People are worried that something is going to happen to these precious vehicles. Therefore, they may think that classic car insurance premiums are expensive, but it is a common myth. They are hardly driven and so it is a pretty low risk. Certainly there are other areas to consider like difficulty of finding suitable parts but they are not bothering enough to push the rates up.
They come in various types ranging from vintage cars manufactured in 1904 to in 1919 to 1930. You can even call a latest vehicle a collectible if they are very rare and worth keeping for future gains.
The most common thing that increases the cost of insuring classic autos is difficulty of finding parts and expert mechanics that will do justice to them. Also, they can be extremely expensive as these are rare and that increases value.
Lack of safety features is another concern. They are old and simple with no seat belts, air bags, etc. Therefore, the chance of getting seriously injured even in a small traffic accident is pretty high. Nonetheless, this would only be a concern in terms of premium if you were to have Personal Injury Protection included in the policy.
Vintage autos are seldom driven on the roads that lowers exposure to any crash. Generally, they travel less than 3,000 miles a year and that qualifies the owner for a low mileage discount. Then, it wouldn’t be surprising to get away with spending only $200 – $400 on the premium.
Another option is to include them in a multi-vehicle policy. This would give you at least a 10% further discount. Keep in mind that you are free to arrange different coverage for this than any other car in the plan.
Motorists can talk to a broker or search online for a vintage auto insurance policy. There are a few forums and enthusiasts in there are happy to help or offer advice. Perhaps, you can learn which companies are currently competitive in there. Little looking around always pays off.
When you are arranging coverage for a classic car you need to keep one thing in mind. When a car is totaled or stolen companies will only pay the market value of the vehicle under normal circumstances. Therefore, it is not wise to leave the valuation to insurers or adjusters.
So, you need to make sure that you buy “agreed value” coverage, which sets a price for it to be paid in case it is lost or written off. This will also determine if a car needs to be repaired or totaled. Generally, it is not easy to find parts for them and it is not cheap when you find. Furthermore, most people would not want a car they maintained so lovingly totaled easily. Agreeing on its value beforehand makes sure of it in a way.
There is always a question of needing a specialist broker or not for this kind of risks. Usually, most carriers can handle these and know exactly what a classic automobile owner needs. So, always get quotes from traditional names because they are likely to be cheaper.
Somehow, the moment you talk to a specialist the prices seem to go up a bit. Perhaps, they would deal with the claims better in the future. A company that does not understand the requirements may expect a policyholder accept the repairs done in a typical garage rather than a specialist workshop.
Advises of a good broker will be handy in this process. You may find some of them that are only dealing with these types of policies. Otherwise, it is not hard to find them online. Once you get several quotes, you will know what is a fair price.