A recent study published by the Chicago Tribune revealed that a huge percentage of classic car owners are paying far too much for their insurance coverage. Why? Because they’re working with the wrong car insurance companies!

When you think about insuring your classic car, what’s the first thing you think of? For a huge percentage of first time classic car owners the answer to that is, your friendly neighborhood car insurance companies. Isn’t it? Many classic car owners are insuring their collectibles with the same insurance providers they’re using to protect their family sedan. What makes that a bad idea? There are some major differences between yesterday’s classics and antiques and today’s grocery getters, and those differences could be costing you thousands.

What would you say spends more time on the road, your carefully restored classic beauty or your ten year old, four door family sedan? Your family car, of course! The more time your car spends on the road (whether you’re driving to and from work, to and from family or to and from a hot night on the town) the more likely you are to be involved in an accident. The more likely you are to be involved in an accident the more likely you are have to file auto insurance claims.

And the more likely you are to have to file auto insurance claims the more likely you are to cost your car insurance company money.

What does that mean for you as a classic car owner? It means that auto insurance policies designed for regular commuter vehicles are designed for cars that are at a much higher risk than the gorgeous Mustang convertible sitting out in your garage! The average commuter car travels 15,000-30,000 miles per year. The average collectible travels only 2,000. Owners tend to be considerably more careful with their collector’s cars, both at home and out on the highways. That makes them an insurer’s dream.

If you’re insuring your collectible car under the same policy you have on your regular family car, you’re probably paying way too much. You’re insuring against risks that are unlikely to ever manifest, and because of that you’re spending money you could be spending elsewhere-like on your next rehab. That’s why it makes more sense to go looking for a company that specializes in collectible cars when you’re looking for someone to insure your classic care.

These companies usually have very strict guidelines about how you must take care of your car and how much time you’re allowed to spend out on the road, but most of these are common sense guidelines that you’re probably following anyway. More importantly, these policies are specifically designed for collectibles and therefore are able to give you high quality coverage at much lower auto insurance rates.

As much as 20% or more, says the Tribune.

You want your baby protected, but you want to protect your financial resources while you’re at it. If you’re still insuring your classic car with a regular car insurance policy it’s time to talk to your insurance agent to see if they can offer you a better deal. Both you and your car deserve it.