No one intends to pay more than they need for car insurance, but those who don’t perform the research end up doing exactly that. Car collectors, in particular, need to be very mindful about whom they buy their coverage from, and what the details precisely entail. Collectible cars might be driven as work vehicles, be permanently garaged at weekend summer homes, or regularly driven to car shows. Know how to get a deal on any car you own, from luxury sports cars to classic American muscle vehicles.
Look for Affordable Auto Insurance Companies
There are many different insurance providers available for drivers who want coverage, but none of them work the same. Some car insurers cater to new drivers, while others offer AARP benefits to more experienced motorists. Well rounded auto insurance providers like The Hartford work to ensure top-notch coverage options at a reasonable price. Review all of the various discounts that The Hartford offers to consumers for safe driving, short commutes, and even insurance bundles. In the end, getting affordable auto insurance is all about creating the perfect customized policy.
Auto Insurance Coverage on Collectible Cars
Whether you have a small but growing collection of cars that you need to have insured or are working on your very first classic car project, auto insurance is a must. Unlike calling up a regular car insurance company and getting a quote over the phone, collectible cars are not automatically covered by all insurance providers. There can be issues with vehicles that are deemed to be ‘too old’ for standard coverage, as well as cars that some insurers consider ‘too expensive’ to repair. You can talk to other car collectors for recommendations on companies and policy features, or you can look to see which companies offer coverage on the vehicles you own. From there, making a rate comparison is likely the smartest way to save the most cash.
Are You a Safe Driver?
You can reduce costs on auto premiums by looking for discounts of all kinds. Biking to work a few times a month can help you reduce the total number of miles you drive, thus lowering premiums. Some car collectors will have special garages built with state-of-the-art security systems to get an additional discount. However, your driving record has a lot to do with the amount you ultimately pay. Safe drivers always get the best prices, with rates going down even further as they continue to avoid getting into accidents or being ticked. If you are paying more than you want to for car insurance, then you should take a driving safety or defensive driver’s course to get a reduction in auto coverage premiums.
Car Value Counts
As a car collector, nobody has to tell you that many classics, exotics, and luxury vehicles go up in price over time. With standard vehicles, car insurance premiums generally go down as the value of it decreases. By contrast, collectible cars usually go up in value, very gradually, unless, of course, a particular model vehicle becomes popular due to being featured in a movie. Your best bet in this place is to seek out one of the few auto insurance providers that do offer coverage on collectible cars and see what kind of deal you can get.
Calculating the Distance You Drive
The good thing about being having a bunch of collectible cars is that you won’t ever have a shortage of vehicles to drive. You could pick out the vehicle you want to drive depending on your mood that day, or you could have a schedule in which you drive and maintain your vehicles. What auto insurance companies want to know is the total distance you drive each car. Some of your cars might only be taken out for a spin a few times a year, while others will serve as your ‘commuter’ vehicles. Document your mileage accordingly, and see if you don’t end up seeing a discount.
Saving with Insurance Bundling
One of the very best ways to save the most on car insurance is to bundle it with other types of insurance that you need. For instance, a collectible car owner might also be a homeowner, making him or her a perfect candidate for bundling. If you drive other types of vehicles, like motorcycles and boats, you could bundle multiple types of coverage under a single umbrella policy. Be as smart about comparing quotes and car insurance companies as you are about insurance bundling. By simply choosing one company to supply you with all of your insurance needs, you can save a ton.
Seeking Out Additional Discounts
Auto insurance companies benefit the most from having customers who are safe and reliable drivers. This is why the last three years of your driving history is crucial when considering rates, but other factors impact price as well. Various car insurance discounts have been developed by insurance providers both to reward and entice drivers into developing better safe driving habits. There are safe driving discounts available for motorists for not being in accidents. Still, there are also accident forgiveness discounts meant to encourage drivers who might have just been having a bad day. Look for all of these kinds of discounts when comparing insurance companies, and you will be rewarded.
If you have a fleet of vehicles, both in your collection and for personal use, then you could use these car insurance savings tips. You should regularly go over how many miles you drive a week with each vehicle, and examine the purpose behind every car in your collection. As you buy, sell, and trade collectible vehicles, your auto insurance premiums might fluctuate – just as the value of your collection of cars does, too. Determine how much you want to save or spend on car insurance premiums as you envision a future where your car collection continues to grow. Most importantly, consider what value you are getting out of keeping your precious collection of cars properly insured.