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Tips for insuring your collector car

6/29/2016

 
It’s summertime in Napa Valley, and I’m seeing more collector cars on the road. I love seeing a beautifully restored classic car being driven by a proud owner. They belong together, and they add something special to our community.

So if you are a classic car neighbor of mine, I want to make sure you are insured properly. Your cars are special, and so is your insurance. Here are some basic tips for insuring your collector car:
 
1. See if you qualify for a lower insurance rate.
Many insurance companies understand that insuring a classic or collectible car is a good risk. If you own a classic car, they know that you are extremely careful with it. It’s your “baby,” and they get that.
So you can get a lower rate. Often a much lower rate.
But you need to meet several criteria. Normally, you must be an experienced driver with a relatively clean driving record. The vehicle must be within certain age categories, and generally in good condition.
Most importantly, almost all insurance companies want to make sure that you aren’t using your collectible car as your primary vehicle.
 
2. Make sure your car is properly appraised.
There’s good news (and bad news) about the term “Agreed Value.”
Specialty auto insurance that covers your collector car is different than normal auto insurance. It doesn’t pay a claim based on current actual cash value (ACV). If your car is damaged or destroyed, you can get reimbursed for its full value with a collector car policy. No depreciation.

That’s the good news.

The bad news is that the full value of your car needs to be agreed upon in advance at the time you buy the policy. That’s what they mean by “agreed value.”

Your car may increase in value over time. But if you don’t adjust your policy to reflect the increased value, you may end up short at claim time.

Make sure you get an appraisal from a certified appraiser, and compare it to the insured amount in your policy.
 
3. Know the restrictions.
You can get a lower rate with classic car insurance. But there are some restrictions. Mileage limits is the most common- most policies limit the miles driven per year to a certain low number. Check your policy.

Also, some policies can be very specific about things like race track events, off-road events and even how they cover unattended vehicles at car shows. Sometimes there are rules on garaging, and reasons for driving, as well as alarm systems- we’ve seen these and more in some policies.
 
4. Talk with an experienced agent.
Policies can be very different when it comes to insuring classic or collector cars. I recommend sitting down face to face with a local insurance agent and discussing your current policy. Your agent is trained to understand and explain the finer points of collector car insurance.
​
And maybe you can explain the finer points of your “baby” to your agent. I’m sure they would enjoy that.
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Bruce Sackrison is an insurance property and casualty broker affiliated with Professional Insurance Associates helping clients with insurance needs for personal, commercial and business insurance. Bruce can be reached at 707-931-0186, bruces@sackifs.com

Self-driving cars and auto insurance

6/15/2016

 
Most of my friends are not ready to let their car take them home while they nap behind the wheel.

Maybe you aren’t ready for self-driving cars either.

Many of us wonder if the machines will ever do as well as human drivers. After all, we still put pilots in the cockpit of our passenger jets, right? We have good reason to wonder- is this really going to happen?
 
SELF-DRIVING CARS ARE HERE NOW
Self-driving cars are here to stay. Somewhere over the last few years, they have become more than a futuristic science fiction thing. As of right now- they are a real thing.

In June, 2015, Google made the huge announcement that they had just logged one million driverless miles in test cars. Many of those miles were right here in California. We know that they were driving Lombard Street in San Francisco. However, I don’t know if any of them were here in Napa. If you saw one locally- send me an email or give me a call. I’d love to hear your story.
 
WHEN WILL WE BE ABLE TO BUY A DRIVERLESS CAR?
By 2035, many experts estimate that one-quarter of all new cars being sold will be self-driving cars. Tesla has already introduced a form of self-driving technology, basically “autopilot,” but with limits.

Most major auto manufacturers are betting their future on self-driving cars, including Audi, Ford, Mercedes, Nissan, Toyota and Volvo. And General Motors may be leading the pack.

GM is rolling out “Super Cruise” which will debut in their 2017 CT6 large sedan. According to General Motors, Super Cruise will “allow for hands-off lane following, braking and speed control on the highway, both in bumper-to-bumper traffic as well as uncongested conditions.”
 
CHALLENGES
There are significant challenges to eliminating the steering wheel from your car. These include:
  • Technology fails.
  • Sudden changes to driving situations (picture a cop gesturing for you to pull over).
  • Hacking and security issues.
  • Ethical dilemmas. How do you program for “no-win” scenarios?
But challenges will be solved, and our collective trust will grow over time. We eventually learned to trust elevators and the flying machine.
 
WILL YOU STILL NEED INSURANCE?
Yes. We are a lifetime away from every vehicle being hands-free. Human error, and accidents, will continue to happen for years to come. But the “bad news-good-news” is that your premiums will likely go down in decades to come.
Premiums will eventually go down. Yes, I said it twice.

Why?

Simple. As cars take over more of the driving, especially on highways at high speeds, claims will go down. And when claims go down, so do your premiums. Some predict by as much as 60%.

Warren Buffet, who owns controlling interest in GEICO, when asked about what happens when premiums drop, was quoted as saying: “we would not be holding a party at our insurance company.”
​
But you might be holding a party. Maybe even while your car drives you down the road.
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Bruce Sackrison is an insurance property and casualty broker affiliated with Professional Insurance Associates helping clients with insurance needs for personal, commercial and business insurance. Bruce can be reached at 707-931-0186, bruces@sackifs.com

Seven things to know about boat insurance

6/1/2016

 
It’s that time of year again. If you are one of the 87 million recreational boaters in the United States, then you’ve probably got your boat out already.

And you probably know that you need boat insurance.

But there are some things that you may not know about boat insurance. Here are a few:
 
1.  Lay-up periods can be your friend.
A “lay-up” period is when your boat is in storage and not being used. Many insurance companies offer a discount for letting them know that your boat is put up for the winter. Check it out.
 
2. Boat insurance only covers you on the water.
I know that’s a surprise to many people. But if your boat is attached to your vehicle, only your auto insurance will cover damage to it- not your boat insurance. Likewise, if a tree falls on your boat in the driveway at home- only your homeowners policy will cover it.
 
3. “Cash value” coverage can leave you short of cash.
It’s easy to get a low quote if you select “cash value” coverage as an option. That means that if your boat is a total loss, you will only receive “fair market value” for it. But that won’t replace your boat. Consider choosing “agreed upon value” as a part of your policy. You’ll have a better chance of boating again after a loss.
 
4. Not all your gear is covered by boat insurance.
Generally, only equipment that’s permanently attached to your boat is covered under your boat policy. This is true on the water, and especially true when your boat is in the driveway. It’s important to know what’s covered ahead of time.
 
5. The difference between “towing” and “salvage” could hurt you.
When does a breakdown on the water become a “salvage” operation? Why does that matter? Because salvage is much more expensive than a tow, and you need to make sure that your policy covers both towing and salvage.
 
6. You aren’t covered on every body of water.
 Really? Yes, really. There’s a provision in most policies called “navigational warranty.” It simply means that you’re covered on most waters- but not all. Here are the usual guidelines (but check to be sure): boats up to 26’ are usually covered on all inland waters in the U.S. and Canada, as well as on coastal waters. But if you’re planning on a long voyage on the open sea, or you are heading to Mexico with your boat- discuss this with your agent.
 
7. Optional coverages can save the day.
What if you have a fuel spill and you are required to pay for the cleanup? What if an uninsured boater hits you? These risks aren’t normally covered unless you add them to your policy. Also, standard liability limits are often too low. Ignoring optional and additional coverages can be risky.
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Boat insurance can be confusing, so let your local agent help you navigate these waters.
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Bruce Sackrison is an insurance property and casualty broker affiliated with Professional Insurance Associates helping clients with insurance needs for personal, commercial and business insurance. Bruce can be reached at 707-931-0186, bruces@sackifs.com
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    Bruce Sackrison

    Napa, California
    (707) 931-018

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