How to Find Affordable US Classic Car Insurance

Whether you’re a first-time car buyer, or a veteran, insuring a classic car can be confusing. You probably have many questions.

• What types of cars can be covered?


• How do most classic car collectors have them insured?
  
  
• Will my specialty classic car premium cost more than a standard premium?


• What happens if I have to make a claim? The good news is that Insuring your classic car doesn’t have to be a headache.

The following is some simple information on how to get US Classic Car Insurance online at an affordable price.

Less than half of the classic cars currently on the road are insured through specialty insurance programs. This means most owners are still insuring their cars through standard auto insurance deals, not knowing that they might be able to get a better deal through a specialty insurance policy. Although it seems counterintuitive, specialty policies are often actually less expensive than standard insurance. Ordinary insurance policies can cost up to 500% more than a specialty classic car package. You can save money by looking into a specialty policy with your insurer.

To get this kind of policy, you generally need to have another car that is your “daily driver” vehicle. If you drive your classic collector car every day, you aren’t eligible for these special programs. If, like most collectors, you only drive your classic car every once in a while, you can benefit from this eligibility. Whether your car is eligible for the program is determined on a case by case basis. You don’t even have to insure your cars with the same insurer. Have your regular car insured through your standard insurance company, but have the classic car insured through a specialty company, unless your regular company offers a specialty program.

There are differences between these affordable specialty programs for classic cars, so be sure to compare your options when you shop around. Levels of service, rates, types of coverage, and handling of claims all differ between companies. If you’re insuring a collectible car, be sure to research all kinds of policies before making your choice to get the best and most affordable insurance. There are three types of coverage available to you: Actual Cash value, Stated Value, and Agreed Value. Most everyday cars are insured by the first, but collectible cars often do better with Agreed Value policies. With the other two types of policy, the older a car gets, the less it is worth. This applies for most cars, but classics actually go up in value with age, if properly maintained. So be aware of that when looking for affordable auto insurance that you can use for your classic car.

If your classic car is at least 25 years old, or otherwise exotic, you could find a very affordable premium through a specialty car insurance program. Many programs request that you drive less than 2,500 miles per year, but this is not a problem for most collectors, who take their cars out only on special occasions. Many companies also require that the people insured under a specialty program be 25 or older, but this is not a uniform restriction. Specialty classic car insurance is much less expensive than standard insurance, if you qualify. Even if you have multiple classic cars, you might have to only pay one premium. After all, you can only drive one car at a time!

 

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