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No matter how often you use your classic car, or how far you drive it, it is mandatory to have insurance. If you are a classic car owner, it is more advantageous and cost-effective to have specialized insurance tailored to your vehicle's unique needs.
Our classic car insurance policies are tailored to meet the unique needs of classic car owners in Ontario. We offer coverage for a range of classic cars, including antique, vintage, and collector cars, so you can feel confident that your vehicle is protected. Our experienced insurance brokers will work with you to create a policy that meets your specific needs and budget, so you can enjoy the peace of mind that comes with knowing your classic car is protected.
Classic car insurance is a special type of auto insurance that is specifically designed for the protection of classic cars used for pleasure, collectible, or investment purposes. The use and purpose of classic cars differ greatly from regular modern cars, so the insurance for classic cars also differs. One of the main advantages of classic car insurance is the lower cost of premiums. It is typically much more affordable to insure a classic car than a daily driver.
While classic car insurance provides the same protection as a typical auto insurance policy, such as collision, comprehensive property damage, and bodily injury liability, there are unique factors that affect the insurance premium for classic cars.
Classic car insurance premiums are generally lower than those for standard auto insurance policies because classic cars are driven less frequently.
Unlike standard cars that lose value over time, classic cars often appreciate in value. Therefore, classic car insurance policies typically provide coverage for an amount agreed upon by the insurer and the owner, rather than being based on the car's actual cash value.
Antiques - Over 20 years of age, stock vehicles not modified from manufacturer's original product
Classics - 15 to 20 years of age, stock vehicles not modified from manufacturer's original product
Modified/Customized - 15 year and older, vehicles modified from manufacturer's original product (including street rods)
Military Vehicles - such as Jeeps, troop carriers, and tanks
If you're interested in getting classic car insurance for your prized possession, there are certain requirements you may be required to meet.
These can include:
-Your classic car must be recognized by the insurance provider as a classic car.
-The classic car cannot be used as your primary vehicle for everyday use. You are required to have another passenger vehicle insured (under a separate policy) as a daily driver.
-Some insurance companies may require that the classic car owner has a clean driving record with no more than 2 minor driving convictions and
-Some insurance companies may require the vehicle to be stored in a garage or secured facility when not in use.
-Some policies may include an annual mileage limit and a requirement for the vehicle to remain in North America.
- Although there is no specific age limit for obtaining classic car insurance, insurance companies may require a minimum of 10 years of driving experience on the road.
- You are required to have the Agreed Value of Automobile (OPCF 19A), which indicates the value of the car (only for insurance purposes), along with an appraisal report.
Classic car owners may benefit from additional insurance coverages that can be added to their policies. Some of these include:
Spare Parts Coverage: This insurance coverage can help to cover additional parts for your classic car that are intended for your vehicle but are not currently installed.
Automotive Tools Coverage: Adding automotive tools coverage to your classic car insurance policy can provide coverage for the tools you use to work on and maintain your classic car. This coverage may extend to storage cabinets and toolboxes.
Automobilia Coverage: This coverage can help to protect collectible or historic items such as hood ornaments, posters, signs, license plates, model cars, and other toys that are related to your classic car.
Speak with your Ontario insurance broker to learn more about these additional coverage options.
Classic car insurance policies come with certain restrictions that owners should be aware of. These restrictions include:
Vehicle Use: Most insurance companies will limit the number of kilometres a classic car owner can drive their vehicle to 8,000 kilometres per year. Additionally, the classic car cannot be used as the primary mode of transportation.
Vehicle Storage: The storage location of the classic car when it's not in use can affect its safety and security, and insurers may take this into account when calculating your classic car insurance premium.
Vehicle Modifications: Any modifications, changes, or upgrades made to the classic car should be disclosed to your Ontario insurance broker, as it could affect your classic car insurance premium.
Drivers' Age and Driving Record: As with standard auto insurance, a clean driving record can positively impact your classic car insurance premium. Some insurers may also consider the age of the driver.
Time of Day: Some insurers may restrict the times of day when the classic car can be driven.
Other Drivers: Some insurers may not allow classic cars to be driven by anyone other than the drivers listed on the insurance policy.
If you're a classic car owner in Ontario, don't wait any longer to protect your valuable investment. Contact us today to learn more about our classic car insurance policies and to get a quote. We look forward to helping you protect your classic car for years to come.