photo credit: Aaron_Rosenberg
It may seem obvious, however, many sports car enthusiasts feel that because they only drive their cars to and from trade-shows, occasional exhibitions, or out for an impressive night on the town, they do not need the added expense of premium car insurance. The unfortunate truth of the matter is that Newton’s Law remains in effect. No matter how carefully we park our new toys and vintage classics several spaces away from that dented minivan, we must prepare for the worst.
Recently, a close friend of mine was very excited to show me what his newly modified Mustang Cobra, complete with over 500 hp, was capable of on the highway. I secured the safety belt over both shoulders and leaned back into the incredibly comfortable seat. As we pulled out of the neighborhood, heads turned hundreds of feet before we passed, and next strained to allow our audience to follow the thunderous sounds of the engine. Within seconds of entering our local interstate, he flew from first to fifth gear much faster than I had expected. As we hit 165 miles an hour, my heart pounded loudly in my ear as the force pushed me farther back into the seat.
Clearly, the vehicle was a thrill to own and an absolute dream to drive. After a few short months of burning copious amounts of overpriced premium fuel and bankrolling bar tabs to secure his image, he was worse than broke. He was in debt. In order to keep up with the payments, he decided to drop his insurance policy for a few months to get his finances back under control.
Although it seemed like a good idea at the time, he was driving around a monthly bill that was higher than his rent with no protection. He had to stop shopping at his favorite local organic food stores and revert to penny-pinching at Wal-Mart. Upon returning to his once stunning red and black Cobra from inside the store, he found the passenger side of the car scraped of its paint from hood to trunk. The note left behind for him read, “Sorry, hope your insurance covers this.”
His faint memory of the Forest Green minivan that he had parked next to when reaching the store was not enough of a lead for the police report. The costs to repair the exterior damages of which were in thousands, were minute compared to what it would cost to replace the 20 inch chrome alloy rims and internal damage to the suspension.
If you are unhappy with your current insurance premiums or feel that you cannot afford premium coverage, speak with your agent before canceling. If you feel that your agent has not done a good enough job of finding sufficient coverage at a cost you are comfortable with, shop around. Whatever you do, do not cancel your policy or sign up with an unreliable internet insurance company.
It is important to understand what your policy covers, how much your deductibles are, and when there may be savings available to you. There are plenty of agents hungry for your business. Insurance is in place to prevent financial struggle, lower your unexpected expenses and minimize the out of pocket costs of collisions, totals and the unexpected attack of uncoordinated minivan drivers.
F. P. Clark is a claims consultant from Great Britain. He suggests creating a photo archive to document your property in case of a loss. This is also a way to make certain that your home contents insurance coverage accurately covers any possible losses.
Recent Comments