Classic Car Insurance Details
Classic car insurance differs from your daily driver policy. While some coverages may be the same, how it works is entirely different. For example, you can’t drive your classic every day. Let’s look at what qualifies for vintage car insurance in Ontario.
Classic Car Insurance Rules
Usage. As long as it is not your daily driver (and it meets the age requirements) you qualify. You can use your vintage car for exhibitions, organized meetings, club functions, tours and some pleasure driving only.
Storage. It’s best if your classic car is stored in a secure enclosed structure like a private garage, storage unit or pole barn. But other types of storage may be acceptable as well. Such as driveways, carports, car hauling trailers or parking garages.
Vehicles that qualify for classic car insurance include antique and classic cars with model years from 1884 to 1979. As well as classic trucks and SUVs with model years 1996 and older.
Why you should choose a classic car policy instead of standard policy to cover your vintage ride.
Lower Premiums. We get that your car is a passion and will be driven with great caution, so policy premiums are adjusted accordingly. In some cases, up to 40% less than daily driver insurance. On some standard auto insurance policies, your vintage care may be rated like a daily driver, and you’ll be charged like you are using it every day.
No Fixed Mileage. Our classic car policy allows you flexible usage, which means no fixed mileage limits. In some situations, if you have full coverage through a standard car insurance carrier, there could be restrictions on mileage and usage to regulate how and when you drive your classic.
Your Car is Worth it. With an agreed value policy, you will get what your car is worth in the event of a total covered loss. On the flip side, a Stated Value policy, also known as “stated amount” or “maximum limit of liability” will not pay the full vehicle value that’s shown or “stated” on the policy. Concerning a covered total loss, you could receive much less than that stated amount, because the insurer has the right to either pay your vehicle’s depreciation actual cash value or the cost to replace your vehicle whatever is less. Also, many standard insurers that offer stated value policies require appraisals periodically to confirm the insured amount, adding cost and difficulty to the client.
Classic car insurance cost is determined just like standard auto coverage. It basically boils down to the limits and coverages you choose. Just like your daily driver policy, there are basic coverages included on your vintage car policy.
Basic coverages included:
Liability. If you are in an at-fault accident that results in injury or damage to the other driver’s person or vehicle, this covers it.
Uninsured Motorist. If another driver is at fault in an accident but doesn’t have enough or any insurance, this covers your expenses.
Physical damage. This is for your damage to your car. Collision pays for damage if you collide with a tree or other vehicle. Comprehensive covers things like theft or damage from hail.
No Fault or Personal Injury Protection. With this coverage it doesn’t matter who is at fault, it will kick in and pay for your medical expenses and lost wages.
Next up: the coverages that make your specialty auto coverage.
Agreed value. This is the amount you and the insurer agree your vintage car is worth. In the event of a covered claim, you’ll get what your car is worth after the deductible.
Spare parts coverage. This is an ideal coverage for all avid collectors. All those vintage parts you have around to keep your classic running are now protected. Up to $750 of comprehensive coverage
Instant, new purchase coverage. 30 days of coverage for up to $50,000 of the vehicle value for new collectible cars.
Vehicle Under Construction Endorsement. If you can prove that you are actively restoring your vehicle, you may qualify for this coverage. Your car’s agreed value will increase automatically 10% per quarter up to a maximum increase of $25,000. Plus $750 worth of coverage for your automotive tools. And a toll-free number dedicated to classic and collectible vehicle towing professionals who can assist you in getting your car back and forth from the shop.
Traveling Collector Endorsement. Not all car shows or rallies are local. With this coverage, you can roll down the road with the peace of mind, that if something terrible happens, you have the protection to deal with it. You will have $1,500 for the use of a rental, repayment for expenses like tickets, fees, food, and lodging during repairs. $750 extra coverage for spare parts and tools and $250 for personal effects. $10,000 of accidental death coverage per accident, $500 of which can be used for a family pet.
Automobilia Coverage. Is your garage decked out to match your vintage vehicle? This coverage is for you. Get protection for historical or collectible automotive items such as gas pumps, station displays, license plates, model cars and other toys, posters and signs and many more!
Spare Parts & Tools Coverage. Just like the spare parts needed to maintain your classic car, the tools required are special too. This provides coverage for all your tool boxes, storage cabinets, and accessories needed to maintain your vehicle.
Cherished Salvage. Your vintage car is more than just a vehicle. If something happens that can’t be repaired this coverage allows you to keep your vehicle and collect the full agreed value. This means no salvage will be deducted from your final payment if you choose to keep your vehicle.
While we pride ourselves on our insurance expertise, taking care of our clients is a top priority. However, we don’t just want to tell you how great our product is; we want to show you. Happy clients make us happy and here is what a few have to say about working with us. After reading what they have to say, you’ll be ready for your very own classic car insurance quote.
“By far the BEST company to deal with! They’re a company that truly cares about their customers. I cannot stop recommending them to everyone I know because they keep you in the loop with things that could affect your insurance via email and newsletter and they have such low rates! We received an email yesterday urging us to drive safe in the current ice storm and to let us know they are there for us in the event of an accident. My husband and I are very impressed!” – Sarah J