A classic car is a huge investment, and it’s important to have the appropriate level of insurance. This can be an extremely expensive proposition, but fortunately it doesn’t have to be. By being a savvy consumer, it’s possible to save a significant amount of money while still getting the necessary protection. Here are five of the best tips to get the best deal possible.
1. Comparison Shop
By far the most important entry on this list, comparison shopping is absolutely essential to getting the best deal on car insurance. Although it’s possible to directly contact various insurers directly for quotes, the most convenient and thorough method is comparison shopping websites.
Websites such as www.cheapcarinsurance.net work by using basic information and retrieving quotes from a range of insurers. These quotes are displayed side by side for easy evaluation, making it easy to compare various price quotes and benefits.
2. Get an Accurate Valuation
The level of protection necessary for your classic car depends on its value, which makes it exceedingly important to have a proper valuation. This is especially true of high-end classics, which are often worth much more than other vehicles. Paying for more protection than necessary due to an over-valuation can lead to unnecessarily high premiums, while having too little protection because of an under-valuation can be a disaster in the event of an accident.
3. Specialize Coverage
A high-end classic car is often used much differently than other vehicles, and an insurance policy should reflect that. If the car isn’t driven regularly, there’s no need for insurance that protects against regular driving. Classic cars are often used only for car shows, parades and other special circumstances, and many classic car insurers offer policies with these particular restrictions. Choosing a policy that reflects the way the car is used can result in significant savings over more general-use policies.
4. Practice Safe Storage
An insurance policy is essential a protection against risk. Because of this, minimizing the risk that the car is exposed to can lower the premium for this protection. One great way to minimize risk is to store the car properly at all times. This means never leaving it in an open car lot or other exposed area, and keeping it in a locked garage whenever possible. Not only will this protect the investment, it can also result in more favorable premiums.
5. Request a Higher Deductible
Although this may not be the best option for everyone, requesting a higher deductible can significantly lower premium costs. A higher deductible means that the insurance company is responsible for less cost in the event of an accident, but this may be a risk worth taking for a classic car that isn’t driven often and is exposed to very little risk.
Ultimately, the keys to securing a great deal on classic car insurance are comparison shopping and purchasing the correct policy. There are a number of insurer options, so using a comparison website such as www.cheapcarinsurance.net is very important. Finally, review all insurer policies as well as the existing policy if applicable to ensure that it includes only coverage that fits the way the car is used.