You might have heard that the best way to insure your household’s vehicles is to buy a multi-vehicle policy. This allows you the convenience of being able to insure every vehicle you own within a single plan, which does have its cost benefits. However, is this really the best choice for you?
Some vehicles are not insurable in the same ways as others, and this situation is clearly illustrated every time a classic car owner tries to buy auto insurance. A classic car is much more valuable and unique than the average car, and to auto insurance providers this represents an increased risk. As a result, you will likely want to insure that vehicle separately from your standard vehicles.
Classic Cars Need Classic Car Insurance
Classic cars are unique in the fact that they are rare. They are not easily replaced, and to the owner they represent a significant investment of time, resources and money. Therefore, if something were to happen to these vehicles, they are going to be much harder to repair or replace. To auto insurers, that is an added cost burden, and the terms offered within the standard auto insurance simply might not be able to accommodate the extra risk.
Rather, a specific classic car insurance policy will help you get the coverage you need for this vehicle, and it won’t leave room for error. The liability insurance, physical damage coverage and other terms within the policy will be tailored to provide the coverage that all drivers are required to have, while still allowing you to tailor your benefits to provide ample assistance in case of a claims scenario.
Getting the Right Coverage for Your Classic Car
Insuring a classic car requires a different thought process. After all, you might not use these cars every day. However, when you do take the vehicle out, you will be exposing yourself and the vehicle to a higher degree of liability. Your coverage has to be ready to respond to anything. That’s why if you simply assume that your standard auto policy can cover the vehicle, then you will likely be wrong.
Still, classic cars are often more expensive to insure than your regular car. After all, it’s much easier to repair your average sedan as opposed to a car that was built in the 1940’s. All the same, the infrequent use of the vehicle will also be a factor in setting your premiums. Because you’ll be on the road in this vehicle less than you will in your regular car, usage might be a factor that drives your rates down, overall.
All the same, value and use are just two of multiple factors that will influence the cost of your classic auto policy at the end of the day. Your insurance agent will be by your side to make sure that you choose the policy option that provides you with optimized benefits without far exceeding your budgetary needs.