|[April 10, 2014]
GEICO says classic car insurance is cheaper than you think
WASHINGTON --(Business Wire)--
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.
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
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 ar 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.
(Government Employees Insurance Company) is a member of the Berkshire
Hathaway family of companies and is the third-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 12 million private passenger customers and insures more
than 20 million vehicles (auto & cycle).
service center helps policyholders take care of policy sales, policy
changes, claims reporting and to print insurance ID cards. Policyholders
can also connect to GEICO through the GEICO
App, reach a representative over
the phone or visit a GEICO
GEICO also provides insurance quotes on motorcycles,
all-terrain vehicles (ATVs), travel trailers and motorhomes (RVs).
Coverage for boats, life, homes and apartments is written by
non-affiliated insurance companies and is secured through the GEICO
Insurance Agency, Inc. Commercial auto insurance and personal umbrella
protection are also available.
For more information, go to www.geico.com.
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