10 Easy Ways to Save Money on Your Classic Car Insurance

10 Easy Ways to Save Money on Your Classic Car Insurance

Do you have a classic car? If so, then you know that the cost of insurance is often more than the cost of ownership. The good news is that there are plenty of ways to save on your classic car insurance expenses. In this blog post, we will discuss 10 easy tips for saving money when it comes to your classic car!

1. Shop Around

It’s important to shop around when you have a classic car. Even if you have your heart set on a certain insurer, shopping for multiple quotes is advisable. There are many services that will do the legwork for you, including Lemonade, CarInsurance.com and CarsDirect.

2. Raise Your Deductible

Did you know that the higher your deductible is, the lower your rate will be? You’ll want to weigh out the risk of increasing your deductible with the cost savings it offers.

3. Raise Your Rate Ceiling

Raising your rate ceiling by a few hundred dollars can help tremendously! This option allows you to pay excess if you hit your limit, which can be costly if your car is worth less than the total coverage.

4. Ask Your Insurer About Safety Discounts

Ask your insurer about discounts for safety features like airbags, anti-theft devices and automatic seat belts. These items are often standard on modern cars, but not so much on older models! The great thing about these safety features is that they help you avoid accidents altogether.

5. Ask Your Insurer About Discounts From the Manufacturer

Depending on your car’s manufacturer, it may be eligible for a manufacturer discount from your insurer! You can also ask about discounts for classic models and cars with low annual mileage.

6. Request a Low Mileage Discount

If your car sees low annual mileage (less than 7,500 or 10,000 miles annually), it may be eligible for a discount. The lower the mileage, the less wear and tear on your vehicle. This will lower your likelihood of being involved in an accident as well as potentially save you money on repairs!

7. Opt for Locality Based Insurance

If your car is primarily used in the city, opt for locality based insurance! It’s usually cheaper than covering a vehicle that needs to be driven long distances on highways.

8. Maintain Proper Documentation

This may seem like an obvious tip, but keeping all of your documentation organized can save you money! Make sure you keep your receipts, repair orders and any other documentation in one organized location.

9. Choose the Right Coverage

Choosing the right coverage for your car can go a long way! You’ll want to consider the value of your vehicle (how much it’s worth) with how often you use it (the miles put on it annually). If you’re unsure, speak with a licensed agent who can explain the differences!

10. Do Your Own Maintenance

In most cases, you’ll save money by doing your own maintenance on your car. You can usually find documentation on how to do repairs online and save yourself some money at the same time!

Do I need to keep all of my documentation organized?

Yes, it’s important to keep all documentation organized and stored in one place. This helps you avoid any loss or misplacement of these valuable items! Keeping everything organized will help you as well as save you money on your policy.

If I do my own maintenance, does that affect my insurance?

In most cases, doing your own maintenance doesn’t affect your policy. However, it could depend on the type of vehicle you have and if you repair it yourself or take it to a shop. Make sure to check with a licensed agent before doing any repairs!

Is locality based insurance cheaper than standard coverage?

Locality based insurance is usually cheaper since it’s primarily used where your car spends most of its time; in the city! If you’re unsure, speak with a licensed agent who can help you out and explain the differences between policies.

Will having a safety feature discount save me money every month?

Yes, some types of safety features can be eligible for discounts depending on your insurer. Automatic seat belts and airbags are mandatory in modern vehicles but not always in older models. Speak with a licensed agent to find out if you’re eligible for a discount.

How much can I expect to save by raising my deductible?

Raising your deductible can reduce your monthly premium significantly. The higher the deductible, the lower the cost of repairs and replacements will be. You’ll need to weigh out your options and decide if it’s worth it for you!

How do I know what coverage is right for me?

Choosing the right type of coverage is important! Coverage options vary depending on your preference and needs. Speak with an agent if you’re unsure about what coverage is best for your car!

How long does the process usually take?

The timeline for this varies depending on the insurer, but it usually doesn’t take longer than a day or two. You can contact an agent directly for more information about your specific car.

By And Large

Thanks for reading our blog post. We hope you found the information helpful and that it will help guide your decision on how to get classic car insurance. If you have any other questions, please feel free to comment below. Remember, we’re here 24 hours a day!

Scroll to Top