Many of the same principles of insuring classic cars apply: you can save on premiums by removing other drivers from the policy or by choosing a limited mileage policy. Here are a few additional tips to save on insurance:
Follow up on tickets and moving violations, and keep them off your record.According to a survey conducted by Insurance.com, having a single ticket or moving violation can raise your insurance rates by 12 to 22 percent, depending on the nature of the infraction. It’s likely worth your time to spend a day in traffic school to have the infraction wiped from your record, or possibly pay an attorney to work to have it taken off your record. If you can afford it, pay for minor damage out of pocket: Most insurers treat at-fault accident claims with the same rate increase as a traffic violation. Let’s do the math: If you’re paying $2,000 per year for insurance on your high-end vehicle, a 20% increase over three years will cost you at least $1,200, not to mention the cost of your deductible and the potential rate increases if you should cause another accident. As a rule of thumb, if the damage to your exotic or luxury car is less than $2,000 or $3,000, you should pay the repair bill yourself. Raise Your Deductible: Higher deductibles mean lower rates, since your insurer knows it won’t be shelling out as much in case they have to pay for a claim. Choose the highest deductible you think you can afford, or set aside a savings fund for your deductible payment, and raise your deductible as the savings fund grows. Anti-theft devices: While most luxury cars have built-in anti-theft devices, some exotic sports cars are so stripped down to bare essentials, they might not have any sort of built-in theft deterrent or tracking device. Many insurers offer discounts if this accessory is added.