Factors That Impact a Classic Car’s Value

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Are you considering purchasing a classic car, not just for enjoyment but also as an investment? Or perhaps you already own a classic car and want to protect its value? Besides securing the right classic car insurance plan, there are several steps you can take to ensure the classic car you purchase or already own retains its maximum value. If you live in Decatur, AL, and need help selecting a classic car insurance policy, contact the Will Wright Agency Inc.

Factors Influencing a Classic Car’s Value

Market values are primarily determined by supply and demand. High demand and limited supply generally equate to higher values. This is as true for classic cars as anything else. Since classic cars are no longer in production, supply is limited. So, if you have or find a classic car in high demand, you’ve probably got a valuable asset on your hands.

However, the condition of the car is crucial. The most valuable vehicles are typically in excellent condition. You’ll want to protect your classic car from things like rust. Once a car starts to rust, it can be difficult to stop the rust from spreading. As such, you’ll want to avoid salt from winter roads, the ocean, and other sources.

Weather is a major risk for classic cars. Keeping such vehicles indoors, in a garage, or in a specialized storage facility is best. If you take your vehicle out on the road, do so when the weather is nice and minimize the risks. Defensive driving is wise no matter the weather, as accidents can lower the vehicle’s value even if the damage is ultimately repaired.

Of course, you’ll want to protect your investment with the right classic car insurance plan. If you live in or near Decatur, AL, contact Wright Agency Inc.

Types of renters insurance coverage that can help you recover from a covered hazard

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Weather events have been causing tremendous destruction all over the country, affecting homeowners and renters alike. Are you safe from the devastation that could be coming your way? At Will Wright Agency Inc. in Decatur, AL, we give our customers the options they need to feel confident they are protected. 

As a renter, you may not realize that your landlord doesn’t have any coverage for your personal property. They definitely have insurance, but their insurance covers their property and possessions, and you are on your own when protecting yours. 

Rental content coverage

Your rental is filled with your personal possessions. Try to imagine losing all of them and having to replace everything without any financial help—a pretty daunting thought. Your clothes, electronics, furniture, jewelry, and collectibles are all gone. Rental content insurance will help you replace what you have lost. You have choices. You can choose the current value or replacement cost, whichever is right for you. 

Rental liability coverage

If someone is injured in your rental or by a family member away from your rental, you could be liable for medical costs and might even get sued. No one wants to think that friends will sue them, but it happens. Your rental liability coverage will cover the expenses up to your policy’s limit and even pay some legal costs. 

Loss of use

If your rental is damaged by a covered hazard, your renters’ insurance will help pay for a place to stay until it is habitable again. It may even pay for some meals if you are unable to cook. Understand, however, that you will need to have flood insurance to be covered for flood damage. 

Contact Will Wright Agency Inc. in Decatur, AL, if you need rental insurance. 

Understanding Agreed Value, Cash Value, and Replacement Value

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Understanding Motorhome Insurance in Decatur, AL

Decatur, AL, known as the "River City," offers visitors and locals the opportunity to enjoy time spent in their motorhome near the Tennessee River or Wheeler Lake. There are many, often complex, aspects to consider when purchasing motorhome insurance. You need to get the right amount of coverage that is adequate for your motorhome and fits your budget. To get the right coverage, you must understand cash, replacement, and agreed value.

Cash Value

Actual cash value (ACV) is how much it costs to replace stolen or damaged property minus how much depreciation has occurred at the time of loss. If your motorhome is stolen or totaled in an accident, your claim will be settled at actual cash value, considering the age and condition of the vehicle at the time.

Replacement Value

Replacement cost value (RCV) is the cost of replacing the same item, regardless of depreciation. RCV provides more coverage, but your rates will probably be higher.

Agreed Value

There is a third option to consider when insuring your motorhome. Agreed value is the amount you and the insurance company agree to be worth an item, vehicle, etc. These types of policies are not that common. You may want to get an agreed value policy if you’re insuring something such as an antique vehicle that will appreciate over time.

Contact the Will Wright Agency Inc. in Decatur for Motorhome Insurance!

At the Will Wright Agency Inc., serving Decatur, AL, we can provide you with various insurance options for your motorhome. We offer a wide range of insurance, including life, health, RV, boat, motorcycle, auto, and classic car coverage. Contact us today for more information.

Does RV insurance cover storm damage?

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RV insurance shares elements with both auto and home insurance. One significant point to consider is that not all RV insurance policies provide the same coverage, notably concerning storm damage handling. Because of these differences, RV owners should carefully assess their coverage options and discuss the best policy for their needs with their insurance agent. If you are in the Decatur, AL, area, the Will Wright Agency Inc. team is prepared to answer your RV insurance queries and ensure you have the coverage that best suits you.

RV Insurance and Storm Damage

Alabama State law mandates all motorized RVs to carry the same minimum insurance coverage as other motor vehicles. The minimum liability coverage includes:

  • $25,000 bodily injury per person
  • $50,000 bodily injury per accident
  • $25,000 property per accident

Similar to auto insurance, liability insurance covers injuries and damages to third parties; it does not cover your vehicle. Collision insurance, similar to that for an automobile, covers damages to your RV resulting from an accident.

RV owners requiring coverage against non-collision damage need a comprehensive policy. Such a policy typically covers damage from:

  • Falling branches and trees
  • Hail and wind
  • Vandalism
  • Bursting or problematic plumbing

Comprehensive policies occasionally include flood damage. If not, a separate flood policy can be purchased. Some RV insurance also includes aspects resembling home insurance, like personal property protection and coverage of the RV’s surrounding common area.

Although RV insurance may seem complex, an experienced agent will help you understand and ensure you obtain the right policy.

Trusting Will Wright Agency Inc.

The friendly team at Will Wright Agency Inc., serving Decatur, AL, is ready to address your RV or other insurance requirements. Please call (256) 353-5537 or visit us in person today for the necessary coverage.

Classic Car Insurance because Your Classic Ride Deserves a Little More

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Occasionally, a car is just more than a car. For many classic car enthusiasts, it’s something extraordinary. While this "something more" can differ among individuals, there is no denying the sentimental value these masterpieces from the past hold. Browse through any classic car show near you, or better still, attend one, and it’s glaringly apparent that people adore their vintage beauties. This passion is one of the reasons why folks in and around Decatur, AL, trust the experienced, professional, and friendly team at Will Wright Agency Inc. for their classic car insurance needs.

Because Your Classic Car Warrants a Little Extra

Indeed, procuring parts for your cherished 1960’s Ford model might be costlier. You might even have to get parts custom-made as replicas of the original for your 1956 Chevy. Sometimes, taking care of your classic car might be more demanding and costlier, but as every classic car owner will testify, these classics surely deserve a little more. Secure those precious memories and that stunning throwback ride and maintain its timeless elegance with the appropriate classic car insurance solutions.

Classic Car Protection in Decatur, AL

If you are a resident of Decatur, AL, or its surrounding areas and have queries about auto insurance or need classic car insurance for your vintage masterpiece, we are here to help. Our professional and friendly team at Will Wright Agency Inc., who shares your love for classic cars, can answer all your classic car insurance questions and offer the coverage your classic car needs and deserves. Reach out to us to learn more and schedule an appointment today.

Three Ways Renter’s Insurance Protects You Financially

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When you rent your home, it’s important to have insurance coverage similar to home insurance. However, this doesn’t need to cover the physical property—that’s the owner’s responsibility. As a renter, you need many protections, and renter’s insurance provides them. If you are renting your home and don’t have renter’s insurance, contact us at Will Wright Agency Inc. in Decatur, AL.

Covering Your Belongings

Renter’s insurance covers all your belongings in the same way that home insurance would. Having financial protection for your belongings is essential, as they can all be damaged or destroyed in a disaster. If this occurs, you may need to replace your items, which can be highly costly without insurance.

Protecting Your Liability

Even though you may not own the property, you are still financially accountable for what happens there. If a visitor were to get injured at your place, they might have medical bills and other costs for which you would be responsible. Renter’s insurance provides you with liability coverage, which means the policy could pay for these expenses rather than you. These costs can include legal fees, lost wages, and more.

Catastrophe Protection

Imagine a serious disaster occurs at your home, resulting in extensive damage and necessitating major repairs. Events like these are more common than you might think, and it can be extremely costly to have to find temporary accommodations while your home is being repaired. Renter’s insurance covers the costs of living elsewhere while your home is being fixed.

Get Your Renter’s Insurance Policy

Having a renter’s insurance is crucial if you’re a tenant. If you don’t have coverage yet, contact us at Will Wright Agency Inc. in Decatur, AL to get started.

When to Get Motor Home Insurance for Your Motor Home

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At the Will Wright Agency Inc. in Decatur, AL, our highly skilled team of insurance professionals is committed to protecting every asset and aspect of your life, including your motor home. A motor home, otherwise known as an RV, provides you with the comfort you need on your journey across the country. Even if you never take your motor home out of the garage, you can still reap insurance coverage benefits to protect your property from possible theft or damage.

What Is Motor Home Insurance?

Motor home insurance, also known as RV insurance, is a special type of policy designed to cover RVs and related vehicles. If you’re uncertain whether your vehicle qualifies as a motor home or RV, our professional team can help you clarify it. We don’t just help determine your vehicle type; we can also offer guidance on whether motor home insurance is the perfect fit for you or if a different insurance policy could better serve your needs.

What Does Motor Home Insurance Cover?

Motor home insurance shields you and your motor home against familiar problems RV owners may encounter. For instance, your RV could be insured against damage caused by others. Coverage may also extend to liability and other related expenses, although this depends on the specifics of your insurance policy.

When to Get Motor Home Insurance

Owners of RVs should seriously consider purchasing motor home insurance. Even if your RV spends most of its time parked in the garage, it’s still a valuable asset deserving protection. If you harbor concerns about possible RV damage or injuries occurring in or around your RV, it’s best to act on those instincts. It’s always better to secure protection now rather than regret not having it later.

For additional insurance information, please get in touch with our office at the Will Wright Agency Inc. in Decatur, AL, today!

Will a Regular RV Insurance Policy Cover International Travel?

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The summer months are ideal for traveling abroad in an RV. However, residents of Decatur, AL who want to travel by RV should ensure they have the right type of insurance for their trip.

Does Alabama RV Insurance Cover Foreign Travel?

An Alabama RV insurance policy will not cover travel to Mexico, Canada, or any other foreign country. Thankfully, RV insurance policies for foreign travel will offer as much protection as you need. Coverage options include unexpected delays, emergency medical evacuation, and driveway-to-driveway insurance. 

What Types of RV Insurance Do You Need to Travel Abroad?

If you travel to Mexico, you’ll need temporary RV insurance. Good forms of coverage to purchase include roadside assistance, theft coverage for up to $200,000, and legal/financial protection coverage with liability limits of up to $1 million. 

If you drive your RV to Canada, you’ll need to purchase a liability insurance policy that provides at least $50,000 in liability insurance. However, bear in mind that this is only the bare minimum required by law. Ideally, you’ll want at least $1 million in liability coverage if you travel around Quebec and $2 million if you visit other parts of Canada.  

Get Help from the Will Wright Agency Inc.

Purchasing the right RV insurance policy for international travel isn’t just a legal requirement. It’s also a smart move to save you a lot of time, hassle, and problems. You may also want to add travel insurance to your purchase simultaneously, as it covers a host of incidents that aren’t covered by an RV insurance policy. Will Wright Agency Inc. experts have many years of experience offering insurance-related advice and assistance to Decatur, AL residents, and we look forward to helping you purchase the best forms of coverage for an upcoming trip. 

The Process of Insuring Your Classic Car

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Optimizing Your Classic Car Insurance

The value of properly insuring your classic car can’t be stressed enough. Whether you are already an owner or considering becoming one, these are the factors to consider.

Qualifying for Classic Car Insurance

Age alone doesn’t make your vintage auto eligible for specialized insurance, as it may vary from one insurer to another. The general pre-requisites include:

  • Limited Use: Insurance generally doesn’t cover classic vehicles used for daily commuting or errands. It also often comes with mileage restrictions, excluding car shows.
  • Secure Storage: Securely storing your classic car in a locked structure is a must under this coverage.
  • Clean Driving History: A history of reckless driving, repeated speeding or DUI/DWI might disqualify you.

Additional Considerations for Classic Car Insurance

Some noteworthy aspects of this insurance are:

  • Full Replacement Value: In the absence of a standard Blue Book Value for specific models, you must mutually decide upon an amount that covers your car’s full value without depreciation.
  • Specialized Towing, Repair, and Restoration: Go for policies that pay roughly two to three times as much as a traditional car. This covers the special care required for towing, potential restoration costs, and the expense of replacement parts.

Insuring these prized possessions requires a reliable insurer. Contact Will Wright Agency Inc. in Decatur, AL, to learn more about this specialized coverage.

Common misconceptions about renters insurance

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Renters insurance is one of the most forgotten coverages. Since most landlords and tenants do not realize how important this insurance is, there are many misconceptions about it. In this blog post, we will dispel several.

1. Tenants’ personal items are covered and protected by the landlord’s insurance policy 

Unfortunately, this is a very common misconception. The truth is that your landlord’s insurance covers only damages to the structure of the building. Do not expect it to cover the repair or replacement of your personal belongings.

2. You do not renters insurance if you do not own expensive items

You may think that you do not have any expensive stuff that needs to be covered by renters insurance. However, think about all your clothing, electronics, and furniture that you have. If something happens, you will have to replace it simultaneously. 

3. Renters insurance only covers personal possessions

It is also a very common myth. Not everyone knows that renters insurance also covers liability. What is liability coverage? This coverage protects tenants if they accidentally damage someone’s property and cause injuries to someone. 

4. If your roommate has renters insurance, you do not need one

If roommates are not listed on the policy, they are not covered by each other’s renters insurance. You are free to ask your roommate to include you in their policy, but if they can refuse. You may want to buy your insurance if they do not want to include you. 

Are you renting a house or apartment in Decatur, AL, or any other town in Alabama? Do you want to purchase renters insurance to ensure you are protected? Do not hesitate to contact Will Wright Agency Inc., a local insurance company serving clients in Decatur, AL, and surrounding areas. At Will Wright Agency Inc., we are ready to answer all your questions and provide the information you need.