If you are a classic car owner or collector car enthusiast considering a new purchase, speak to an agency that represents companies specializing in insuring these valued automobiles. The fact is that most owners not insured by a collector car insurance specialist are simply paying too much for their coverage.
A classic car insurance agent really understands the needs of classic car owners and can negotiate the best terms available for the policy that will best fit your needs. Traditional car insurance coverage is, frankly, based on depreciating value. The way you differentiate between a collectible car and a car that is merely “old” is the amount of money invested in the vehicle as well as the rarity of the car.
It’s important to determine whether or not the car actually qualifies as a “collector” because how much you pay for a policy will often depend on several factors. Consider the following as the best way for you, as an owner, to reduce the cost of coverage for your collector vehicle.
Before purchasing a policy
There are certain factors to consider when inquiring about a policy for a classic auto. First off, expensive vehicles cost more to repair, maintain and insure. Plus, different owners will make use of their vehicle in their own distinct way. Some will only drive once a month, whereas some may drive much more frequently. Many owners only attend car shows or special events or rent their vehicles out for television and film productions.
When speaking to an agent, ask about any substantial savings you may receive by bundling several policies with the same insurer. By increasing the deductible (raising the amount being paid out-of-pocket for losses) you can help save even more on the policy.
You realize the value of being a safe driver. A clean driving record, meaning no accidents or violations, can also potentially lower your insurance rates. Consider having the monthly premium deducted from a checking account (paperless), or pay the entire premium in full by check or credit card. Avoiding late payments will help to avoid penalty assessments.
All valued investments need to be protected. Insurance is a true safeguard for collector cars. As an owner of one or more of these precious vehicles, you need collector car insurance for your valuable investment.