How to Insure a Kit Car in Massachusetts
Kit cars are a great way for hobbyists to build the car of their dreams without breaking the bank by purchasing an original car of the period. However, since kit cars are still fully functional automobiles that can be driven on the road, they are required to have insurance before taking them for a spin. If you live in the state of Massachusetts, you will need to find either a local or national insurance provider for kit cars that will insure within the state.
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Instructions
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Get an appraisal for your vehicle. Because you have built this vehicle from the ground up, you will need to get an expert to certify the value in writing. He will take into account the condition of the car as well as any special components or parts that you have added to the vehicle. Be sure to use a local appraiser from Massachusetts as the values of automobiles vary slightly throughout the country based on ZIP code.
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Contact an insurance company that specializes in kit cars and hobbyist items. Both companies Hagerty and American Collectors specialize in insurance for collectible and kit cars. They provide insurance nationwide. Also, Liberty Mutual, which is located in Massachusetts, will provide kit car insurance as well.
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Purchase an insurance policy. Using the appraisal, insure your vehicle for the value as well as the minimum collision requirements according to Massachusetts state law. Bodily injury has a minimum of $20,000 per individual and $40,000 per accident, while personal injury of at least $8,000 must be carried. Property damage coverage of at least $5,000 must also be covered. You can purchase policies well above these requirements; these are the minimums.
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Pay the premium. Many insurance companies allow policyholders to pay yearly, bi-yearly, or on a five out of six month cycle where the policyholder skips one month every five. Choose the plan that makes the most sense for your lifestyle. Once the premium has been paid, you may contact the state Department of Motor Vehicles to set up an inspection.
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Tips & Warnings
When it passes the state inspection, a vehicle identification number will be granted. Report the VIN back to the insurance company immediately. The car will then be ready to drive on the open road.
References
- Photo Credit a car in a car show image by Gary from Fotolia.com
