
high performance ride like this.

The global warming threat is increasing daily.  Auto Insurance companies have been encouraging the use of these vehicles by offering hybrid auto insurance discounts.  There are many benefits to owning a hybrid.  One, taking a stand against the global warming threat, lower insurance rates and of course lower gas costs.  Personally, when the hybrid’s starting coming out, I never really liked the designs.  Over the last couple years, hybrid vehicles have spread amongst a variety of auto makers and the designs have improved.   Below are a few of my hybrid favorites.

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To compare auto insurance quotes

click here.

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2008 Toyota Camry Hybrid
Toyota strives to build vehicles to match customer interest. 
The camry is typically built with popular options and option packages.
Pushing 187 hp the camry keeps great gas mileage with 33/34 MPG

2008 Honda Civic Hybrid
With 110 hp the Civic Hybrid is estimated to get
45 mpg on the highway 
Hybrid technology featuring Integrated Motor Assist IMA
Continuously Variable Transmission

2008 Escape Hybrid
133hp @ 6000 rpm
FWD - 34 mpg city/30 mpg highway
4WD - 29 mpg city/27 mpg highway

There are many discounts available whether you drive a hybrid model or not.  When deciding on an auto insurance provider make sure to ask the agent what discounts they have available.

Liability Only Auto Insurance

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Applying for “Liability only” coverage is one way you can go to get the lowest insurance rate possible. If you want to easily compare liability insurance rates, click below.

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Click here to compare quotes

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Choosing between liability only and a fully covered insurance policy:
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If you drive a car worth less than a few thousand, this may be the best coverage to go with. This also will depend on your driving record. If your 45 with a perfect driving record, full coverage costs increase may be minimal and worth the added expense. If your 18 with a reputation for sometimes pushing the performance of that rusty tuned truck, full coverage may be best for you. If you choose to go with liability you may want to increase the liability limits. I’ve seen state minimum liability limits as low as 30,000.
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Paying attention to liability limits:
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Now say one day your pushing it your best to get to work on time. Your driving your truck behind a slow driving geo. You check your blind side to pass at the same time the driver of the geo hits the breaks to avoid a water buffalo crossing the road. What happens? It crosses to safety and you ram the trunk of the car into the back seat. The driver gets away with only $30,000 medical fees. What happens if the driver happens to be a business owner who had to take a month off of work due to injurys. With your coverage spent this can become a serious problem. This is something to think about when deciding liability limits as well as your focus on driving safely. As you well know liability will only cover the car and person you hit. Losing your car and credit can happen at any moment your focus is distracted. Be careful out there and good luck.