GEICO says classic car insurance is cheaper than you think
WASHINGTON, D.C., April 10, 2014 – Spring weather is the cue for classic car owners to dust off their prized possessions and take them out for a spin. Those lucky car enthusiasts who drive collectibles, will tell you that maintaining one requires time, effort and, of course, money. Owning a classic car may seem like an expensive hobby but GEICO wants you to know that protecting it is cheaper than you think.
"A collector car insurance policy will typically cost less than a traditional car policy," said John Zinno, president of GEICO Insurance Agency. "Collector cars do not depreciate since the cars are garage-kept and well-maintained with fewer miles than a traditional vehicle, so the chances of an accident are less likely."
"Only collector cars manufactured before 1972 that are not used for daily or primary transportation are eligible for coverage," noted Zinno. A collector car must also be stored in an enclosed or locked structure, and the owner should have a primary vehicle that is fewer than 20 years old.
It may seem counterintuitive that a premium on a classic car with costly replacement parts would be lower than a traditional car. The fact is, collectible cars are pampered by their owners and driven much less than a traditional car. Classic cars also are more likely to appreciate in value, especially if the owner is restoring it to its former glory.
Collector car insurance coverage is based on the car's agreed value at the time the policy is purchased rather than the actual cash value found in a standard auto insurance policy. If the car is destroyed, the owner will get that agreed. The cost of classic car insurance will vary based on the actual vehicle and its value as a collectible.
GEICO (Government Employees Insurance Company) is a member of the Berkshire Hathaway family of companies and is the second-largest private passenger auto insurance company in the United States. GEICO, which was founded in 1936, provides millions of auto insurance quotes to U.S. drivers annually. The company is pleased to serve more than 14 million private passenger customers and insures more than 23 million vehicles (auto & cycle).
Using GEICO's online service center, policyholders can purchase policies, make policy changes, report claims and print insurance ID cards. Policyholders can also connect to GEICO through the GEICO App, reach a representative over the phone or visit a GEICO local agent.
GEICO also provides insurance quotes on motorcycles, all-terrain vehicles (ATVs), boats, travel trailers and motorhomes (RVs). Coverage for life, homes and apartments is written by non-affiliated insurance companies and is secured through the GEICO Insurance Agency. Commercial auto insurance and personal umbrella protection are also available.
For more information, go to www.geico.com.