Where can high risk people get classic car insurance?

From an auto insurance provider’s perspective, there are a number of factors which determine whether or not you or your vehicle could be considered “high risk.” These factors pertain both to the vehicle itself, and the registered drivers of said vehicle.

As far as the driver goes, there are several common considerations. The first is age. Young drivers and senior citizens are generally considered to be a higher risk – younger drivers because of a lack of experience, and seniors because of health concerns. (However, there are insurers who specialize in auto insurance premiums tailored to drivers 50 and up.) Another factor that insurers take into consideration is your driving record. If you’ve had an accident in the past, depending on the jurisdiction in which you’re registered, you can be penalized. If you’ve had a recent, serious accident, you might have trouble getting any kind of coverage at a reasonable rate. Basically, the longer you’ve gone without an accident, the better, when it comes to your potential insurance premium. Other personal factors that may be taken into consideration include disability and location.

For the vehicle itself, there are also a few basic factors that will go a long way toward determining what sort of coverage you are likely to get. If the vehicle is a common target for theft, that is considered to add a high degree of risk to the vehicle. For classic cars, the most common theft targets include: Corvettes, particularly those from the “golden days” of 1966 to 1982; ‘60s-era Mustangs; ‘60s Impalas; Camaros from 1968-69; vintage Harley-Davidson motorcycles; late ‘60s-early ‘70s Chevelles; ‘70s Monte Carlos; ’55-65 Cadillac DeVilles; classic Chevy pickups; classic Thunderbirds; ‘70s Continentals; and late ‘70s Mercedes-Benz 450s. In other words, widely-recognized classic American vehicles, as well as select foreign models, are considered by standard insurers to be theft threats. Additionally, if your location sees an above-average number of thefts, this can be held against you.

The safety record of the vehicle is also taken into consideration. This is especially pertinent for classic cars, as they generally don’t have the same sort of safety features as modern vehicles; if there’s an accident, you’re more likely to be seriously injured if you’re in an older vehicle. Furthermore, the driving habits of people who own certain cars means that they’re considered to be more of a risk. This is thought to apply especially to older vehicles with a lot of horsepower, such as classic muscle cars.

Drivers and vehicles that meet these “risk” criteria are generally subject to higher premiums, or even complete denial of coverage. The only surefire way to find out if you, with your own vehicle and circumstances, will be insured is to get a quote from an insurance provider. If you’re looking for insurance for a classic, vintage or antique vehicle, be sure to get a quote from a specialty classic car insurance provider. These companies will be more sympathetic to your situation; they understand vehicles like muscle cars, and they’ll give you a policy tailored specifically to your classic vehicle, resulting in a much lower premium, even if this is a vehicle considered by standard insurers to be a greater risk.

Posted: August 7th, 2009 under Classic Car Insurance Explained.