Owning a classic car is an enjoyable experience and helps you take a walk down memory lane. You do need insurance for your classic car, and that type of insurance is known as classic car insurance. You might be wondering whether that insurance is more or less expensive than standard car insurance. Here is some insight on that, courtesy of CO Insurance Specialist serving Wheat Ridge, CO.

The cost difference

Many people might assume that insurance for a classic car costs more than insurance for a regular car. But the opposite often is true, so many times, it is less expensive.

There are reasons for classic car insurance typically being less expensive than standard insurance. For example, there are certain restrictions for classic cars, and those lower the price of insurance. Some of the restrictions might relate to when the vehicle is permitted to be driven, the distance away from home that it can be driven, and the places to which it can be driven.

Because classic cars are restricted as far as how often they are allowed to be driven per the insurance policy, they are automatically less likely to be in accidents and experience damage. It is thus less expensive to insure them.  

Factors that affect the cost of insurance

Many factors can help to determine how much classic car insurance costs. For example, how much the car will be driven, how old the car is and how it will be used can affect the cost.

Purchasing classic car insurance can be somewhat more complex than obtaining insurance for a different type of car. If you need help deciphering all those ins and outs, we can help. So feel free to contact CO Insurance Specialist serving Wheat Ridge, CO with your questions about classic car insurance.