Collector’s Car Owners Pay Too Much for Auto Insurance

Posted in Auto Insurance , Classic Car Insurance

October 2nd, 2009

While classic/vintage and racer cars are sometimes extremely expensive when purchased, many car owners don’t know that auto insurance coverage for these vehicles usually costs less than the standard auto insurance premium. That’s why car owners should take advantage of the benefits associated with collector’s cars, including lower premiums.

Why Collector’s Cars Have Higher Insurance

Collector car owners often pay more than they should for coverage simply because they don’t know any better. They add their classic car to a standard auto insurance policy, not knowing that they’re paying too much – or that they’re vehicle isn’t completely covered.

Insurance for Classic Cars

When searching for insurance, look for a classic car insurance policy. The premiums are usually lower because the insurance company knows that the cars are being cared for extensively, are rarely driven, and may even be sitting in temperature-controlled garages to ensure they stay in optimum condition.

If you own a collector’s car, purchasing a collector’s car auto insurance policy will bring you the following benefits:

• Car Valuation – The insurance company will take time to determine the current and potential value of the vehicle (since it appreciates) to ensure it is completely covered if damaged.
• Higher Limits – Collector cars are given higher limits for collision, liability and comprehensive with these types of policies.
• Mileage – With this type of policy, you don’t have to worry about mileage restrictions.
• Extended Coverage – Most policies offer worldwide coverage, versus typical nationwide coverage, since car collectors offer travel to auto shows.
• Better Replacement Options – When parts need to be replaced, you will be able to use better repair shops with the highest quality parts.

To make sure that your premium doesn’t increase over time, it’s a good idea to take advantage of the experts in repair. This will ensure that your collector’s car won’t depreciate in value over time.