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Insuring Your Willys Jeep For Its True Value
by
Christine Harrell
Once you have managed to get enough Willys Jeep parts to get the old junker you found running, you then need to think about auto insurance if the vehicle is going to be anything more than a showpiece. However insuring a classic vehicle is a little different than insuring a new car.
The first step is finding an insurance agent who has experience insuring classic vehicles. Specialty insurance programs for classic cars have some singular characteristics and an agent who doesn’t understand the details may get you a policy that doesn’t meet your needs.
How Much Is Your Willys Worth?
One of the unique aspects of a classic car is that its worth is subjective. It’s easy to value a new or used car you picked up at the local auto dealer by simply looking up the Blue Book value. However you know your Jeep is more than just a collection of Willys Jeep parts. To reflect this, there are three values used by the insurance industry: Actual Cash Value (ACV), Stated Value and Agreed Value.
ACV is the way traditional auto insurance works. The car is insured for its book value, which is based on its original price and adjusted for depreciation as it gets older. This isn’t a good choice for classic cars as it doesn’t take into account the intangible worth these vehicles carry.
Stated Value isn’t offered by all policies but allows you to insure a vehicle for how much you feel the vehicle is worth. However the flaw with Stated Value is that the insurer is not bound to this figure. Basically you pay the premium based on this value but will almost certainly get far less if the vehicle is totaled.
Agreed Value means that both you and the insurer agree to insure the vehicle for the amount you determine. This is generally accepted as the best way to insure a classic vehicle like a Willys Jeep. Parts of the auto insurance world are still confused by the difference between Stated and Agreed Value so be sure to find an agent who understands them.
Read and Understand the Policy Qualifiers
Specialty auto insurance often has particular conditions under which the vehicle can be insured. Failure to follow these rules may void your policy after an accident. Common limitations say that your vehicle:
-can be driven less than a certain number of miles per year
-can’t be used as a commercial vehicle
-must have been built before a specified year
-can’t be used for defined activities
That latter condition is especially important for Willys owners because the policy may not allow you to use it as an off-road vehicle.
Before putting hundreds or thousands of dollars of Willys Jeep parts into your vehicle, be sure to talk to an experienced classic auto insurance agent. By investigating insurance options early, you can make an informed decision when your Jeep is ready to drive.
Author is a freelance copywriter. For more information on
WillysJeep Parts
, visit
walcks4wd.com/
.
Article Source:
ArticleRich.com