Classic Car Insurance In New York: What You Need To Know

Collectible “classic” cars refer to any motor vehicle manufactured before 1972. Your vehicle may also qualify if it is a convertible, rare foreign car, modified vehicle, two-door sports car, or vehicle with a V8 block engine. There are special car insurance rules if you own a classic car in New York State.

What Is Different About Classic Car Insurance In NY?

Unlike contemporary cars that decrease in value over time, classic cars actually increase in value over time. You may also encounter more expensive repair bills, should your vehicle get into an accident, so that may affect the cost of your car insurance too. You’ll need to work with your insurance provider to agree upon a specified value. Each year or policy term, the insurer will re-assess the car’s value. In some cases, drivers agree to incremental increases at set intervals over time. You will need to let your insurer know if any modifications have been made to affect the estimated value of your car too.

Is New York Classic Car Insurance More Expensive?

In some cases, classic car insurance costs less than a traditional vehicle if you do not drive it very often, store the car in a secure garage and are the only person to ever drive the vehicle. The limited use and meticulous care put into a collectible car wins low rates in a sense. However, the extremely high value can skyrocket expenses on certain vehicles as well. For example, the average cost to insure a 1968 Dodge Charger is $376, according to Heacock Classic Cars. A 2010 Dodge Challenger (with a $40,000 agreed value) can cost upwards of $800!

How Can I Find Cheap Classic Car Insurance In NY?

The good news is that there are several ways to pay less. First of all, you’ll pay less if you’re a safe driver. Secondly, you can pay annually  in a lump sum to lower your rate slightly. Thirdly, you can increase your deductible. But the most common way people save money on classic car insurance in New York is to shop around the competitive open market. Search free quotes on our site today!

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