What collector cars are least expensive to insure?

Owning a collector car is a unique joy. Whether you’re into old sports cars, classic trucks, or newer collectibles, finding one that’s affordable to insure can make a big difference. Although that might seem like a tall order, some collector cars have surprisingly low insurance premiums. You just have to know what to look for. To get the inside scoop, read this guide on what collector cars are the least expensive to insure.

Do collector cars need specialty insurance?

Collector cars require specialty insurance due to their unique nature and value. Their needs often exceed what standard auto insurance policies cover.

For example, regular car insurance typically offers coverage for vehicles that depreciate in value as they age. In the event of an accident, theft, or natural disaster, you get coverage up to the vehicle's current market value.

However, collector cars are different. They are often rare, historical, and appreciate in value over time. This makes standard insurance policies inadequate for these treasures.

With collector car insurance, you get protection for the total, agreed-upon value of the vehicle, not just its current market value. This means that if something were to happen to your collectible car, the policy would cover the full insured value without considering depreciation.

Moreover, specialty insurance for collector cars takes into account that these cars aren’t used every day. They’re often for shows, parades, or fun drives, meaning less risk and often cheaper insurance. Plus, these policies can offer extras like help if your car breaks down and coverage for spare parts.

Underlying factors that influence insurance costs

Several factors can influence the cost of insuring a collector car, such as:

• Age and condition: Insurance costs typically increase as vehicles age. But if you can prove your car is well-maintained, it’s possible to attract lower collector car insurance premiums.
• Annual mileage: The less you drive your collector car, the lower your insurance costs might be. Cars driven infrequently are less likely to be involved in accidents, leading to lower risk and, thus, lower premiums.
• Vehicle storage: Cars stored in secure, climate-controlled garages are less likely to suffer from damage or theft. This decreases their premiums compared to vehicles left outside in the elements.
• Appraised value: The agreed-upon value of your collector car directly influences the insurance premium. You’ll need to have your car appraised to determine its value, allowing insurers to price the policy accurately. In general, you can expect higher-valued vehicles to attract higher premiums.
• Stock vehicles: Cars with no custom modifications are also less expensive to insure because there is less risk involved. 

It’s not just the vehicle that matters. Your driving record can significantly impact monthly collector car insurance rates. You can expect to enjoy lower insurance rates if you have a clean record without any accidents or major traffic violations.

Need collector car insurance? Contact us for a quote

If you’re a proud collector car owner, securing the right insurance can provide complete peace of mind. At Orbit, we understand the unique needs of collector car enthusiasts. Our specialty insurance plans cover the actual value of your beloved vehicle yet feature competitive premiums that won’t break the bank.

So, don’t let concerns about insurance premium costs dampen your passion for collector cars. Get in touch with our team today for a personalized collector car insurance quote. We look forward to helping you enjoy the beauty and heritage of your collector by keeping it fully protected through the years.

Sources

https://www.armourinsurance.ca/blog/do-old-cars-cost-less-to-insure

https://www.caranddriver.com/car-insurance/a36148219/cheap-to-insure-classic-cars/