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Vintage Car Insurance: 5 Things To Keep In Mind When Choosing Insurance

Updated: August 15, 2018

Vintage car insurance is necessary for anyone who has a classic car, sports car or a vintage vehicle that they want to protect from damage.

However, vintage car insurance is often more expensive than regular auto insurance, because of the associated costs.

Repairing vintage cars and sports cars is a lot more expensive when compared to regular road vehicles.

For this reason, insurance companies will compensate for offering vintage car insurance by increasing the price of premiums.

But it is possible to save money on vintage car insurance. Here are five things to keep in mind regarding your vintage car insurance policy.

What is Vintage Car Insurance?

The first step towards saving money on any policy is understanding. What is vintage car insurance? This is a type of auto insurance that is specifically designed to help people get protection for their vintage, luxury or sports vehicles.

If you damage or total your vintage car, the insurance company will pay a lot more to provide compensation – when compared to a regular vehicle.

This auto insurance is different from regular policies due to the fact that vintage cars often increase in value over time, which is the complete opposite of regular cars.

If you have a Honda Civic, it will probably have a much lower value five or ten years down the road. However, a vintage Rolls Royce is only going to increase in value over time, because there are probably going to be fewer of those models in existence in five or ten years.

This is why insurance companies must raise prices when offering vintage car insurance. In addition, classic cars are often more expensive to fix. If you damage or total your vintage car, the insurance company will pay a lot more to provide compensation – when compared to a regular vehicle.

But this does not mean you cannot save money when getting vintage car insurance.

How to Save Money on Vintage Car Insurance?

The first thing you must do before getting vintage car insurance is to have your vehicle valued. This is important, because you will have to agree on a car value with the insurance company before you sign onto any vintage car insurance policy.

If you want to get vintage car insurance, but do not want to pay over the odds, think about what parts of the policy you absolutely need.

This value is what the insurance company will provide you with should the vehicle get totaled in an accident.

If you want to get vintage car insurance, but do not want to pay over the odds, think about what parts of the policy you absolutely need. There are certain parts to all vintage car insurance policies that are not as necessary.

In addition, you can look for discounts linked to safe driving, having no traffic violations and the number of miles you drive the vehicle in a given year.

But it is also not a good idea to completely strip down your vintage car insurance policy in order to save money. You want your vehicle protected from road accidents, theft, vandalism and natural disasters.

Do You Have Comprehensive Coverage?

The first thing you must do is make sure your vintage car insurance policy has comprehensive insurance. While this type of coverage is not deemed mandatory for regular vehicles, it is of paramount importance that you get it with your classic car insurance.

If the vehicle is stolen or vandalized or hit by a tree that falls down during a storm, the comprehensive portion of your policy will give you financial protection.

Why is comprehensive coverage so important? Because this is the part of a vintage car insurance policy that will protect your vehicle from damage incurred when it is parked at home or at another location.

If the vehicle is stolen or vandalized or hit by a tree that falls down during a storm, the comprehensive portion of your policy will give you financial protection. With most vintage cars driven on a rare basis, it is crucial that you have comprehensive coverage to ensure it is always protected when it is parked in your garage or at another spot.

Even if you are looking to save money on vintage car insurance, do not ignore comprehensive coverage.

It may save you a few hundred dollars a year to remove comprehensive coverage from your policy, but you will potentially lose out on thousands of dollars if your vehicle is damaged or stolen.

Do You Have Collision Coverage?

Another form of coverage you must get with vintage car insurance is collision coverage. Even if you only take your vehicle out on the road a few times a year, you need collision coverage to protect against damage incurred during accidents that were your fault.

If you are only driving the vintage car for short distances a few times a year, you can get a minimal level of collision coverage.

If you make a mistake, or struggle to control the vehicle, it is the collision portion of your policy that will protect you from damages incurred during these accidents. If the car was damaged in an accident that was not your fault, the other party’s liability coverage will pay for the damages.

The level of collision coverage you get for your vehicle depends on how often it is driven. If you are only driving the vintage car for short distances a few times a year, you can get a minimal level of collision coverage.

But if you drive the car on a regular basis to road shows or during your daily commute, get as much collision coverage as you can afford. This will protect you in the event of the car being damaged or totaled in an accident.

The more you drive your vintage car, the higher the risk of you causing an accident and ending up with significant damage to the vehicle.

Vintage Car Insurance: Pay Less with a Primary Vehicle

Another way to save money on vintage car insurance is to make sure this vehicle is not your primary mode of transport. Insurance companies offer much lower rates on classic car insurance when they know you have another vehicle that you are driving on most days.

Having a different primary vehicle will not only protect your vintage car and keep it safe, but it will also save you money on auto insurance.

If this primary vehicle is ensured by the same company, you will save even more on your sports car insurance.

Why is it beneficial to have a primary vehicle that is not your classic or vintage car? Because this ensures you are only driving the vintage car sparingly, which drastically reduces the risk of you causing an accident and damaging the vehicle.

But if the vintage car is your only mode of transport, and you are driving it on a daily basis, you will end up paying a lot more for the related insurance policy.

Having a different primary vehicle will not only protect your vintage car and keep it safe, but it will also save you money on auto insurance.