How To Get The Best Classic Vehicle Insurance |
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Andrew Jamaz
22 November 2009
When it comes to insurance rates, one rule is usually the norm, "the more valuable the object you wish to protect, the higher your rates will reflectively be". When seeking insurance for your classic car, you should expect to meet with stiff opposition in way of insurance rates. There are many reasons why insurance houses charge more for insurance rates. By definition classic cars are cars that were made long ago to critical acclaim. They are therefore, very expensive and not easily replaced. Just as important to insurance companies is the associated risk of theft that goes with classic cars. Given their high retail value, classic cars are seen as extremely likely to draw the attention of thieves. Classic cars fall into various categories. Veteran cars — these are cars manufactured before 1903, vintage cars, which is the term for cars made between the periods of 1903 and 1936 and finally the category belonging to the group of cars that were made between 1936 and 1970. An important fact to note, is that not every car can be considered a classic and hence of much value.
Evaluating how much your classic car is really worth ("agreed valuation") will be up to an appraiser — chosen by the insurance company from whom you wish to purchase your policy. Fortunately, it is not impossible to get fair rates on your classic car. The secret to improving your insurance premium is by reducing your risk levels. This is because insurance rates are computed on figured based on risk levels. The higher your perceived risk the more costly your rates will be. Advanced driving classes are one way of achieving this. Doing this will improve your competence on the road and standing with insurance companies. Incorporating more efficient safety measures, like a good alarm system is another good idea, This will result in reduced premiums.
Your personality and age are also taken factored into the calculation of rates. The older you are, the lower your rates will become. Statistics show that a teenager in a classic car is more likely to end up involved in an accident than a seasoned 30 year old driver. By ensuring that you buy your first car when you are above 30 you will reduce your rate charges. The frequency with which you plan to drive the car will be key in accessing your eventual rates. Do you intend on driving the classic car regularly or is your intent towards a weekly foray in the countryside. Statistics of your location are also used in calculating your rates. An individual who owns a classic car in areas with low traffic will command fewer rates than someone living in cities with high traffic densities. Another way of cutting down on your rate is minimizing the changes you make. Be satisfied with your engine. Understand that the more expensive your upgrades are found to be, the higher your premium will become. Owning a classic car will always be the subject of concerned rates amongst insuring companies, but with careful assessing of your risk and the options available to you, it is possible to get affordable rates.