Month: October 2016

Insuring Your Maine Antique or Classic Car

Posted on by Bob O'Brien

An antique or classic car is fun to admire, show, drive and collect. It can also be a good investment, and a great hobby. You’ll want to insure your classic properly to protect your investment.

Teds Hot Rod

Your Maine Classic Car or Antique Is Unique. Your Insurance Should Be, Too.

An “off the shelf” auto policy isn’t a good fit for your classic, for these four reasons:

  • Valuation – standard auto policies pay the depreciated “book value” of a vehicle. There’s a big difference between a ’78 Firebird that’s been babied and one that’s been driven hard and put away wet. Standard policies value the cherry one and the pre-restoration project the same. Collector car policies usually insure on an “agreed value” basis. You and the insurer agree on the amount to be paid on a total loss BEFORE anything happens.
  • Use and Mileage – classic owners drive just a few miles a year – much less than their “daily driver”. When they do drive, it’s often a leisurely trip to the ice cream shop or rally, not a rush hour commute. “Off the shelf” policies consider all driving the same. They also assume a minimum of 8,000 miles driven per vehicle per year. Why pay full-time insurance rates for part-time insurance? Antique and classic owners pay way too much in that scenario.
  • Parts – Anyone who’s scoured New England’s back roads looking for Series 1 Rover parts knows they can be expensive and hard to find. You need a policy that will pay for the right part – and maybe even help you locate it. Regular insurance policies pay for replacement parts after an accident. If your vehicle is more than a few years old, insurers usually only pay for aftermarket parts. That sends shivers down the spine of an antique buff.
  • Roadside Assistance – If you break down on the way to your show, or during a rally, you want your classic worked on by a trusted mechanic. Most classic auto policies offer special flatbed coverage to get you to a mechanic qualified to work on your vehicle.

What Vehicles Qualify For Maine Classic Car Insurance?

In general, insurers define a classic car as 20 years or older, including

  • Sports cars (MG, Triumph, Alfa Romeo, etc.)
  • Muscle cars (Corvette, Camaro, Firebird, Mustang, etc.)
  • Street rods and customized vehicles
  • Collector vehicles, including antique motorcycles
  • Vehicles in mid-restoration

Classic vehicle policies may limit:

  • Annual mileage driven
  • How it’s used (“daily drivers” usually don’t qualify)
  • Young drivers
  • Storage (require you to garage it when not in use)

Answers to Your Antique & Classic Insurance Questions

If you live in southern Maine and have questions about insuring your classic or antique, contact a Noyes Hall & Allen agent at 207-799-5541. We offer a choice of several insurers; let us find the right one for you. We’re independent and committed to you.

Portland Maine Condo Insurance Tips

Posted on by Bob O'Brien

 

Portland, Maine real estate is hot. Perhaps no sector is hotter than condominiums. Condos combine the security, investment and tax advantages of property ownership with fewer maintenance chores. But they do require unique insurance solutions.

Portland Condos are Hot

 

Condos attract first-time home owners who want to invest in a place of their own instead of rent. Downsizing baby boomers are eager to ditch yardwork, exterior home maintenance and snow removal. The convenience, vitality and amenities of Portland, especially the peninsula, draws many buyers. That’s where condo prices tend to be highest.

 

Is Your Condo “All-In”? “Studs In”? What Does That Mean?

 

Two documents govern every Portland Maine condo association: bylaws and declarations.  They define the boundaries of each unit and outline the what you’re responsible for vs. the association. Get copies of these documents as soon as you’re under contract to buy your condo. Share them with your insurance agent. They can help you decide how much coverage to buy.

Some associations insure nearly all real property, including post-construction improvements made by unit owners. Others put great responsibility for building coverage on individual unit owners. Associations may update their bylaws to reflect changing needs and desires of owners. Make sure you have the most recent information, and keep up with any changes the board makes. 

Deeper Dive: Maine Condo Association Insurance – Who Insures What?

 

Bylaws also define what is – and isn’t allowed in the association. Some examples: pets; clotheslines; grills; and rental of the units. Are you joining an association whose rules and culture fit your lifestyle?

Understand Your Condo Fees

 

Monthly association fees get your attention when you’re condo shopping. It’s tempting to view lower fees as always better than higher ones. In reality, it depends what you’re paying for. Common items included in condo fees are:

  • Real Estate Taxes
  • Association Insurance Bylaws that push responsibility to unit-owners may decrease shared insurance expense, but increase individual costs.
  • Property Maintenance – Some associations choose to hire a professional property manager. This can be helpful in contractor negotiations, day-to-day operations, and capital budgeting. But, professionals obviously get paid for their work. Other condo boards are more “DIY”. They may have lower monthly fees, but demand more time and involvement of unit owners.
  • Capital Improvement Reserves – for property upkeep, such as replacing roofs, paving, etc.
  • Assessments for unplanned or special items, such as insurance deductibles, uncovered claims, or unfunded capital expenses.

When choosing a condo, look at your total housing costs, and think about how much responsibility you want as a unit owner.

Questions About Portland Maine Condo Insurance?

Noyes Hall & Allen insures dozens of condominium associations and hundreds of condo units. We’ve been insuring Portland condos since the beginning, in the 1970’s. Do you have questions about insuring your condo or your association? Contact a Noyes Hall & Allen Insurance agent at 207-799-5541. We’re independent and committed to you.