Many collectors of antique or restored cars are paying way too much for their car insurance. However, there are a few tricks to saving on an insurance policy that's specifically designed to give coverage for these very special vehicles.
Many collectible vehicles are covered by a standard insurance policy. This is often pretty inexpensive to do, since collectible cars are usually driven far less frequently than a primary vehicle. Since car insurance premiums are determined by a variety of factors, including the annual mileage you put on the vehicle, it costs much less to insure a car that's driven only rarely.
Another option with collectible classics is to change your coverage from full to basic liability. Again, the less your car is on the road in the first place, the less vulnerable it is to being involved in a traffic accident. This is true for most second vehicles, but is especially the case when talking about antiques or collectibles that are only driven once or twice a year, and mostly in parades or to a trade show for display.
Policies for Antiques
Although you can add your antique car to your regular insurance policy, this can end up being more expensive than buying a dedicated policy just for your collectible. Not only will a standard policy be more expensive, but it may not offer the right kind of protection that you need for a classic car.
Traditional insurance policies are based around the idea that a car's value will decrease with age and use. For regular cars, this is absolutely the case. However, a classic car will actually go up in value over time, particularly for owners who are restoring the vehicle from head to toe. If anything happens to the car you've put so much time and money into, you don't want the damages evaluated according to a depreciation price model.
Instead, a dedicated classic car insurance policy delivers very cheap car insurance quotes, while protecting the value of your investment. The insurance provider and policyholder come to an agreement on the vehicle's replacement value, based on an independent assessment and estimate from similar auctions or collector sales. Your policy will cover the loss of your car based on its estimated market value to other collectors, not based on depreciation.
Another reason cheap car insurance quotes for collectibles is possible is because of the way that most antiques are driven: rarely and cautiously. Hardly anyone spends the time and energy to restore a rare car and then goes out and drives it recklessly in heavy traffic. Antique insurance policies understand this, and even standard insurance providers will give you a rate a break if you're driving a collectible vehicle.
Even for classic car insurance, there are many discounts available for being a good driver and other desirable qualities. The most important key to making sure you get cheap auto insurance coverage is to comparison shop until you find the right level of coverage for the right price.