- The Cost of Insurance -
|Classic car insurance policies provide the greatest benefit for the lowest cost to collectors. They are
designed for vehicles that appreciate in value. Although policies typically protect unique and valuable
automobiles they cost much less than a standard car insurance contract. Proud owners take great
care of their prized possessions minimizing the risk of accident or loss.
Naturally, collectors have an appreciation for automobiles in general and are excellent drivers. The
average age of an owner is 50 and a college graduate. They tend to be 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.
Strict qualifications imposed by companies help keep these favorable risk characteristics consistent
throughout the group. A poor driving record or youthful operators are not allowed. There are annual
mileage limitations and the vehicle must be garage kept. Another car or method of transportation must
be utilized by the policyholder for commute to work.
Shopping and comparing rates for a policy is similar to searching for a standard car insurance
contract. The typical Information along with greater 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 one company to another is less
varied than in the general auto insurance marketplace.
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 relief. Shop as you would a standard policy by comparing quotes
from a direct writer, a captive agent, and an independent agent.