Insurance significantly adds to the cost of driving, which leaves a lot of people wondering why they need it. Most only have it because it is required by law so they have the minimum that they are allowed to get away with. If you understand why you need car insurance you would probably make sure that you have adequate coverage and not just enough to satisfy the law.
Why Do you need Car insurance?
The main reason that you need car insurance is that you are required to have it by law. The reason for this is that a car accident can do a lot of damage, if you cause one you are financially responsible for the damage that you have done. Given how much medical bills can cost if somebody is injured in an accident you have to make sure that you have insurance to cover the cost. This is why you are required by law to have at a minimum liability insurance coverage.
Of course if you cause an accident there is a pretty good chance that you are going to do damage to yourself as well. Your liability insurance won’t cover this; it only covers injuries that you do to other people. For this reason you are going to want to have personal injury coverage. This is to cover the cost of any medical bills that you incur as the result of injuries that you have suffered in an accident that you have caused. In an increasing number of places this type of insurance is now becoming required by law as well. This is to make sure that the state doesn’t have to pick up the cost of your medical bills if you get injured.
Unfortunately despite the fact that all drivers are supposed to have liability insurance a lot of them don’t. This creates a problem if you get into an accident with an uninsured driver. This is another reason that you need to have car insurance. Uninsured driver coverage will make sure that you are covered if you do get into an accident with a driver who has no insurance and can’t afford to pay for the damage he has done. A lot of states are no starting to require this coverage as well.
One last reason that you are going to want to have insurance for your car is to cover the cost of any damage that is done to it. A car is a major investment and unfortunately they do suffer damage. This could be because the car got stolen or because you caused an accident in your car or any number of other reasons. Having car insurance can make sure that you don’t have to pay the costs for the damage out of your own pocket if something does happen to your car.
Exotic Car Insurance
These days’ exotic cars have reached the point where they come with price tags of several million dollars. Of course for that price you get outstanding driving performance. Unfortunately this performance creates its own problem, exotic cars are nearly impossible to insure. There are ways to get coverage but it isn’t easy, or cheap.
The biggest problem that you are likely to face when it comes to insuring an exotic car is that they have a level of performance that far exceeds anything else on the road. This is an issue from a liability standpoint since it makes it far more likely that you will be involved in an accident. The reality is that most people don’t have the skills or the experience that is required to drive these cars at anywhere close to their maximum performance. For this reason insurers are very wary about offering coverage. The good news is that if you have a lot of experience with exotic cars getting coverage becomes a lot easier. The challenge is in getting the insurance that you need to get the experience.
The best thing that you can do to get insurance coverage for an exotic car is to take a high performance driving course that uses similar cars. This level of training will show the insurance company that you are serious about making sure that you can handle the car. Make no mistake a lot of companies will still turn you down and the insurance will still be very expensive but you should be able to find somebody who will insure you.
The other issue that insurance companies have with exotic cars is their cost; some of them can cost several million dollars. Obviously that means that an accident could get very expensive. Even the cost to repair the damage from a minor fender bender can be huge because of the need to get custom parts for the repair. There is no getting around this problem so you can expect to pay a lot for your insurance. In fact the cost of comprehensive insurance is so high that a lot of people believe that it is not worth getting coverage. Obviously you need to have liability coverage to be allowed to drive. However comprehensive coverage is optional and many exotic car owners find the cost can’t be justified. They just pay for any damage out of their own pockets.
If you are going to get insurance for your exotic car you are going to have really look around to find it. Regular insurers won’t touch it; you will need to find a company that specializes in these kinds of cars. You can be sure that your insurance will be very expensive and it will come with all kinds of restrictions, this is just a part of driving an exotic car.
Basic tips to protect you car collection
A car collection is a major investment of both time and money so you are going to want to make sure that you protect it. Most of the things that you have to do will be commonsense and most collectors will have a pretty good idea of what is involved anyway. That being said you do have to make sure that you follow the necessary steps to keep your cars safe.
The most important thing that you can do to protect your car collection from harm is to make sure that the cars are always parked indoors. The weather can do a great deal of damage to your car so you are going to want to make sure that your cars are protected from it. In addition you want to make sure that the garage where you store your cars is kept clean. If you allow the garage to become a mess you run the risk of a fire or that your car will get scratched or in some cases that mice will get into the garage and chew up the car.
It is also important that you make sure that the garage you store your cars in has a security system. Obviously theft is a serious problem with any cars so you want to make sure that they are protected. You will also want to make sure that you have a fire alarm. If you have an expensive collection you will want to make sure that you are using a monitored alarm system so that help can be dispatched immediately if the alarm does go off. It may also be worth it to install a sprinkler system to protect your cars from fire if you have an expensive collection.
Another important part of protecting your car collection is to make sure that the cars are properly maintained. If you drive the cars you have to make sure that you do things like check the oil and do any other required maintenance on a regular basis. Remember older cars need more attention than new cars do. It is also important to keep in mind that cars are meant to be driven, therefore if you have cars in your collection that you don’t drive you have to pay attention to them. They need to be started on a regular basis to keep everything working properly.
Of course no matter how hard you try you are not going to be able to protect your car collection from all damage. That means that you are going to have to have insurance. There are various different insurance options available depending on your needs. The best bet is to get your coverage from a company that specializes in classic cars. If you have a collection of classic cars you should be able to get a discount to insure multiple cars.