How to Find the Cheapest Classic Car Insurance
The price of classic car insurance greatly varies according to a number of factors. In fact, most classic auto insurance rates are lower than regular auto insurance. This is because those who own collector or classic cars usually do not drive them very often. Nevertheless, no matter how much you pay for basic classic car coverage, the amount you pay for premium insurance depends on a number of factors, such as:
The type of vehicle – In general, the cheapest classic car insurance is available in the category that provides complete coverage for an American modern automobile. Classic cars are normally very valuable and therefore they require the maximum amount of insurance coverage. The value coverage for an American modern vehicle is calculated based on the estimated value of the vehicle at the time of its purchase and at current market values.
The age of the driver – Generally speaking, the younger the driver, the higher his/her premium will be. Drivers under twenty five years old require the higher premium because they are considered as high-risk drivers. The rates of drivers who are older are also determined by a number of factors. These include, but are not limited to, the age of the vehicle (whether new or old), driving history, age of at least one vehicle that has been involved in a collision, driving violations, involvement in accidents that other drivers are excluded from being insured for, etc.
The make and model of the vehicle – Most classic car insurers consider only modern automobiles as “classic” and they consequently charge higher premiums. However, they do not include collector’s items in their definition of classic cars. Therefore, it is advisable to look closely at the make and model of the vehicle when you are comparing the different premiums. It could be that the collector vehicle is actually not a classic, even if it is a valuable collector’s item.
The “stock” age of the vehicle – Most classic car insurances do not consider old cars as collectible. Therefore, you need to carefully check the make and model year of the vehicle when you are comparing. Vehicles over 25 years of age require higher premiums. In addition, if your vehicle was modified in any way, the insurer will surcharge you extra money on the premium.
How many places you will insure with the insurer – If you have more than one vehicle, you can obtain a multi-policy discount. Classic auto insurers typically offer discounts for multiple policies. Therefore, you may receive a discount if you insure your classic cars with them, as well as your personal vehicles. If your antique car collection is worth more than $2500, your insurer may offer a discount on all your policies, regardless of whether you are insuring individual cars or your entire collection. In some cases, your insurer may also offer a discount if you insure more than one car under a single policy.
Your agreed value – Many classic auto insurers set their own agreed values for vehicles. If you insure your autos at the same insurance company, they are likely to base your quote on your agreed value. However, you may want to insure your autos at different companies so you get a better value. If you choose to insure your autos at different insurance companies, be sure to provide each company with the same information regarding the vehicle. Then, you should ask the insurer to complete a value evaluation of your autos.
Daily driver status – Some classic auto owners elect to keep their autos on the road without coverage. These drivers often have less expensive auto policies because they rarely use their autos to drive to work, shopping, and other destinations. However, if you frequently take these types of trips without involving your automobile in a collision or accident, your auto insurer will likely charge you a higher premium. The reason is because these drivers are perceived as high-risk because of the frequency with which they leave the scene of an accident. If you frequently involve your automobile in accidents or other events, you can expect your monthly insurance rates to be much higher than your competition. Therefore, it is important to be a daily driver in order to maintain lower monthly insurance rates.