Exotic Car Insurance: Why Do Exotic Autos Need Specialized Insurance?

Posted on February 26, 2013 by Sinclair

Exotic Car Insurance: Why Do Exotic Autos Need Specialized Insurance?

Exotic and collector cars go far beyond just a means of transportation. They are often the fulfillment of a lifelong dream, or a prized possession. And, like any prized possession, you want to get the best protection possible.

The cost of auto insurance varies widely across the map. The difference between cheapest and costliest vehicles to insure can add up to several thousand dollars a year. According to Forbes, the Audi R8 Spyder Quattro, Mercedes-Benz CL600, Porsche Panamera Turbo, BMW ActiveHybrid 7, and Jaguar XKR Supercharged Convertible rank as some of the most expensive cars to insure. And those models don’t even include the history or unique customization that collector or exotic cars tend to have.

Many auto insurance companies do not insure exotic or classic cars. For a car to even get the title of “exotic” car, it has an unusually high market value. The high speed, rate of acceleration, unique look, high end materials, and low availability also comes with a higher expense.

It is widely known that insurance factors are based on a number of factors. Driving record, age, gender, marital status, address, and credit rating all factor in. The type of car, including make and model, plays a role as well. But how much does that actually matter. As a general rule of thumb, pricier cars are more expensive to insure, because repairs are more expensive. However there may be breaks, depending on your insurance coverage.

Oftentimes discounts may be available for certain qualifications, such as membership in a car club, or coverage for hard-to-find-parts. In addition, if you have extremely low mileage on your exotic car, and don’t drive it that much, that could qualify you for another discount.

It is essential to find a program that can tailor insurance solutions to fit your unique needs. At Sinclair Risk & Financial Management, we have access to specialty markets to find the right coverage and features for your exotic car. We can help you get a policy to protect the true value of your car- we have programs that will insure collections worth millions, making sure you get full protection. Contact us today for more information. (877) 602-2305

How to Insure Valuables: Fine Art, Wine, Jewelry & More

Posted on October 30, 2012 by Sinclair

How to Insure Valuables: Fine Art, Wine, Jewelry & More

As Hurricane Sandy rolls past the east coast, residents are grieving over the loss of their valuable possessions. Even as families pack up their luggage and travel to different destinations, they often leave their home and their valuables susceptible to theft. Although your home is covered by homeowners insurance, your valuable possessions inside may only be covered by a small amount. Valuables may mean many different things to many different individuals, some find the value in sentimental objects and some find it in monetary objects. However regardless of your definition of valuable, you need to be aware and educated with the best ways to insure your valuables.

Nobody wants to see their fine art, wine, jewelry, exotic car, or silverware stolen only to find out that it cannot be replaced. Because general homeowners insurance does not cover very much of these valuables, you will need to speak with an agent and purchase additional coverage. The most common policy on how to insure valuables is the personal articles floater (PAF). Although PAF varies with every carrier, it generally means it is a separate or supplemental policy added to your homeowner policy in order to protect your valuables against theft or damages.

When purchasing a PAF you will need to create an inventory which includes the name of the item, a picture and its monetary worth. In order to compute the item’s value you may have an appraiser look and examine it. Although this may seem costly, it will ultimately it will be very beneficial in the event of a loss. This will ensure you scheduled value of the possession when filing a claim.

There is also blanket coverage which is often recommended for smaller possession, such as a less valuable piece of jewelry. If you do decide to purchase blanket coverage instead you do not need your possessions to be appraised. However, blanket coverage does not guarantee that you will be covered for the full amount you purchased the item for.

Sinclair Insurance welcomes the opportunity to sit down with you and tell you more about the special programs we can develop just for you. At your convenience, please feel free to call us at 203.265.0996, email us, or return the form on this page.

High-Value Insurance: Match Your Coverage with Your Lifestyle

Posted on September 17, 2012 by Sinclair

High-Value Insurance: Match Your Coverage with Your Lifestyle

When you sit down to assess your finances, file tax returns, or examine your retirement fund, take a moment to look at your lifestyle. The lifestyle you’ve worked so hard to provide is a huge luxury. But high end luxury lifestyles also come with risk too. In risk assessments it is essential to examine your lifestyle, from your classic car, your exotic auto to your wine collection, yacht & any other hobbies you enjoy. Ensure you are properly protected with our high-value insurance.

Own an exotic or classic car? Purchasing an exotic or collector car can be a fulfillment of a dream for many. Whether you are looking for a restoration project or to speed down the highway, classic and exotic cars require significant dollar investments. And because of the high end luxury design of the car, its unique qualities also requires specialized exotic car insurance.

Art collector? Your existing coverage might include some coverage- however it is almost certain that as an art collector you will need supplemental art insurance to protect your investment. Make sure to get your art regularly appraised so you know their financial value and the amount of coverage you’ll need.

Diamonds & pearls? Jewelry insurance is an often overlooked item- sadly, many do not think to insure it until it is lost or stolen. The price of gold changes constantly, and your antique ring or necklace may be worth a lot more than it was 20 years ago. That would mean it’s more expensive to replace as well. That is why jewelry insurance is crucial.

Yacht owner? Among watercraft, yachts are a high end, distinctive type of private vessel that requires detailed knowledge and specialized coverage. Yachts need specific coverage that standard marine policies don’t always offer. When your vessel is a motor yacht, mega yacht, or something in between, it is essential to get specific Yacht Insurance coverage that provides you with full coverage of your vehicle.

For more than four decades, Sinclair Risk & Financial Management has forged relationships with insurance providers that specialize in providing high-end coverage. We have access to particular markets that enable us to craft custom homeowners and auto insurance programs that reflect the true value of your property, your risk profile, and your personal circumstances throughout the world. Contact us today for more information about our high-value insurance programs.

Exotic Car Collections: Factors For Assessing Value

Posted on June 11, 2012 by Sinclair

The challenge in investing in exotic cars is not only choosing models that you will enjoy, but investing in wise options that will help your collection appreciate over the years to come.

Paul Sullivan of the Wall Street Journal recently attended the Greenwich Concours d’Elégance in Connecticut. Delving through the concept cars, roadster, and muscle cars, he spoke with several experts on exactly what to look for in developing your exotic car collection.

Of course there is that initial love, whether it is spurred by nostalgia for the good ‘ole days or just appreciation for an exquisite, beautifully made vehicle. Yet when assessing exotic cars as an investment, there are numerous other factors to consider.

Exotic cars have significant value, but it also depends on the type, kind, and social value. For example, sedans from the 1920’s and 30s are losing value because the people who remember riding in them are dying. Of course, rare cars are ideal- for example a 1954 Packard Panther entered in the show was one of only four made.

However, age alone doesn’t work. To stand out from the crowd, cars must have a distinguishing feature. One 1955 Mercedes-Benz 300 SL Gullwing sold for $4.2 million at the annual classic car auction in Scottsdale, Ariz.- it was one of only 29 made with an aluminum body. Sometimes the make matters. Ferraris are more sought after than Camaros or Corvettes. At an auction in Greenwich, a 1965 Ferrari 275 GTB was sold for a record $1.25 million, a record price for a car sold in New England.

Obtaining an exotic or collector car can be the fulfillment of a lifetime dream. Each era has its style and attraction with prices to match. You may be undertaking a lengthy restoration, or looking to make your retro ride a lazy Sunday indulgence. Whatever your intentions, because of the significant dollar investment of your collector car and its unique nature, special insurance is what’s needed.

In evaluating the investment, restoration and insurance costs also must be considered. It is essential to assess all costs compared to the value. Especially when it comes to protecting your investment, you’ll need auto insurance that specifically addresses the unique needs of exotic cars.

For example, Sinclair Risk & Financial Management can tailor a program to include a zero deductible feature so that you have no out-of-pocket costs; high liability limits; mileage plan options based on one that fits your needs; automatic coverage for newly acquired vehicles for a specified time; inflation guard; and other unique coverages designed for this niche.

For more information, contact Sinclair Risk & Financial Management today.