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Does Your Older Vehicle Need Classic Car Insurance?

Understanding Insurance for Classic Cars

If you own an older car, you might wonder what kind of insurance it needs. Is it now considered a classic car due to its age? For those around Oak Ridge, NC, who are seeking information on classic car insurance, our agents at Oak Ridge Insurance Services can help. We answer all your questions and provide detailed information on the various insurance options available, regardless of your car’s age.

Generally, a car needs to be at least 20 years old to be considered a classic car. But it could be classified as an antique car if it’s older than 40 to 45 years. This is why discussing with your insurance agent is wise – to ensure you have the correct coverage. Just because your car is old does not necessarily mean it qualifies for classic car insurance.

Working with your agent will help you choose the best level of coverage and protection for your car. Not all older cars have the same value or popularity, and some may be easier to source parts than others. These factors can result in considerable differences in policy options depending on your car’s make and model. Selecting the most suitable insurance is crucial to ensure you are well protected if you need to file a claim.

Contact us today at Oak Ridge Insurance Services in Oak Ridge, NC, to learn more about classic car insurance. Whether you own a classic or an older car and are looking for the right level of cover, we’re ready to assist you.

Common Add-ons or Riders to Renters Insurance

You can create a custom policy when you buy renters insurance from Oak Ridge Insurance Services to cover the items in your Oak Ridge, NC home. Renters’ policies cover your liability needs and personal property, including furniture you bring to the apartment, condo, home, or other domicile. You customize your insurance policy by scheduling items.

Scheduling in an Insurance Policy

Insurance agents use a few different terms to describe scheduling items. Your agent might suggest an add-on or a policy rider. All three terms mean the same thing. You pay a few more cents or dollars per premium to enhance the coverage to cover a specific item, such as an engagement ring, or a range of items, such as your hobby equipment.

Common Policy Add-ons

While the insurance industry has an add-on for nearly every item, some add-ons or riders are more common than others. Here are a few of the most typical:

  • Home business add-ons that cover business equipment and supplies plus enhanced liability coverage for your home-based business
  • Jewelry riders, which cover specific pieces of jewelry that you describe, provide a photo and valuation of
  • Hobby equipment scheduling covers costly equipment for hobbies such as photography and filmography, musical instruments, etc.

Without these scheduled items, your renter’s policy typically covers between $1,000 and $2,000 of personal property. By scheduling items, you insure them at their full value, and the insurance pays you that value if they are stolen or destroyed by a peril named in your policy.

Contact Our Offices Today

Call or email Oak Ridge Insurance Services today for an insurance review. Let us help you protect the valuables stored in your Oak Ridge, NC home.

Can Boat Insurance Cover Jet Skis and Other Recreational Vehicles?

At Oak Ridge Insurance Services in Oak Ridge, NC, we help our customers keep their water vehicles and boats covered all year round. As the summer sun and waves hit, you’re probably thinking about heading out onto the water. Before you do that, you should ensure that your insurance coverage protects not only standard boats but also recreational vehicles. Since every insurance policy varies, you’ll want to check with one of our qualified insurance professionals before you assume that the information below applies to your policy because it is generalized.

What Is Boat Insurance?

Boat insurance refers to insurance that covers boats. This can mean that a boat insurance policy could cover yachts, row boats, and other watercraft you think about when you think of boats. Although it covers most standard boats, boat insurance may not always cover special vehicles.

Is Boat Insurance the Same Thing as Watercraft Insurance?

Boat insurance and watercraft insurance are the same thing. The only difference between the two types of coverage is the name. If you have watercraft insurance, you have boat insurance, and vice versa.

Does Boat/Watercraft Insurance Cover Recreational Water Vehicles?

Boat and watercraft insurance may cover some recreational vehicles if one of our insurance agents indicates they are covered on your policy. More often than not, you’ll need a specialized policy to cover recreational vehicles like jet skis. We can review your options for specialized coverage if you call our office or stop by to discuss what is available to you. Although it’s unnecessary, it’s better to be covered on the water than risk liability and more.

Contact Oak Ridge Insurance Services

For more boat insurance coverage information, call our office at Oak Ridge Insurance Services in Oak Ridge, NC, today!

How Much Umbrella Insurance Coverage Do I Need?

If you are interested in umbrella insurance, you may wonder how much coverage is enough. At Oak Ridge Insurance Services in Oak Ridge, NC, we offer umbrella insurance.

Umbrella Coverage Requirements

Firstly, it’s vital to ensure you meet the requirements to purchase umbrella insurance. Before purchasing an umbrella policy, you’ll typically need the maximum coverage amounts on your home and auto policies. This reduces the likelihood that you will need the umbrella policy.

Determining Net Worth

The simplest way to decide how much umbrella coverage you need is by adding all your assets. This includes savings, retirement accounts, property, and any other assets you have. Then, subtract your liabilities, including credit cards and loans. The result is your net worth.

You’ll want umbrella coverage equal to or higher than your net worth. If you are sued, your assets won’t be in jeopardy in most cases.

Considering Future Earnings

It is also critical to consider your future earnings. A judge can garnish your future wages or income if they rule against you. You may be paying for the claim for many years without umbrella insurance.

This is why umbrella insurance is a good idea, even if your assets total less than 1 million.

Consider Your Risk

Lastly, it would be best if you considered your risk. Do you own a dog or a swimming pool? If so, you are at a higher risk of being sued. Are you relatively well-known in your community? This also can increase your risk.

Umbrella Insurance Increments

Umbrella insurance is designed to protect you from catastrophes and is known as catastrophic insurance. Because of this, it is typically sold in increments of 1 million. Most policies will allow you to choose coverage between 1 million and 5 million, but some policies may go up to 10 million or more.

Covering Funeral and Burial Expenses with Life Insurance

Funeral and burial expenses around Oak Ridge, NC can impose a hardship and financial strain on families during death. However, life insurance provides a valuable solution to alleviate these expenses and ensure loved ones can honor the deceased without financial strain for the funeral and the bills from the estate.

Financial Relief During a Difficult Time

Life insurance policies pay a death benefit to beneficiaries upon the insured individual’s passing. This lump sum payment can cover various end-of-life expenses, including funeral and burial costs. The funeral director usually handles these arrangements.

It can cover funeral service arrangements, such as the cost of the casket, embalming, and funeral home services. It can also cover burial plot purchases and cemetery fees. The choice is available for in-ground, above-ground, or mausoleum drawers. Different cemeteries have different costs. 

Life insurance proceeds offer families the financial resources to arrange a dignified farewell for their loved ones. Its ultimate goal is to smooth the process because those left behind suffer immensely. 

Alleviating Emotional Stress

Life insurance can help alleviate the emotional strain of financial worries during a difficult time. It gives the family time to focus on those left behind in the immediate family without the added stress of worrying about how to cover funeral expenses.

Determining Adequate Coverage

When purchasing life insurance, it’s essential to consider the coverage needed to adequately cover funeral and burial expenses. Factors such as funeral preferences, burial plot costs, and additional funeral-related expenses should be considered. Remember, you’re not alone in this process. 

Let Oak Ridge Insurance Services Give You Information

Oak Ridge Insurance Services is here to assist you with all your life insurance queries and requirements. We’re dedicated to serving the Oak Ridge, NC, region. Reach out to us today.

I just paid off my car. Should I drop full coverage auto insurance?

Auro insurance can protect you, other drivers, their property, and your vehicle. However, this is heavily dependent on the type of auto insurance you carry. More often than not, many drivers question how much insurance is necessary and at what point adjustments should be made to coverage levels. An insurance agent is usually the best person to ask when you have questions regarding your sp[specific situation. This is why our Oak Ridge Insurance Services team is dedicated to educating Oak Ridge, NC drivers about their auto insurance options. 

What type of auto insurance is legally required to drive your car?

All drivers must carry auto liability insurance. This insurance provides coverage for other drivers, their properties, and vehicles if you cause an accident. However, this form of coverage doesn’t offer any coverage for you and may not be adequate, depending on your situation. If you have an auto loan, your lender generally requires you to carry more than auto liability insurance. Instead, you’re required to invest in full coverage auto insurance, which will protect your car, your property, and you from personal injury and damage, as well as other drivers.

I just paid off my car. Should I drop full coverage auto insurance?

It depends. If you own a late-model car, it’s likely that your car’s value still exceeds the value of your insurance policy, making it a worthwhile investment. This also means that your insurance company will repair any damage your car may incur. Many drivers wouldn’t be prepared to pay for car damage out of pocket. Car insurance makes repairing your car more affordable. Aside from a deductible, that’s all a car owner pays to have their car repaired. However, once you pay off your car, you may question if full coverage auto insurance is still a good investment. If you own an older car that is likely worth less than your auto policy, it may be a good idea to carry the minimum auto insurance required. If you’re in an accident, your insurance company would probably consider your car a total loss and opt not to repair it because its value is less than your policy. However, an insurance agent can help you determine your best option. Give us a call. We’d be happy to answer your questions. 

Does Commercial Insurance Cover Customer Injuries?

At Oak Ridge Insurance Services, we pride ourselves on delivering the best commercial insurance solutions to meet your expectations. Our professionals, based in Oak Ridge, NC, are well-versed in commercial insurance, and we always strive to serve you with leading standards. Contact us today for the finest and most affordable services.

Understanding Commercial Insurance Coverage

In determining whether customer injuries are covered by commercial insurance, it is wise to consult a reliable provider like Oak Ridge Insurance Services. While the scope of commercial insurance policies can vary significantly, they generally offer liability protection that may cover injuries that occur during business operations. However, the exact details of coverage, exclusions, and limitations could vary based on the policy and the insurer.

Ensuring Effective Protection for Your Business

Business owners should be mindful when reviewing their insurance policies to ensure they understand the extent of coverage for customer injuries and whether they have the necessary protection. Partnering with a trustworthy insurance agency such as Oak Ridge Insurance Service helps navigate the complexities of commercial insurance, enabling businesses to make informed decisions that safeguard their interests and finances.

Get Top-Notch Commercial Insurance at Oak Ridge Insurance Services

Our Oak Ridge Insurance Services team in Oak Ridge, NC, is committed to delivering exceptional commercial insurance services tailored to your specific requirements. We strive for quality and excellence and ensure your business is in good hands with our professional and trustworthy team. Reach out to us today and experience the difference we can make for your business.

Things home insurance doesn’t cover

Understanding Home Insurance Exclusions

A comprehensive home insurance plan can provide peace of mind, but it is crucial to be aware of the exclusions within your policy. At Oak Ridge Insurance Services in Oak Ridge, NC, we prioritize our customers by offering tailored solutions that are the best fit for them.

Typical Exclusions of Home Insurance

Certain eventualities aren’t covered under traditional home insurance, including:

  • External Flooding: Flooding that originates outside your home does not fall under the purview of standard home insurance. However, you will be covered for flooding resulting from internal issues, such as broken pipes. Homeowners in risk-prone areas can opt for flood insurance from the NFIP.
  • Wear and Tear: It’s natural for elements of your house, like roofs and siding, to experience wear and tear over time. Unfortunately, these aren’t covered under most home insurance policies.
  • Natural Disasters: Damage due to earthquakes, sinkholes, or landslides isn’t typically covered by regular home insurance policies. Specific policies can be taken for these.
  • Owner Neglect: If damage is caused due to neglected home maintenance, your home insurance is unlikely to cover it.

To find the right coverage for your home, reach out to Oak Ridge Insurance Services in Oak Ridge, NC. Allow us to assist you in finding comprehensive and suitable home insurance.

What Is Classic Car Insurance? What Owners Should Know

Classic car insurance is a specialized policy specifically covering classic and collector cars. In addition to vehicles declared as classics, these policies can often insure vintage motorcycles, street rods, old military vehicles, and exotic cars. Here are some things owners should know when purchasing classic auto insurance.

What Classic Car Insurance Policies Cover

Here are things usually covered by standard classic car policies.

  • Physical Damage To Your Auto: Policies cover theft, comprehensive, and collision coverage. However, rather than facing depreciation, you’ll receive what’s known as an agreed-upon insured value minus the deductible.
  • Injuries & Damage Caused to Others: Classic auto insurance provides at least the state’s required minimum liability coverage.
  • Roadside Assistance: While optional, classic car insurance programs and soft strap flatbed towing cover the standards.

What is the Agreed Value for Classic Car Insurance?

The agreed-upon value is an amount that you and your insurer decide your car is worth prior to the issuance of the policy. The vehicle will be evaluated, and if you’ve made modifications, restorations, or customizations, be sure to tell your agent. This allows them to factor those into the value. You can also bring in an estimated value from a pro to show your insurer.

Some Special Circumstances to Consider

If you drive the vehicle for everyday purposes, you’ll need a standard policy, as there are often mileage restrictions on classic car policies. There may also be specific storage requirements, so your insurer is likely to inquire whether you store the vehicle in a driveway, covered shelter, or an enclosed structure like a storage unit or lockable garage.

Contact Us To Learn More About Classic Car Insurance

Our Oak Ridge, NC, representatives can assist you with finding the right policy for your vintage or classic car. Contact Oak Ridge Insurance Services to get a no-obligation quote today.

Adding Loss of Use Coverage to Your Renters Policy

At Oak Ridge Insurance Services, we try to educate our clients on the insurance choices they can make to protect their Oak Ridge, NC, homes and belongings. We’ve previously mentioned the loss of use coverage in our blogs, but today, we’ll explore what this crucial optional coverage provides.

Loss of Use in a Renters Insurance Policy

Adding loss of use (LOU) coverage to a renter’s policy adds coverage that pays for extra financial costs if the home you rent incurs damage from a covered hazard that precludes you from living there temporarily. Loss of use provides payments for the cost of a hotel, motel, or other temporary domicile while the home you rent gets repaired. It also offers a per diem or a flat rate for food that covers the added expense of dining out. Some loss of use coverage also provides money for:

  • Moving costs
  • Storage costs
  • Laundry expenses
  • Boarding your pet(s)
  • Added parking and gas expenses.

LOU only covers additional costs you incur while not living in your home.

LOU or ALE?

Consumers sometimes confuse LOU with additional living expenses (ALE). ALE typically covers any reason the home becomes unusable, such as a house fire, and provides more extended coverage.

Adding LOU to Your Renters Insurance

Your landlord probably does a lot to protect your Oak Ridge, NC, home, but you protect your finances and personal property with a renters’ policy. Contact Oak Ridge Insurance Services today to add loss of use coverage to your renter’s policy. Let us help you customize your renters’ insurance, so your policy provides you with the necessary coverage.

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