Classic car insurance policies provide the greatest benefit for the lowest cost to collectors. They are designed for vehicles that appreciate in value. Although policies typically protect unique and valuable automobiles they cost much less than a standard car insurance contract. Proud owners take great care of their prized possessions minimizing the risk of accident or loss.
Naturally, collectors have an appreciation for automobiles in general and are excellent drivers. The average age of an owner is 50 and a college graduate. They tend to be professionals, technicians, or entrepreneurs and own multiple vehicles. Classic collectors pamper their vehicles, use them infrequently, and keep them safe and secure. These factors help keep rates low by making the group as a whole a favorable risk for insurance companies.
Strict qualifications imposed by companies help keep these favorable risk characteristics consistent throughout the group. A poor driving record or youthful operators are not allowed. There are annual mileage limitations and the vehicle must be garage kept. Another car or method of transportation must be utilized by the policyholder for commute to work.