Having a vintage car in your garage is a serious undertaking from many points of view. And the financial implication of driving a car that has some historical value to it may also be much higher than for a typical modern vehicle. Apart from the typical restoration and maintenance costs that can cost you a lot taking the value of genuine parts, the cost of insuring such a vehicle can give your wallet a good bite unless it’s a fat one and can afford it. That’s why many people say that vintage cars are a hobby for the wealthy. Sure, you can enter the vintage car club with moderate finances too, but you’ll have to be aware of some peculiarities concerning vintage auto insurance. Here are some of them:
Your car should be professionally evaluated by an appraiser before looking for an insurance policy. If you don’t do it before buying a policy from a typical provider than the value of your car that the coverage will provide in case of a claim will correspond to its current market value. And this means that you’ll be covered for scrap metal taking the depreciation of cars through decades. Your insurer should be informed about the historical value of your car and the best way to do so is to have your car appraised by an independent expert who will be able to set its actual value.
Many insurance companies may simply not have specialized vintage vehicle insurance and will offer you standard policies just like for a modern series car. While that may turn out cheap from the coverage point of view as the market value of vintage cars is fairly low (excluding their actual historical value), quite often such coverage won’t be enough to cover serious repair that requires specific parts. That’s why it’s recommended to search for a specialized vintage insurance company or ask if the mainstream insurer has special vintage car policies. After all, you want your car to be insured to the proper extent, right?
Quite often there are specific limitations under vintage car insurance policies. For example, you will have a limited year mileage permitted in order for the coverage to apply. The place you keep the car also matters, as some insurers won’t be willing to insure a vintage vehicle if it’s kept somewhere outside the garage. And while these measures may seem logic and acceptable to many classic car owners, sometimes such restrictions may cause problems with the insurance company in case you file a claim and they find out that the conditions haven’t been met to the full extent.
However, like in any other case of car insurance, it really depends on the policy you buy in the first place. Shopping around is a must even with vintage car standing in your garage. Sure, the options will be limited and you’ll have a more modest range to choose from if compared to ordinary vehicle insurance, but it doesn’t mean that shopping around is pointless. After all, you will definitely want to insure your vintage car to the full extent and policy comparison is simply the best way to do it right.
Every now and then all drivers feel that they are paying too much for insuring their vehicles. This can be due to financial problems forcing to cut most costs or learning that neighbors or friends are paying far less for their policy. If you’re in such a situation at the moment, there’s good news for you! Insurance costs can be effectively reduced to lift the burden off your wallet and it doesn’t take any fraud or complex schemes to accomplish. There are real working strategies for cutting insurance costs that a lot of drivers use these days, so why being an exception and paying for things you don’t need? Here are some practical tips on how to cut the cost of insuring your vehicle:
Analyze your insurance needs
Any insurance policy is a bundle of different types of coverage, each designed to protect the policyholder from a set of specific situations. In an ideal situation you can include virtually all types of coverage and protect your vehicle from any possible perils. But that will cost you a lot since each coverage type has its price. So if you want to cut your car insurance costs it boils down to choosing what you really need over what you don’t. It’s a matter of compromise and in order to make the right decision you should know exactly what you need as a car owner. Analyze your needs and get only those forms of coverage that are really necessary.
Look for discounts
Discounts are offered by virtually all providers both big and small in order to stimulate loyal and low-risk customers. There are many different discounts that vary from company to company, but there’s a set of discounts that can be found with most providers. Such discounts include good student, good driver, senior citizen, multiple car, multiple policy, low yearly mileage, college student, additional security measures and many others. Consult with your current provider regarding the discounts they offer and see if there are any you can opt for. This can result in good savings.
There’s nothing more effective than shopping around when you’re looking to cut a price on something. Just as you’re used to shopping around to get the best price on things like TV sets, cameras or even cars, the same principles apply to car insurance as well. If you don’t like shopping around then there’s no surprise that your policy is expensive – you just didn’t take the time to explore all the possibilities out there. And when it comes to insurance comparison shopping really pays off since insurance rates vary from company to company. All insurers used different methods of calculating their rates and you will always get different quotes for the same car. So why not taking the advantage and getting a really competitive policy? All it takes is just some time to compare the quotes and as a result you can save a lot of money. Just try getting as many quotes as you can and don’t haste with your decision.