Many people choose to restore, and then display their antique cars at shows; no serious owner would ever fail to insure this prized possession. Fortunately there are antique car insurance companies who are able to provide the sort of cover an older car needs. By having a wide variety of auto insurance companies to choose from, the classic car consumer has the ability to choose the right type of insurance for their needs.
This area has not gone unnoticed by commercial auto insurers and they now have special policies for collectors of antique cars that reflect these specialized areas of auto cover. Although the policies may seem the same as regular auto cover provides, they are not and the agent will require exact details of the car to be insured before a full quotation can be supplied. You can of course lower your premium by increasing your deductible above the standard limit your insurer sets.
Purchasing auto cover for an antique car through a commercial insurer will give the policy holder peace of mind, knowing that the company they have chosen to do business with is an established company with a good reputation. The other advantage of this type of insurer is their ability to arrange the protection on any other regular vehicle you own. Although there may be a price premium for antique car insurance with this type of company, the peace of mind it brings could be well worth the additional amount.
It is possible to use specialist auto insurers and often the premium is lower because this is the only type of insurance they provide, this might mean that you will not be able to insure any other type of car with them. There are even companies that will only insure a particular type of classic car which might make it difficult finding an insurer for your own vehicle.
Research is the key when it comes to the smaller antique car insurers so try and find one that is reliable and has a good reputation by checking online insurance resources. This can be an awkward situation when you have been paying your insurance premium regularly to find the insurance company will not pay out on a claim you have made.
Although it might seem like hard work finding an antique car insurance company that you feel happy entrusting your antique car with, it is far better than not having the car insured. Most classic cars are worth many thousands of dollars and that is a big loss if the car is ever stolen or destroyed so having auto cover may be the most valuable protection you ever purchase.
It seems to almost be a rite of passage that when a teen gets their driver's license, they start to talk to their parents about getting a car, and many parents, glad to be out of the role of chauffeur, are willing to oblige them. But the majority of those parents are not being smart about the kind of car they choose for their teen driver.
If you go to the car dealership, which is a very likely place to start shopping, they are obviously concerned with the cost of the car. This is natural, but when shopping for a car when your teen will be the primary driver of it, there are more considerations than just the cost, where cost almost becomes secondary.
For example, you can get a good late model used car in good condition for say $17k-$18k, one that does not need a lot of repairs, gets good gas mileage, and will not be constantly in the auto shop being fixed for something or other. But any astute car sales person is going to point out that for only a few thousand dollars more, you could easily get a brand new car, not a used one, and hey the financing from the manufacturer is better because it is a new car, listing every reason in the book why the new car is a much better overall value than any used car.
Consider their motivation. The sales person's motivation is to move cars and point out value to you, and the more money they can extract from your wallet, the better they are doing their job. There is nothing wrong with that, because that is what the dealership is paying them for. But is it the best option for your teen driver?
Typically, no. Especially for a teen driver, you need to look at other factors first, usually two of them which should even come before price. First is the safety rating for that particular model of car, which goes into the specifics of the model, the engine (4 cylinder versus 6 or even 8 cylinder) and many other factors. What is the crash safety rating for this vehicle? You can call your car insurance company to find out, and may be surprised to learn that one make and model costing $5000 more has twice the crash safety rating as the one you are looking at. No amount of money can replace your teen if they are killed in a car accident, so examine the crash safety rating for the specific car you are considering.
You also need to consider the cost of insurance, which to a great extent is tied to the crash safety rating of a car. What you will find may open your eyes. A car that is considered to be sporty and fast (something your teen may want) may have a cost of insurance that is twice that of another car or even more, where that other car does not have the "sporty and fast" look to it.
The fact remains that teenage drivers are a greater risk for a car insurance company. Teen drivers between the ages of 16 and 19 are 4 times more likely to have an accident than older drivers. Regardless of how safe and responsible you believe your teen to be, the statistics don't lie and this point is driven home year after year.
When shopping for a car for your teen, look first at the safety rating for the vehicle you are considering, then look at the amount of safety equipment installed on the car, such as side air bags, anti-lock brakes, seat belt reminder buzzers on the dashboard, and other safety related items. Then look at the price. The cost of the car for your teen cannot be the primary decision maker.
When you have determined the right car for your teen and taken the safety rating and safety equipment into account, you will almost certainly find that the car insurance rate you are paying is quite reasonable for your teen, or at least much more reasonable than it would be if you had not put those other considerations first.
Both Barry Friedmann & Jon Arnold are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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