If you own a classic car in Michigan, and still have your vehicle registered with regular license plates, you’re missing out on a lot of easy savings! In fact those savings amount to over $153 per year, per vehicle. If your classic/antique vehicle qualifies, making the switch on your registration from standard to historical is very easy. It’s just a matter of filling out an application. This article will go over everything you need to know to help you get the process started.
Where do the savings come from?
The savings comes from two places:
How much do I save?
Starting on July 1, 2018, and going until July 1, 2019, the mandatory MCCA fees for a regular vehicle goes up to $192 per year, per vehicle. Historical vehicles only pay 20% of that, which is $38.40. So that’s a savings of $153.60 in MCCA fees alone. In addition, the savings on yearly registration fees are significant. In Michigan, registration fees vary according to the vehicle. So the savings will vary as well.
To calculate your yearly average savings on the registration part, take the amount you would pay yearly for renewal as a regular vehicle, and subtract three dollars (yearly average cost of historical registration fee). Add that to the $153.60 you saved on MCCA fees, and you have your yearly average savings total.
Why your next upcoming registration renewal is the perfect time to switch to historical plates.
This upcoming fiscal year will be the highest that MCCA fees have ever been in its 40 year history. As I mentioned earlier, it goes up to $192 per year, per vehicle in July. This breaks the previous all-time high of $186. So this would be the ideal time to make the change. The savings mentioned earlier is as high as it’s ever been in any years past.
Should I insure my classic car on my regular auto insurance policy or buy a separate classic car insurance policy?
If your classic car qualifies for history tags (see the qualifications I listed above), it most likely qualifies for classic car insurance also. And if so, you definitely want to insure your classic car on its own separate policy. Coverage is much better with classic car insurance than versus regular car insurance…. And the best part, classic car insurance premiums are usually much less than regular auto insurance due to it being only an occasional use vehicle. A classic car insurance policy beats regular auto insurance in coverage, price and claims (claims adjusters specialize in classic cars).
How much does Classic Car Insurance cost?
Prices vary based on the value of the vehicle and many other factors. If you would like help finding you the lowest classic car insurance rate, click on the link below and I will be happy to run you a quote with three of the leading classic car insurance companies.
Get a Classic Car Insurance Quote with Lyles Insurance
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Video: Comparing Classic Car Insurance Cost & Coverage vs. a Regular Auto Policy
Video: Basics of a Classic Car Insurance Policy
Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..