October 2, 2009

Classic Auto Insurance Cheaper Through Specialty Firms

Many classic car owners face a dilemma: They are paying auto insurance on more than one vehicle – including one that is likely not driven very often. Classic cars – such as a 1970 Chevelle or a ’69 Camaro – may not see as much road time as a new Honda Civic, and for good reason. Few people would like to wear their classic cars out or expose them to harm by taking them out on the road. On the other hand, it’s nice to take this prized possession out to cruise every now and then – which is why it is important they keep it insured.

But insurance for these beauties doesn’t have to cost owners as much as regular insurance. They can save money by investing in classic car auto insurance. Many specialized insurance firms offer coverage specifically for classic cars – such as Classic Auto Insurance, The Hartford and Heacock. While such insurance is not guaranteed to be cheaper, it often is.

Coverage for classic cars is not quite the same as typical auto insurance coverage since it is understood that the car will see little time on the road. Instead, this sort of insurance can be thought of as something akin to insuring your valuable stamp collection or antique furniture. At the same time it also provides all the state-required components of auto insurance. Classic car owners also have the benefit of stating the value of their car up front, rather than having the insurance company determine it for them. It is very likely that a standard auto insurance company would not pay out the true high value of your fully restored vehicle if it were totaled in an accident. However, these specialty classic car auto insurance companies are usually operated by car enthusiasts who are not only aware of the work and love owners put into classic cars, but the true value of such equipment.

However, this special coverage often comes with heavy restrictions. For instance, many specialty companies may insist that the car be stored in a garage when not in use. Other companies may forbid certain types of modifications, which would be anachronistic. If you want your classic car coverage, you better make sure your car is genuine. Still other companies will only cover cars 30 years old or older, and sometimes this special insurance is only offered to drivers ages 25 and up.

A quick Internet search will turn up many specialized companies that are willing to insure your classic. By doing so, you can easily compare these classic car auto insurance companies for yourself. Be sure that you are aware of all the quirks and particularities of each company, and you will get the best deal for yourself.