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.

Posted: September 15th, 2009 under Classic Car Insurance Explained.