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Why are my quotes for classic car insurance so expensive?
I thought classic car insurance was supposed to be cheap; why is mine so expensive? My dad gave me a 1965 Chevrolet Corvette Stingray for my college graduation. It is a beautiful car and I only plan on driving it on the weekend. I tried to put insurance on it, but the price is astronomical!
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Congratulations on finishing school, and that car is a fantastic gift!
On average,
classic car coverage
is much lower than a standard insurance policy. However, this is based on several factors that will not apply to everyone. The Stingray is an amazing car, but from an insurance perspective, a young driver under the age of 25 in a fast muscle car is one of the highest risks out there. If you can find an insurance company to provide coverage, the cost will be very high.
The other major factor in determining the premium is the agreed value of the car.
Some classic cars have a
value
as low as $5,000, so the cost to insure them is incredibly low. Your Stingray may have a value well above the $100,000 mark, and this would impact the policy rate. Make sure to get as many comparison quotes as possible to find the best rate. As you get older and maintain a good driving record, the cost of the policy will come down.”
View full answer
- Gregory R.
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