In the past we were all used to seeing young and first time drivers around town in beaten up old jalopies or rust buckets, that looked like they were not going to pass the following years MOT test of road worthiness.
Today many of these cars are eligible to be covered under a classic car insurance policy, and due to the low cost of acquisition, many are being driven by young drivers.
With the advent of new paint technologies in the nineteen eighties and robotic construction techniques introduced to mass car assembly production in the nineteen nineties, cars are staying on the road much longer than their predecessors and way beyond the lifetime of their depreciation value.
In the past classic cars tended to be things of rarity, and consequently the resale value tended to be outside of the normal depreciating rate, as demand kept the prices up. This is just as true today for cars from sought after and prestigious marques and the recent recession has led to a resurgement in investment for the scarce collectors or vintage classic car.
Conversely the number of standard family cars that are now defined as eligible for classic car cover buy being over a certain age, has risen dramatically. These are the very same cars that are being bought by the majority of young drivers when they first pass their driving test. Although technically classic cars they can be picked up from used car dealers at next to nothing. Young driver favourites such as the VW golf and Ford Escort hatchbacks are now considered classic cars and reasonable models can be bought for under a thousand pounds.
Car insurance for young drivers is often prohibitively expensive due to the nature of the risk and this is no different if a young driver applies for classic car insurance. Young drivers are further hampered in purchasing this type of insurance as most will not have accrued any substantial no claims bonus or discount for safe driving years experience.
Most car insurance suppliers will not insure anyone under twenty five under a classic car policy, however some of the better more specialist classic cover providers have recently lowered this age to twenty one, in some cases.
Although classic car insurance schemes are widely renowned to be much cheaper than standard cover, even if offered to a young driver, they should be aware that many of these polices have limitations to the amount of time and distance that can be craven in the classic during any period of insurance. As young people tend to use their cars more in pursuit of their lifestyles, this type of policy may include cover restrictions which are not be suitable for a young driver.
Young people looking for cheaper car insurance should shop around on the Internet to investigate a classic policy if the car they own really necessitates it and all the additional covers it offers, with the caveat that the classic cover might not be all they require of a policy should they be unfortunate enough to make a claim.
Cheaper cover can usually be obtained online from a comparison site or a car insurance for young drivers specialist providers website.
By: Dave Healey
Ohio state law requires all motor vehicle drivers to carry Bodily Injury Liability Coverage as well as Property Damage Coverage.
In Ohio the required minimum coverage for Bodily Injury Liability is $12,5000 per person injured in any one accident and $25,000 for all persons injured in any one accident.
The required minimum coverage for Property Damage is $7,500 for injury to or destruction of property of others in any one accident.
Optional insurance available for purchase may include Uninsured Motorist Coverage as well as Underinsured Motorist Coverage. A mandatory offer of this type of coverage is not required by the State of Ohio. As well, Ohio has no laws which regulate the amount of coverage to be purchased.
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Ohio law requires all drivers to carry Bodily Injury Liability Coverage; Property Damage Liability Coverage; Tort Option Coverage; and Medical Expense/Burial Coverage.
In Ohio the required minimum coverage for Bodily Injury Liability is $15,000 per person and $30,000 per occurrence.
The required minimum coverage for Property Damage Liability varies. Consumers should consult with their insurance representatives.
Tort Option Coverage in Ohio – Full vs. Limited: Used to determine the policy holder’s ability initiate a lawsuit for pain and suffering involved in a car accident.
The Ohio also requires $5,000 worth of coverage for Medical Expense Benefits.
By: Elizabeth Newberry
At some point in their lives everyone has suffered a lapse of concentration, unfortunately if this happens when you are behind the wheel you can expect to see your insurance premiums soaring. If you become involved in an accident which is found to be caused by your actions then this will almost always cost you when it comes to increasing car insurance premiums. A worst case scenario is being caught driving your car while under this influence of alcohol, if this happens points can be added to your license or you can sometimes lose your license all together, obviously car insurance companies don’t take kindly to either scenario.
Regardless of the type of infringement that you commit the reality is that you still need to insure your car in order to be street legal. Often people think that getting points on your license will preclude them from getting car insurance, the fact that there are hundreds of insurance companies helps you get around this fact as someone is bound to be willing to insure you, and even if none of the regular companies will insure you there are companies that specialize in insurance for disqualified drivers that you can approach.
These days there has been a realization by many insurance companies that minor infringements such as “just over” speeding tickets don’t necessarily increase the risk to the company and as such companies will not increase premiums for such fines. The same cannot be said however for major indiscretions which are still looked down upon by insurance companies.
By: Scott Dobson