TMCnet News
Springtime brings out the classics; GEICO "insures" the fun doesn't endThere is something about nice weather that motivates classic car enthusiasts to roll out their vintage automobiles. Even if you are not into cars, you can't help but notice when one pulls up next to you at a stop light. A classic car brings a lot fun and excitement but maintaining one requires unique insurance needs. The GEICO Insurance Agency recommends car enthusiasts do a little spring cleaning and check their policy coverage. "Ask any car guy and they will tell you that driving a classic car evokes a certain amount of passion, pride and joy because of the time, commitment and money put into their vehicle," said John Zinno, president of GEICO Insurance Agency. "So it makes perfct financial sense that you have a good understanding of what's covered in your policy." Unlike a traditional vehicle, classic cars typically do not depreciate since they are garage-kept, driven less and well-maintained by their owners. Many classic cars feature one-of-a-kind accessories and specialized parts that may be difficult to find. Because of these unique circumstances, they require more than a standard auto insurance policy. Collector car insurance goes well beyond a standard policy and is based on the car's agreed value at the time the policy is purchased rather than the actual cash value. In the event of a covered total loss, policyholders receive the agreed amount of their car's insured value. Zinno mentions that it's important to mitigate risk. "Making sure your insurance policy coverage meets your specialized needs is a step in the right direction. At the end of the day, it's all about protecting your investment." View source version on businesswire.com: http://www.businesswire.com/news/home/20150529006005/en/ |
