FRIDAY, FEBRUARY 12, 2021
How Much is Classic Car Insurance?
Contrary to popular belief, it isn’t very expensive to insure a classic car. In fact, the average cost of insuring a classic car is less than the average of insuring a regular personal vehicle. On average, you could pay around $276 less a year for classic car insurance than for standard auto insurance.
This stark difference is primarily because of the limitations placed on classic cars. If you have a classic vehicle, you are expected to drive the vehicle only for leisure and to shows. Since classic cars are generally on the road less, this lowers the change that they will be involved in an accident—and lowers the risk that you will have to file a claim.
Other factors influencing the cost of your classic car insurance include:
Value of Your Classic Car
Although classic car insurance is generally cheaper, this doesn’t mean that your classic car is worth less. As your car grows older, it can actually increase in value as long as the make and structure remain intact. The more valuable your vehicle, the more you may pay to protect it, as it will cost more to repair or replace after an accident.
The higher coverage limits you have, the more you will pay for classic car insurance. This doesn’t mean that less coverage is the answer, however. Insuring your classic car with less coverage means leaving more gaps in case of an accident. Speak with your insurance agent about the right amount of coverage for your classic car.
Insurers use your credit score as an example of how reliable you are in paying your premiums in full and on time. A low credit score can drive up your classic car insurance rates while a high credit score can save you money. You can build credit by paying off loans and other debts as well as setting up automatic payments so that you don’t miss a bill.
Your driving record has perhaps the biggest influence on your classic car insurance rates. Although you may not operate the vehicle as frequently as you do a personal vehicle, your insurer will still assume that you will drive it on occasion. Having accidents or traffic violations on your driving record can heavily impact the cost of your classic car insurance.
Speak with an insurance agent about what may affect the cost of your classic car insurance and how to save money on important coverages.
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