Classic car insurance policies provide the greatest benefit for the least cost to collectors. They are designed for vehicles that appreciate their value. Although policies generally protect unique and valuable cars, they cost much less than a standard auto insurance contract. Proud owners take great care of their prized possessions, minimizing the risk of accidents or loss.
Collectors naturally appreciate cars in general and are excellent drivers. The average age of a homeowner is 50 and a college graduate. They are usually professionals, technicians or entrepreneurs and own multiple vehicles. Classic collectors pamper their vehicles, use them infrequently, and keep them safe and secure. These factors help keep rates low by making the group as a whole a favorable risk for insurance companies.
The strict ratings imposed by companies help keep these favorable risk characteristics consistent across the group. A poor driving record and young operators are not allowed. There are annual mileage limitations and the vehicle must be stored in a garage. The policy holder must use another automobile or method of transportation to travel to work.
Shopping and comparing rates for a policy is similar to looking for a standard auto insurance contract. Typical information along with more details about the vehicle and its value are required to receive a rate quote. Policies are available to consumers directly from a company or through an independent agent. The cost of a classic car insurance policy from company to company is less varied than in the general auto insurance market.
Collectors can find good protection for a low price if they qualify. After the high cost of acquiring a vehicle, a low cost insurance policy is a relief. Shop as you would a standard policy by comparing quotes from a direct writer, captive agent, and freelance agent.
