How to Get Cheap Classic Car Insurance
Published: January 11, 2018
Updated: May 15, 2018
CATEGORY: Classic Car Insurance
With their awesome features which distinguish them from the other types of cars, classic cars are at the very top of the ladder when it comes to vehicles. Unfortunately, as is the case for anything that is the cynosure of all eyes, classic cars usually attract vandals and robbers. Again, because classic cars are not common and are usually expensive, many major insurance companies and agents do not offer insurance cover for them.
For the fact that it can be challenging to find the right type of insurance for your vehicle does not mean that you should not have any insurance for your classic car. Many provinces require that you insure your vehicle and you will be severely penalized if you are caught driving without the right insurance protection.
It will take some time and a lot of research to find the right kind of insurance for your car. You will require even more research to find the cheapest available insurance for your classic car.
There are insurance companies that specialize in insurance cover for classic cars. Also there are large auto insurance companies which provide specialized insurance for classic vehicles but you will have to dig deep to find them. It is imperative that you weigh all of the options you find because the premium associated with classic cars car vary largely depending on the auto insurance provider you settle for. It is also necessary that you decide what each insurance company will value your car at, so as to ensure you will be insured for the complete value of your car.
Traditional car insurance values a car at the cost of replacing it, less any possible depreciation. This is what differentiates classic car insurance from traditional car insurance. With classic insurance, the value of your vehicle would be agreed upon by you and your insurance provider. This will ensure that you do not lose your investment when your vehicle is totaled in an accident, stolen or never recovered.
The best solution for you as regards auto insurance for your classic car is an “agreed value policy”. Before purchasing this kind of policy, you are expected to discuss with an agent to the insurance company to reach an agreement for the value of your car. If your car is every totaled or lost, this agreed sum will be paid by the insurance company. You will also receive a quote for the monthly payment. Another factor that separate sets classic car insurance apart from the rest is the fact that the premium is significantly smaller that what is charged for traditional car insurance.
Classic car insurance is the best option if the car you have can be categorized as a collectible. This kind of insurance is formulated to insure cars whose value appreciates over time instead of depreciating. Many insurance firms will allow you insure your classic car the traditional way if you cannot find the right car insurance but you will expect to be charged more for monthly premiums; you will also get far less during a payout settlement if your vehicle gets wrecked or badly damaged.