By Paul Morrone CFP®, CPA/PFS, MSA
Those that have appreciation for collectible, performance or specialized automobiles have unique considerations when insuring these assets. Even the everyday driver of a high-end car may benefit from a review of their existing coverage to determine what type of parts will be used in the event the car needs to be repaired due to an accident. Will the insurance company pay for original equipment manufacturer (OEM) parts, or do they require the use of aftermarket or second-hand parts when available at a lower cost? Whether it’s a BMW, a Porsche or a Bentley, there is no substitute for OEM parts as the fit and finish of these items is exactly as it would have been from the factory. It’s no secret that it’s never good to have an accident on your car’s record, but having the car repaired with OEM parts may help preserve resale value in the future.