When you look at your classic car insurance rate, you might find that other people are paying much less than you. Alternatively, you might find that others are paying a lot more. If they also own classic cars, this may not make a lot of sense. Why should some people have to pay more than others did? While there is no clear-cut answer that works all of the time, there are a number of different factors that can play into how much you have to pay and how much they have to pay. The following are just a few of those factors.
First, the type of car that you have makes a huge difference. Certain new cars come at a much higher price than other brand new cars. The same thing is true for classics. A collectable Ford will probably not be worth as much as a collectable BMW. A car that cost ten thousand dollars when it first came out will still be worth less when it has turned into a Classic Car Insurance Rate than a car that cost forty thousand dollars in the same year. You have to look at the model to see why one car is worth more than another.
Next, your Classic Car Insurance Rate can be impacted by how many miles the car has on it and what kind of condition it is in. Have you kept it in the garage for years, keeping it in mint condition and only putting ten thousand miles on it? Have you driven it around a fair amount, putting down sixty thousand miles and causing rust to form on the bottom of the doors? These things directly influence how much the car would be worth if you sold it, something that changes how much you have to pay to insure it.
Finally, you need to look to your driving record. You will probably not be driving a classic car as often as you would be driving a new car, but the insurance company still has to consider the fact that you will take it out on the road on occasion. If you have a lot of accidents on your record, they will be very nervous that you will crash this car as well. This can make it so that you have to pay a lot more than your neighbor does if he does not have any accidents on his record.
As you can tell, your classic car insurance rate is something that is unique to you. It is created based on a long list of statistics. This also means that it can shift over time, so you might find that your rate drops to be closer to your neighbor’s after a few years.