Classic Chevy Parts FAQ 7: Should I insure my car even if I drive it infrequently?

Should I insure my car even if I drive it infrequently? www.southeastchevyparts.com
We have a good friend and customer that used to own one of the most beautiful restored 1957 convertibles in the country. He thought that he could save himself a good deal of money by only insuring the car when he took it out on the road. He kept it very close to his home in a locked garage, under security with an alarm system. Recently, my dad was visiting with him on the phone and he could tell something was distressing him. My dad was shocked when his friend informed him that his beautiful restored 57 convertible no longer existed. Well, it did, but as a pile of melted and burned parts. My dad, trying to lighten the mood responded “Oh, well at least you had it insured” to which his friend sadly replied “Actually, I didn't. I was trying to save money and so I did not have it insured when it wasn't on the road. And since i had it in the trailer in a locked garage, i never anticipated that my house or my garage would burn to the ground'.
What's the lesson to be learned? Any car worth collecting is worth insuring at all times at least for fire and theft. It's reasonable to suspend liability if you hardly ever drive it. But never suspend it entirely even if the car is not on the road. This would apply even during the time you would be restoring the car. A lot of insurance companies have difficulty since they claim that one can hardly drive the car as it's being restored. But, it's still absolutely essential to have at least comprehensive which includes fire and theft even though you are not operating it.
I'll leave you with one more story to drive home the point. Another friend of ours lives right down the road from us. He had a dealers license for exotic cars and since the license as well as the insurance to drive the cars was fairly expensive to keep, he often would not have the cars insured. One day, he and his wife had traveled to Atlanta, GA for some reason and as they were relaxing in their hotel room they happened to notice the news about a number of sinkholes plaguing the Orlando landscape. As he was watching the screen, they showed live footage of a black Porsche sliding into a hole backwards. He looked at this wife and said 'that looks just like my car'. the travesty was - it was his car. He had taken his car to a shop to have some work done on it and it was in that very parking lot where the sinkhole appeared. What was sickening was that he had suspended his insurance on the Porsche. He learned that a number of the other owners who lost their exotic cars in the same hole had also suspended their insurance. They ended up working together to get the cars out. They had to send divers down to strap the cars in a harness and then lift them out with a helicopter. It was crazy, but it was cheaper for them to pay the $40 or $50,000 dollars to remove the cars then to lose the entire value of the car. But it would have been much cheaper if they had just kept their cars insured. Learn from their mistake. Keep your classic Chevy insured.
If you have any questions, email us at [e-mail] or call our shop today at [phone] to speak with one of our original Chevy parts experts and let us help you get your classic Chevy dream car on the road.
Do you have a sad story about not insuring your car? We'd love to cry with you. Go ahead and write in the comments section below. Do you know of someone who has experienced this? Share this video with them so we can hear their story too.
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[@MrDmorgan52]

It's required in GA. When I bought my Caprice, since I had borrowed the money. I had to put full coverage on it, couldn't buy insurance without it being licensed! So.. it's sitting in back yard while I work on it but hey, It's insured!!!

[@a409ss]

One issue many enthusiasts find difficult is obtaining a certified vehicle appraiser that can stand behind a Valuation both for the owner's insurance company, but also for those instances when it's the other guy's insurance company. We can protect our investment by not only acquiring the proper coverage, but also having a solid appraisal on hand should your baby get mixed up in a mishap that is someone else's fault. While your insurance company may agree to the value you've established, that other insurer will fight tooth and nail not to pay that value, no matter what your insurance policy says. Get a good appraisal that thoroughly documents your vehicle (images, detailed descriptions, market value comparables and receipts). That appraisal will literally be worth it's weight in gold!

[@dannycox6842]

Opened my eyes up, my 1955 2-Door 150 Series Handyman Show Quality Race Car that my son and I have over $100,000 dollars invested in is sitting in his garage without ANY Insurance, will be checking on that like NOW. Who do you guys suggest??