If your car is worth more now than the original asking price, it’s a good idea to get insurance. Discover 5 smart tips to save money on classic car insurance.
Did you know there are about 5 million collector cars in the United States?
If you own one, you certainly know the joys classic cars can bring to your life. With a classic car in your staple, you’ll have the opportunity to meet and interact with other owners. Plus, unlike regular cars, most classics gain value over time.
However, these cars can take a toll on your wallet, especially when it comes to auto insurance.
The good news? It’s possible to make decent savings on your insurance premiums! Keep reading to learn how to save money on classic car insurance.
Buy from One Insurance Company
If you’re anything like most classic car owners, you certainly own at least one regular car for your daily errands. This also means you already have business relationships with auto insurance companies.
When you want to insure a classic car, start by checking whether any of your current auto insurance providers offer classic car insurance. If they do, you’re in luck. Because you’re giving the company more business, you’ll be in a stronger position to negotiate for a healthy discount. Even the company will be more inclined to offer you a good deal.
Similarly, if you’ve got more than one classic car, insure them with the same company.
Research the Market for the Best Rates
If your current auto insurance providers don’t offer classic car insurance or you feel their premiums are too pricey, hit the market and do some shopping.
Got a couple of friends who own classic cars? If yes, ask them about their insurance providers. You can also go online and compare quotes from a couple of providers. You’ll end up with a good deal.
However, keep in mind premium cost isn’t the only thing you should consider when choosing an insurer. Read their policy rules and establish whether they meet your needs before signing up.
Maintain a Good Driving Record
Your driving record affects your auto insurance premiums, regardless of your age or the car you’re insurance.
As such, if you already have a bad or not-so-good a driving record, your classic car insurance premiums will be a bit higher. But if your record is squeaky clean, focus on keeping it that way. A clean driving record tells insurance adjusters that you’re a low-risk driver, so they’ll reward you with lower premiums.
Keep Your Car Safe
How secure is your classic car? If thieves had an eye for it, how easy would it be for them to steal it?
Whether your classic is drivable or not, securing it with an anti-theft device, such as an alarm and tracking system, will make a big difference. Safe cars aren’t easy to steal and even if someone manages to steal, they can be tracked and recovered.
For making these efforts, the insurer can knock off a couple of hundred bucks from your insurance premiums.
You Can Save Big on Classic Car Insurance
Most classic cars are a sight for sore eyes. Having one in your garage is a big achievement, but maintaining and insuring it can cost a pretty penny.
Luckily, with this guide on how to save on classic car insurance, you now know the steps you can take to make your auto premiums more affordable.
Happy motoring and keep reading our blog for more auto tips.