There are a number of things that you can do to find cheap classic car insurance rates. Let’s say that you have a 1950’s car that you are planning to drive around at least a little bit throughout the year, but you don’t know if you should insure it or not. If the prices for repairs on normal everyday cars can sometimes be expensive and auto insurance companies base part of their premiums on replacement or repair cost will that signify a more expensive policy for classic cars?
If I’m only planning to drive less than a thousand miles a year why would I need to insure the car? Those are just a few of the questions that classic car owners deal with when time comes for them to get automobile insurance. Some people don’t know that there is a difference in insurances from the everyday automobile and the old vintage classic cars; however there is a big difference in the way the policy is set up and most importantly the price!
The first thing you will need to do when trying to get cheap classic car automobile insurance will be to identify the insurance companies in your local area that provide classic car coverage. This is important because if you just go to any insurance company they will provide you with a quote from a standard automobile insurance, which more than likely will be more expensive. If on the other hand you find a company that provides classic car coverage then you will be getting the best and more accurate rate. Most classic insurance company simply put a price on the car which equals to the vehicle’s current value minus depreciation. This means that the more you use the car, the lower your price will get.
Most insurance carriers for these classic automobiles will not give you the chance to get a deductible for collision and comprehensive coverage. If this is the case then there is nothing you can do to the coverage you reduce your rate. However, there are auto insurance companies out there that will allow you to select how much in deductible you want, that’s why it is important to always shop around.
If you find one of these companies, have them quote you with a higher deductible. The reason behind this is that most classic car owners usually have another vehicle that they rely on for transportation, so a higher deductible in case of an accident will not be that bad. If you don’t drive your car that much the probability of an accident will decrease and thus you will be saving money for having raised a deductible that perhaps you will never have to pay. It is important to note however, that you must only raise the deductible if you can afford it.
Another great thing about classic automobile insurance that will allow you to save some money is the flexible coverage that some companies allow. Unlike standard policies where you can only get discounts if you are a low mileage driver, here you can create the policy according to your needs. Most classic car owners only drive their cars up to one thousand miles a year because they are very picky about the conditions and to prevent the regular tear on the car. For these people the classic car automobile insurance policy will be much cheaper than for the ones that drive frequently. Those people that drive “frequently” are usually the people that put a little bit over 5,000 miles on their classic car each year (those mileage numbers would allow a person to qualify for a low mileage discount without a single problem) which is nothing. These people will have to pay a little bit more simply because they are on the roads a little bit more than the others, which brings a higher risk of accidents.
Another big thing that can drive the cost of your classic car insurance policy downwards would be the safety of your car. Because you don’t see many classic cars on the road, these types of vehicles aren’t necessarily the ones that have a high degree of theft. Regardless of that statistic, insurance companies award you with a lower rate if you protect your car from theft. Make sure you keep your classic vehicle in a garage away from the public. If you do park it outside for some reason make sure that you have an alarm and a wheel lock will be a great idea if you plan to leave the vehicle unattended.
Classic car insurance policies are not expensive at all and in some instances you can even add these policies to your normal standard policy. The less you drive, the less your policy will cost. Make sure you show the insurance company that you are a preventive driver that always thinks safety first and they will for sure reward you. So go out and shop around to make sure that you get the best deal! And never attempt to insure a classic car under a standard policy because if an agent allows you to do that you will be paying twice or even three times the value of what a classic car insurance policy would be!