News for September 2009

How To Lower Your Classic Car Insurance Premium

So, you’ve invested in your very first COPO (Central Office Production Order) Chevy and are eager to display it, whether at a car fair or just shimmering in practically-new condition in your home display area. As with all such precious items, you’ve likely thought about buying insurance for it. Acquiring insurance for a classic car, however, differs substantially from conventional car insurance, due to the special problems that concern classic cars. There are certain hazards that only exist in car shows, for example, where most classic cars are paraded, and the fact that these cars are decades old makes them difficult to value for the intent of computing premiums and policy values. You should ensure that the following matters are dealt with in any such insurance policy that you may acquire.

The first and most critical matter is to settle with your insurer your car’s agreed value and write it down in the policy. This “agreed-valuation” policy may not be as expensive as your conventional car insurance coverage, but make sure that it is a guaranteed payment in the event of an accident. You may want to obtain the assistance of an outside party to price your car precisely. Also, make sure you can lift or drop the agreed valuation annually as your classic car rises or tumbles in value. Think about the price of scarce extras which may be very agonizing to replace. As mentioned earlier, your unique insurance contract should accommodate hazards specific to classic cars. Check that your classic car can be insured as a stationary item, if you don’t plan on taking it out for a spin.

You may wish to consider a mileage limit in your contract if you do not plan to drive your classic car very often, which will grant you considerably lower premiums and make your car a more viable insurable prospect. Pay attention to any prohibitions on your car usage that would void the insurance policy if not followed. Check whether your classic car can be used for conventional driving or only for events. Determine whether you must take your car to a shop chosen by your insurer for fixing. See whether or not special storage is a must for the vehicle. While these restrictions are usually cumbersome to follow, they should also drop the premium on the insurance agreement. The proper mindset to have when obtaining insurance for a classic car is that you’re acquiring coverage for an antique, not just a mode of conveyance. Assemble your insurance policy like you would your cherished vehicle, and liberate yourself from concern as you display your darling at the next car fair, or your backyard.

Edited: September 15th, 2009

Classic Cars Being Auctioned Off In Washington

The Telegraph has a fine collection of pictures of some of the classic American and British cars being auctioned off in Washington at Hotel Murano, Tacoma, WA, 11 Sep 2009 to 12 Sep 2009 by Bonhams & Butterfields.

Check out the pics here.

Some of the cars being auctioned are:

1976 Jensen Interceptor Convertible
1989 Ferrari Mondial T Cabriolet
1964 Mercedes-Benz 230SL Convertible
1971 Jaguar E-Type Series III 2+2 Coupe
1999 Dodge Viper RT/10
1998 Ferrari F355-F1 Challenge
1963 Austin Mini 850 Traveller Woodie
1956 Mercedes-Benz 300SL Gullwing Coupe
1964 Bentley S3 Continental Coupe.
2005 Panoz Esperante GTLM
1937 Packard Series 1508 V-12 Convertible Sedan.
1937 Rolls-Royce Phantom III Enclosed Sports Limousine.
1956 Ford Thunderbird
1939 Cadillac Series Series 90 V-16 Convertible Sedan.
1966 Chevrolet 427 Corvette Coupe.
1935 Packard Series 1207 V-12 Convertible Coupe Roadster with Rumbleseat
1957 Porsche Speedster Carrera GS/GT Re-creation
1961 Ford Thunderbird Convertible
1983 Lamborghini Jalpa
1940 Packard Eight Convertible Victoria

I hope the lucky new owners don’t forget to get classic car insurance, and save money by doing their research at this blog first!

Edited: September 10th, 2009