Saved $793 Per Year with Classic Car Insurance

Posted by GreaseGirl on Jul 26, 2011 in Featured, How-To & Tech, MyRideisMe | 2 comments

Classic Car Insurance – Insure 2 Cars and Save!

When it comes to insuring your classic car, there are a number of different auto insurance options available. During my adventures getting Classic Car Insurance with my 1955 Studebaker Champion, I’ve learned a lot by trial and error. Wanting your experience insuring your classic car to be smoother than mine, I thought I’d let ya know some of the discoveries I’ve made along my journey!

When it comes to insuring your car, there are a few options:

Standard Auto Policy

This is what most vehicles carry. A standard auto policy  insures your car for its blue book value at the coverage limits of your choosing. It is the type of coverage that you would have for your everyday vehicles that you drive regularly. It is also an option for your classic if you’re using it as your primary vehicle.

Stated Value Car Insurance

Not many car insurance companies offer this. Stated Value insures your car for what you claim its worth is, which should be verified by an appraiser. This figure is about what you would expect to pay for a similar car at auction. This type of insurance is for cars that have been fixed up and are above (probably well above) the blue book value.

Classic/Collector Car Insurance

Specifically designed for cars that are collectible. I’ve found that each company has slightly different guidelines and rules – but every collector car insurance company will require you to have another car insured for your daily driving/commute on a standard auto policy.

Price Difference in Classic Auto Insurance

For the past few years, I’ve insured my Studebaker via Stated Value Insurance. As far as I can tell, this was my only option if I wanted to insure it for its true value. I did not qualify for Classic Car Insurance because I had no garage and it was my daily driver.

Recently there have been a few changes in my car situation. I now have my own garage and I got a 2001 Ford Explorer for my daily driver. This all happened in the midst of my Stated Value Insurance company raising their rates considerably!

When I purchased that policy a few years ago, I was paying $76/month. That rate was for a stated value of $8000 with a good driver discount. With a minor ding on my record and company wide rate increases, I found myself paying $155/month for the same policy!  That’s $1,860/year… OUCH!

When I insured my Explorer as my daily driver, my monthly premium was cut in half. I had to set up the coverage for this vehicle to match the higher coverage level that the Classic Car Insurer offered. With these increased coverage’s, my new insurance for my daily driver is costing $1051 per year.

After adding my Explorer to my standard auto policy, I chose to purchase Classic Car Insurance for my Studebaker. I wanted to find a Classic Car Insurer that wasn’t going to delegate when and where I could drive my car. I ended up selecting Condon Skelly, a Collector Car Insurance company that customized a policy to fit my needs for my car, the way I use it. I selected a policy with no mileage limits and during the process they were able to use my garage at MyRideisMe.com to document pictures of my vehicle. Now I’m paying only $95/year to insure my Studebaker!

Overall – I went from insuring one car to two cars with double the coverage and I still managed to save $793 per year! Think of all the car parts I could buy with that savings!

If you’re interested in insuring your classic with a collector car insurance company, call the experts at Condon Skelly — 800-257-9496. They can help walk you through the process and tailor a policy to fit your specific needs.

For more advice from my personal experiences, continue to the next article. I’ll share with you what I wish I knew before making the switch to Condon Skelly myself – continue reading: 3Things to Know Before Insuring your Classic Car

Condon Skelly is the official classic car insurance company of MyRideisMe.com.