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Tips for Insuring Muscle Cars

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Authored by Geoff Vaughan in Automotive
Published on 10-03-2009

It can be tough sometimes to get reasonably-priced insurance on a muscle car, but it isn’t impossible. Many automobile insurance companies are hesitant to insure muscle cars because these vehicles were designed to go fast. Fast moving cars increase the possibility of accidents, so some companies just don’t want to take a risk. Also, these are specialty vehicles that are often rare, which means more money in repair parts if the vehicle gets into an accident. Many muscle car owners will get their cars insured specifically to save money on basic maintenance and repairs because of this high expense, as auto insurance can assist with repairs in addition to assisting in accident coverage. When looking for the best insurance, here are some basic tips to get the best deal.

If you have automobile and/or home insurance with a company, your best bet is to talk to them first. You may be able to get a multiple vehicle discount rate. They also will know your track record, and may be able to give you a better rate if you can show them that you are a safe driver. Some companies will offer additional discounts if you also get your home/renters, and life insurance through them. Another benefit to going through one insurance company for all of your insurance needs is that you can negotiate a package rate. This will allow you to just make one payment at a time for everything, and often as a result of combining policies you’ll get the best possible deal.

If it doesn’t work out with your personal insurance company, you should be able to find another good insurance company with a little research. The key is to get quotes from multiple companies on the same amounts of deductibles and coverage so that you are conducting an accurate cost comparison. You first need to ensure that the company is a true insurance business. With the advent of the Internet also came a slew of scam artists, so if you have never heard of the company, you probably shouldn’t do business with them. If you are unsure, you can check a company’s credentials by finding out the business’s physical address, and calling them directly. A physical address is one of the biggest indicators of whether or not a business is real, as legitimate businesses will have an actual address. Another way to check is to go to your State Insurance Commission, since if the insurer is legit, the State Insurance Commission will have them on record as being licensed in your area. You can also check with them to see if the Insurance Agency has had any complaints against them, etc.

One thing to check is how the insurance company values your muscle car. This can be tough because older cars and specially designed automobiles don’t always have a set market value. Insurance companies consider three types of values: ’stated value’, ‘cash value’, and ‘agreed value’. In ’stated value’, the customers will tell the insurer how much they think the vehicle is worth. With ‘cash value’, the original value of the car is considered first by book value, and then depreciated based on the current year. With ‘agreed value’, both the customer and insurer will discuss and come to an agreement about how much the vehicle is worth. You need to find out which of these values the insurer is going to use to determine your best deal.

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