Does every state need its own Department of Insurance?
Imported autos are becoming more and more popular among car owners these days. This is caused by the fact that some imported vehicles have better specifications or exclusive features that the cars sold on the local market can’t offer. Besides, in some cases imported cars are cheaper to buy too. Not to mention the fact that having a unique car that is different from everything people see on the road is a great source of pleasure for a car owner.
The main problem when insuring an imported vehicle is that it rarely falls into a category within the insurance company’s ratings. It is an unknown value that the insurance provider just can’t evaluate as a risk, compared to typical local market vehicles that have extensive statistical information behind them. For all mass produced vehicles on the local markets there are numerous safe charts and crush test results that allow insurers to evaluate the risks involved with insuring a particular car make and model. Imported vehicles rarely have such information behind them and that’s why insurance companies tend to charge higher rates for such cars.
The first thing you should definitely do when trying to insure an imported vehicle is shopping around. It never hurts to do some comparison shopping when trying to insure a typical car if you want to have cheap car insurance, but with imported cars this is a must. The best option is to find an insurance company that specializes in imported cars and has a good database on imported vehicle safety and claims history. However, it’s best to find a couple of such companies and compare their quotes just as you would do with ordinary companies. The difference in rates can be quite impressive even for the same vehicle.
Before insuring your vehicle, you have to learn which type of import is the car. There’s parallel import that comes from countries that have a trading agreements with the US (typically, Canada), and “gray” import that comes from outside the union (EU, Japan, etc.) Provide as much information about the vehicle as you can and the chances of getting cheap car insurance will be higher. Even if it’s an imported vehicle the insurer doesn’t know much about, things like engine volume, top speed, power and safety features will have a heavy weight in the final rates you will be charged with, so be honest about these variables.
There are additional ways you can keep those rates low with your imported car. If you don’t drive it often and take it out only on occasion out of the garage then you should take advantage of special low-mileage policies that offer substantial savings as compared to standard insurance plans. The less often you drive the car the less likely you will have an accident and insurance companies take that into account when charging their rates.
Special owners clubs is another way to get discounts for imported vehicle insurance. Usually, such clubs have good links with specialized insurance companies and allow their users taking advantage of good discounts. Besides, it will be easier to find spare parts and simply discuss your passion for special vehicles with like-minded people. Even if it won’t you help finding cheap car insurance, it will offer the pleasure of being part of a special group, which also has a special value.
