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What Is Classic Car Insurance? What Owners Should Know

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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

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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.

Top 3 Maintenance Practices for Your Boat When You Store It This Winter

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As the winter months creep up and the water gets too cold to take the boat out, you are probably preparing the boat to go into storage. Before you lock it away for the next few months, some maintenance practices will protect it over the winter in Oak Ridge, NC. 

1. Flush Your Coolant System

You do not want the coolant to stay in the system over the winter. If it sits, it could freeze and cause damage to the system when you try to operate the boat. Because it is spending time sitting stagnant, it can also create corrosion that needs to be replaced in the Spring. 

2. Give It An Oil Change

After you flush your coolant system in your boat, make sure you give it an oil change so that the oil in the boat is fresh and does not have unwanted debris sitting all winter. A clean oil filter will also reduce the amount of corrosion and protect the boat against build-up when the weather is the coldest. 

3. Add In The Fuel Stabilizer

The last thing you need to do before you put the cover over the boat and lock it away is to add a bottle of fuel stabilizer to the tank. This will protect the fuel inside the gas tank and keep it from engine damage from developing when you crank it up the first time. All these maintenance practices together will keep the engine and mechanical parts of the boat protected, saving you a lot of money and extending the engine’s longevity.

If you are looking for boat insurance in the area, contact our agents today at Oak Ridge Insurance Services for a quote that fits your needs. 

What are the Key Benefit of Umbrella Insurance?

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Do you live, work, or play in and around Oak Ridge, NC, and are looking for an effective way to enhance your current liability insurance? If so, an umbrella policy might be an innovative and affordable solution. According to the insurance professionals at Oak Ridge Insurance Services, the fundamental purpose for obtaining umbrella insurance is the extra protection it offers regarding the coverage of legal costs and resulting damages that exceed the upper limits of existing insurance policies.

More specifically –

  • Umbrella Insurance is a type of insurance coverage that is activated when an insured individual reaches the limits of an existing policy.  
  • Umbrella Insurance provides a practical option that allows someone to safeguard their financial future.

Umbrella Insurance – The Key Benefits

Because umbrella insurance adds liability coverage over and above the limits of existing insurance policies – i.e., an auto, home, or boat insurance policy, it provides enhanced protection (and peace of mind) against unanticipated and disastrous events.

Umbrella insurance is typically available in various or optional coverage limits, which usually begin at one million dollars and increase incrementally. Consider the following when shopping for umbrella insurance –  

Your Exposure to Risk

Do you have an asset or property that creates a larger liability risk? Is the property an investment? Does it have a pool? Is the insured a business owner?

Potential Legal Expenses

Umbrella insurance provides coverage for expenses/damages related to litigation and other legal matters should the insured be found to be legally responsible.

Reach Out To Us

One’s need for umbrella insurance varies based on your personal situation and objectives. For more information, North Carolina residents should contact Oak Ridge Insurance Services, a leading Oak Ridge, NC insurance company today.

When should you review your life insurance coverage

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Like many types of insurance, life insurance needs to be reviewed from time to time to make sure that it is keeping up with the events in your life. At Oak Ridge Insurance Services in Oak Ridge, NC, we are here for our customers to help them have the coverage that they need to protect the ones they love. 

When should you review your life insurance coverage

When you buy a house

When you take on a mortgage, you don’t want to leave your family the responsibility of paying for your house if anything happens to you. Being that much in debt could be a real hardship for the ones you leave behind. 

When you change employers

You may get life insurance as one of the benefits of your employment. This is under the control of your employer. When you change employers in some cases, you can opt to take life insurance with you. It may not be the best-priced policy for you to keep. If you get another life policy from your new employer, you should consider it a bonus and acquire a policy of your own that won’t go away with every job change. 

When you get married

When you get married, you need to review your life insurance to check the beneficiary, and in most cases, you will change it so that your new partner is the one who will receive the benefit. 

When you add dependents

With each additional child, you should review your life insurance to make sure that you have enough to protect your children so that they can remain in the home they are used to. 

Consult With Us

At Oak Ridge Insurance Services we offer the residents of Oak Ridge, NC the benefit of our experience and expertise. As an independent insurance agency, we are also able to offer more choices. 

Can Auto Insurance Replace a Stolen Vehicle?

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If your vehicle has been stolen, our team at Oak Ridge Insurance Services in Oak Ridge, NC knows that you probably have a million thoughts running through your head. From “How did this happen to me?” to “How am I going to pay for another vehicle?” the questions that come up in the process of recovering from auto theft can leave you reeling and stressed out.

After you’ve had some time to think about it, you might also become overwhelmed by all of the unexpected items on your to-do list. A new car isn’t cheap in most cases, so it makes total sense that you’d worry about how you’ll be able to afford a new vehicle when your car has fallen into the hands of a car thief. 

Thankfully, you might be able to cover some or all of the costs of replacing your stolen vehicle if you have an auto insurance policy that provides that kind of coverage. Since we don’t know your specific situation or policies, we can only offer general ideas of what your insurance policy might cover. For more detailed information, you can always call our office or visit us.

Can Auto Insurance Replace a Stolen Vehicle?

Depending on your insurance policy for your car, you might be able to use it to help offset the costs of the new vehicle. If you have minimum liability coverage, it’s unlikely that your auto insurance policy covers a stolen vehicle’s replacement. On the other hand, if you have comprehensive coverage, you’re more likely to have coverage related to replacing a stolen vehicle included in your car insurance policy.

To learn more about how Oak Ridge Insurance Services in Oak Ridge, NC can help you protect your vehicle, call our office today!

Assessing Commercial Insurance Needs

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Commercial insurance is critical in protecting businesses from various risks and liabilities. Assessing specific insurance needs in and around Oak Ridge, NC is crucial to ensure companies have the appropriate coverage to safeguard their operations, assets, and financial stability. 

Understanding Industry-Specific Risks

Every industry has its unique risks and liabilities. Businesses should thoroughly analyze their industry to identify potential risks they may face. For example, a manufacturing company may have different insurance needs than a retail business. Understanding industry-specific risks helps businesses select insurance policies that address their specific exposures.

Tailoring Coverage to Scale and Geography

The size and location of a business can influence its insurance needs. Larger companies may require more comprehensive coverage to protect their extensive operations, assets, and employees. Similarly, businesses in areas prone to natural disasters or higher crime rates may need specialized coverage to mitigate those risks. Evaluating business size and location helps determine the appropriate level of coverage required.

Assessing Operational Risks

The nature of a business’s operations plays a significant role in determining insurance needs. For instance, a restaurant may require specific coverage for product liability, food spoilage, and liquor liability, while a technology company may prioritize coverage for cyber liability and intellectual property protection. Conducting a comprehensive assessment of operational risks ensures businesses secure coverage tailored to their specific activities.

Identifying and Mitigating Potential Threats

Businesses should identify risks and liability exposures they may face. This includes considering product or service liability, professional liability, employee injuries, property damage, or business interruption. By assessing these risks, businesses can select insurance policies that adequately protect them against potential financial losses. 

How Oak Ridge Insurance Services Can Help You

At Oak Ridge Insurance Services, we can answer all your questions concerning commercial insurance coverage. We assist the Oak Ridge, NC region. Contact us today. 

Does Homeowners Insurance Cover My Liability While Remodeling?

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Remodeling or renovating your Oak Ridge, NC home raises your home’s value and creates an exciting new living space for you. It does require a bit more liability coverage while undergoing construction. At Oak Ridge Insurance Services, we want you to understand why you need to temporarily increase your liability coverage during the remodeling process.

Home Insurance Liability Coverage

While undergoing remodeling, a homeowner should increase their liability coverage because of the increased number of people in their home and the dangers of the work involved. The person doing the work for you should carry their own business liability policy, but many independent handypeople do not.

Although every licensed and certified contractor must carry liability insurance in the US, individuals who refer to themselves by the generic term “handyman” don’t carry licenses or trade certifications nor must they purchase insurance. Why the difference?

Licensed Contractors Carry Their Own Liability

Licensed contractors attend a trade school for a specific job, such as a plumber, electrician, masonry, master carpentry, etc. They typically belong to a union, and those unions require certification. Each city creates its own building code which must meet its state’s building code and can exceed it. These codes require that a worker conducting renovation or construction work must carry a current license to do that job.

The state, city, and unions can create insurance requirements. To obtain a permit to do work on any building, these licensed individuals or homeowners must make an application and pay a fee. Without proof of licensing and insurance, they cannot obtain a permit. Only the homeowner can.

Most States Don’t Require Handypersons to Carry Insurance

Because handypersons don’t specialize, they cannot legally complete certain work. For example, a handyperson cannot legally install electrical wiring since they do not carry a license for that job. Hiring them for small jobs like fixing holes in drywall works great; avoid hiring them for large jobs that require specialization and license.

They might be an experienced do-it-yourselfers with no training and no professional experience, but they won’t get in trouble unless they use a professional title they did not earn, such as a plumber or master carpenter. These independent contractors rarely carry business liability insurance.

As long as you hire licensed union construction personnel, the general contractor will carry business liability. You should ask to see proof of their insurance before they start work. You should still increase your coverage temporarily, but you can probably get away with adding less than if you hired a handyperson who isn’t insured.

Home Insurance Revaluation Post-Remodeling

Also, when you finish your remodeling project, your home should undergo a re-valuation. This process ensures that you insure your home for its current value, not for the value that you originally purchased it. In case you need to file a claim, updating your home insurance covers your home’s full value.

Reach Out To Us

Protect your equity and your finances with home insurance for your Oak Ridge, NC home. Contact Oak Ridge Insurance Services today to make an appointment.

What Classic Car Insurance Misconceptions Should You Avoid?

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You can’t rely on regular auto insurance to fully cover your classic car. However, you don’t need deep pockets for adequate coverage. If you think you can’t get insurance for your classic car, think again. Oak Ridge Insurance Services has the answers you need to debunk these myths about your restored antique vehicle.

Classic Car Insurance Misconceptions 

Classic Car Insurance Is Not Affordable (Not True)

Getting into an accident can set you back thousands of dollars without the right classic car insurance. Don’t let your hard work go to waste. Instead, protect your investment with coverage that meets your specific needs. One of our helpful agents can walk you through the different insurance options available and within your budget.

You Can’t Qualify for Classic Car Insurance (Probably Wrong)

Insurance companies that offer classic car insurance understand that you have an older vehicle. Different rules apply to your rebuilt sports car or vintage Mustang. Therefore, these policies are built and priced to meet the needs of classic car enthusiasts.

It’s Similar to Regular Auto Insurance

Your regular insurance policy won’t cover your classic car. So, you need a policy geared for a well-maintained, show-ready vehicle that happens to have many years under its tires.  Under typical car insurance, you can drive your vehicle regularly without affecting your coverage. In fact, it’s designed for frequent usage. However, classic car insurance comes with mileage and other restrictions. Our agents can walk you through the differences between regular and classic car insurance in Oak Ridge, NC.

It’s for Rich People

Unless you’re independently wealthy, chances are you made some sacrifices to buy and maintain your classic car. You don’t have to be rich to afford protection for your vintage vehicle. Speak to your insurance representative about cost-effective ways to protect your vehicle.

Give Us A Call

Contact Oak Ridge Insurance Services to discuss your auto and classic car insurance needs in Oak Ridge, NC.

4 Reasons Why You Never Want To Be Without Renters Insurance

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Many landlords now require proof of renters insurance before handing over the keys to the unit; however, consider whether you could afford to replace all of your belongings, from furniture to clothes to electronics, if your Oak Ridge, NC rental unit was damaged in a fire, vandalized, or any number of other covered incidents. 

Why Renters Insurance?

Don’t Count on your Landlord.

Just because your landlord has insurance on the condo, apartment, or house you’re renting doesn’t imply it covers your goods or protects you from liability in the event of an accident. The only way to avoid having to replace all of your belongings in the event of a tragedy or being sued because a third party was wounded on your property is to have insurance coverage.

It pays for disaster housing.

Assume your apartment has been destroyed by a fire and will be uninhabitable for one month while repairs are completed. If you do not have renters insurance in this circumstance, you will be responsible for paying for accommodation while you are evacuated.

It Covers You While on Vacation.

Many people choose not to acquire renters insurance because they travel frequently for work or pleasure and believe that coverage applies only when they are living in their rental; nevertheless, renters insurance protects you even if calamity strikes while you are away.

You have more property than you realize.

We’re not accusing you of being a hoarder, but most individuals own more than they realize, and the bills may soon add up. Renters insurance protects everything off your possessions, from shoes to a laptop.

Oak Ridge Insurance Services Is Here To Help!

We specialize in renters insurance at Oak Ridge Insurance Services in Oak Ridge, NC. Call us to find out how we can provide you with peace of mind. 

Brent Schroyer

Brent Schroyer

Insurance Advisor
Chastity Spofford

Chastity Spofford

Insurance Specialist

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