AUTO INSURANCE ARTICLE

Getting Affordable Auto Insurance for Your Import, Classic or Performance Car

By: james_writer

Elite imports, restored classics and performance cars are cuts from the standard coverage and policies that auto insurance companies deal with or process on a more regular basis.

Since auto insurance premiums and policy coverages are derived from data that compare risk, the more unique the car is, the less data there is to establish risk. Or to put it in a more concrete way, auto insurance companies may have ready comparative tables for risks in insuring a Toyota or a Hyundai but insuring a Lamborghini does not have the same command on risk information and data comparison. This is simply because there are less cases of drivers insuring Lamborghinis than those of Toyotas or Hyundais or even Fords. Thus, using standard insurance on your specialty car – whether your driving machines is an elite import, a restored classic or a performance car, would be very expensive.

Now you know it still has to be adequately covered isn’t it? And yet you might be wondering if there is a cheaper and affordable alternative. Especially if your specialty car isn't driven every day and is rarely on the road.

The answer for your concern is for you to sign-up with a specialty insurance which caters to the specific needs of your elite import, restored classic or performance car. What are the good points of a specialty insurance policy?

Generally, specialty insurance policies are less expensive than standard insurance. And we will tell you why. This is because its coverage option is less than a standard policy. This is due to the lower perceived risk of a specialty vehicle. What matters in the computation of your insurance rate is the "agreed value" which refers to the value for your car that you and the agent agree upon after consideration of the car’s age, condition, rarity, cost and any aftermarket upgrades. Also, coverage for classic cars generally has zero deductibles. Lastly, policies generally satisfy the "full coverage" requirements that finance corporations ask for.

But like in any of your other purchases, when considering specialty insurance, it is important to weigh the disadvantages, in relation to the advantages. Specialty insurance policies are generally selective on who is insurable – only adult drivers with clean driving records and years of proven driving experience. Before a decision on your rate is made, the auto insurance company may require an appraisal of your car, especially if its parts are considerably unique or installed with uncommon aftermarket parts. The mileage limit per year is usually low, unlike that for standard insured autos.

Be in know that specialty insurance costs for these kinds of cars are generally higher than more conventional luxury cars, Lexus for example. But you win in terms of better and more coverage relative to your premium rate.

Before going to an agent, have your independent or self-made list of every non-standard or aftermarket parts in your car. You have to know the market value too of each item. It is better to be prepared and be in the know of what each of your specialty car component would cost. And as a rule of thumb, only deal with a reputable company.