Classic car insurance rates are higher than the rates for normal cars. That’s only to be expected. These cars are often more valuable. They’re also rarer and cost more to fix; parts are harder to source, so repairs are more costly and take longer.
A number of things will affect the rates for collector car insurance. It will depend on the ages and driving records of the named drivers. All drivers should be over 25, have no accidents or serious tickets in the last nine years, and should all have other vehicles for transportation. The classic car should be kept securely, preferably in a locked garage, when not in use. All of these things will help keep insurance rates low.
The classic car value will also make a difference on the insurance rate. If the car is especially rare, then you’ll pay much more for insurance. It pays to have an accurate valuation of the car before you approach an insurance company, and then insure the vehicle to the full value. Failure to do this could mean that you’d end up with a lower payout than you might expect in the event of a write-off.
If you have older drivers and a classic car that’s kept safely, then classic car insurance rates should be in the region of $1,000 per year. It’s impossible to offer a figure that’s more exact than that, as there are too many variables. In most instances the payment can be spread over time, as that’s quite a chunk of money to pay at one time.