Auto Insurance Rates for Classic Cars
Sunday, August 23rd, 2009
According to the article “Classic Car auto insurance is cheaper than enthusiasts may think” by Kathy M. Kristof on latimes.com, classic car auto insurance rates are often cheaper than traditional policies. The reason being that collectibles are pampered by their owners. They are driven less and driven much more carefully.
About half of classic car owners put their classic cars under a standard auto insurance policy without realizing there are specific policies out there created just for collectible cars. Sometimes the traditional policy is too expensive and happens to be inadequate coverage according to Ford Heacock III, chief executive of Heacock Classic, an insurer of collectible cars in Florida.
There are a number of reasons why it’s important to have your classic car insured appropriately. One of the main reasons is because traditional insurance assumes your car’s value will decrease over time whereas classic cars usually appreciate, especially if the car is getting restored. If the car is destroyed you want to get a payout that will replace the item at its increased value.
Classic car auto insurance is offered by dozens of specialized insurance companies across the nation.
