An important consideration for motorists is to protect their financial investment in their vehicle with appropriate car insurance. With car insurance being such a highly competitive market, consumers should not have any trouble finding a variety of companies competing for their business.

Most states have mandated liability or no-fault insurance, however it is also necessary for drivers to protect their asset in case they cause an accident. A study conducted by the Insurance Research Council in 2006 found that in 2004 15% of U.S. drivers were uninsured, this was up from 13% in 1999.

Consumers are advised that it’s in their best interest to re-evaluate their car insurance coverage each year. However many people don’t, with a 2005 NAIC consumer study finding that 20-35% of drivers have not reviewed or updated their car insurance in the past year. Alarmingly the study also revealed that 20% of young single drivers would consider allowing their coverage to lapse in order to save money.
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Cheap classic car insurance is easy to find when you have the right information. Whether you have a new high performance car or an antique car, your insurance needs will be very similar.

One of the most important things you need to decide on is how often your car will be driven. Will you be driving the car year round or will it only be used for special occasions and warm summer days? How many miles do you expect to drive in a year? Keep in mind that some car insurance companies will limit the miles you can drive your classic car to 2,500 a year. Other car insurance companies do not have a mileage limit but may restrict you from using your classic car for basic transportation like driving to work.
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In the past the Government Employees Insurance Company (GEICO) car insurance was only available to government agents. It has now become one of the most competitive car insurance companies for the general public. GEICO car insurance is a wholly owned subsidiary of Berkshire Hathaway including Warren Buffet and Bill Gates on its board of directors. Leo Goodwin, the creator of GEICO car insurance was recognized in the International Insurance Society Hall of Fame in 2001, due to the popularity of the company.
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