Can young drivers get classic car insurance?

Auto insurance premiums, especially for older vehicles, can be high for anybody. That being said, young drivers almost always pay significantly higher insurance premiums than more experienced drivers and even older, new drivers. This is because young drivers are statistically more likely to be involved in accidents, and their accidents are more likely to be more serious in nature.

The implications of this are twofold. If you’re a young driver, statistically speaking, you’re more likely to injure yourself while driving. Perhaps more importantly, you’re more likely to be found liable for injuring someone else, which can result in significant liability costs, which in turn make insurance providers a little bit nervous, to say the least. Young drivers are also more likely to have their vehicles stolen or vandalized. These realities are also especially true for young, male drivers. For all of these reasons, young drivers are forced to pay proportionately more expensive premiums.

There is one basic thing young drivers can all do in order to help get themselves more reasonable premiums, and that’s to take an accredited driving instruction course. After that, insurance companies will offer lower premiums, to the point where you’ll end up saving a lot of money in the long run, even taking into account the cost of taking the course in the first place. However, even with lessons factored in, the cost of insurance is still quite a bit greater for young drivers compared to older ones.

If you’re a young driver involved in the classic car hobby, the issue of insurance premiums is especially important. Not only are young drivers likely to be tagged with prohibitively high premiums, but older vehicles are also subject to higher insurance costs, and the combination of the two is almost certain to price the hobby out of reach for a young driver. In this case, though, there’s another way to reduce your premiums to a much more acceptable level, and that’s by getting a specialty classic car insurance policy though a company that deals specifically with this area of auto insurance.

Young Driver Restrictions

Among these providers, some do have restrictions on the experience level of drivers they’ll cover. For example, with Hagerty, you’ll need at least 5 years of driving experience in certain states. With American Collectors, you’ll need at least 5 years of experience no matter where you are, and with Leland-West, you’ll need at least 9 years of driving experience.

In general, the only way to find out whether you and your vehicle are eligible for coverage or not is to go to the various providers’ websites and get a quote. This is a more than worthwhile action anyway; you’ll see just how much you can save on insurance for your classic, vintage, or antique automobile through a specialty insurer, not to mention how much more extensive the coverage is. If you’re a young driver, this is especially important, as the difference between conventional insurance and specialty classic vehicle insurance can mean the difference between keeping your classic vehicle and having to give up the hobby – or at least wait a really long time.

Posted: August 5th, 2009 under Classic Car Insurance Explained.