If you’re a classic car owner, choosing classic car insurance is an important consideration. The biggest misconception, or fear when it comes to classic car insurance is cost. The truth of the matter is that specialty car insurance is very competitive when compared to your run of the mill standard car insurance coverage.

The main thing to keep in mind when choosing car insurance to protect your investment is suitability. Typical car insurance is not always the most suitable choice to insure your collectible car. This is for a number of reasons. The most obvious is that most people don’t drive a classic car on a daily basis. So, why pay the extra costs that so commonly come with a car you drive, day in and day out?

The other significant concern that many classic car owners face is specific to coverage. Classic cars often need special coverage that’s unique to your unique vehicle. As is often the case with classic and collectible cars, parts are either unique or very hard to come by. Naturally, these come at a premium to the standard mass produced auto parts accounted for with your typical car insurance. Things like auto body and paint typically require more attention to detail when repairing to show car quality. These things are very often not accounted for when relying on your standard insurance company. And you certainly don’t want to be negotiating these things after the fact. Some car owners have learned this painful lesson the hard way.

Regardless of the type of insurance you have make sure you have protection that offers replacement. You need to determine what your vehicle is worth, so that you may receive its actual replacement value. This can be done a number of ways, but is most commonly done through a professional inspection. This is very important, since standard insurance companies use a less than appropriate means of determining replacement value.

Standard insurance policies use two different standards for determining replacement value. The first is typically referred to as “actual cash value,” which involves a certain level of ambiguity. The second, “stated value,” is determined prior to coverage initiation. The big problem with these coverage types is that they both utilize depreciation as a means of determining replacement value. Obviously, the typical classic or collector car owner is looking to protect their investment. Learning that your dream car has been stolen, only to discover massive price depreciation is a one-two punch not many can stomach. This is a risk not worth taking, so be sure to go with an “agreed value” policy that provides full replacement value that meets your expectations.

Now, the biggest objection to classic car insurance coverage often voiced is cost. The truth is that classic car insurance is frequently less expensive than it’s standard car insurance counterparts. This common misconception hurts a large number of collectible car owners, as they settle for lousy coverage that costs more. A quality classic car insurance policy allows for added flexibility, such as superior levels of service, niche vehicle full consideration, and more. And this added service and protection come at a discount because you’re not at all likely top be putting any significant levels of mileage on these vehicles types.

When shopping for a classic car insurance quote there are a few things that should be considered. Get a number of different classic car insurance quotes from several insurers. This will allow you to find the most competitively priced quote for your needs, as you’ll have several insurers competing for your business. This is a great way to save, however, make sure you’re comparing similar policies, so that you can make a fair evaluation. And remember that sometimes choosing a well-regarded insurer is worth the extra premium for not only stability, but quality of service.