Buying a Classic Car: Tips that never get old

Jun 19, 2013 2 minute read

Buying a Classic Car: Tips that never get old

The sun is shining, the trees have sprouted new leaves and you’ve fired up the barbeque. Yes, summer is here and that means car show season.

Popping up on weekend calendars across the country, these shows are the perfect way to spend an afternoon ogling parking lots filled with gleaming classic cars. Whether your tastes run more to a 1967 Shelby Cobra or an Aston Martin DB5, here are some things to know before you get behind the wheel:

  1. If it’s your first foray into the antique or classic car world, consider hiring an appraiser before you buy anything. Having someone with past experience and knowledge of different makes and models will be a huge asset when making any decisions. They can also help you determine how much work will need to go into restoring and maintaining the car. Plus, they may be required by your insurance provider before they’ll provide coverage.
  2. There isn’t a shortcut or formula to determine the value of a collector car. Someone who finds their “dream car” may be willing to pay much more than the true value of the vehicle. Be sure to consider: model, year, rarity, condition and style of car. Take your time and shop around, talk to different people and make an effort to attend car shows. If you’re in Calgary, make sure to stop by and check out the BrokerLink Show & Shine at our Highfield branch on June 21, 2013.
  3. Once you’ve decided on the particular car, call your BrokerLink broker. Classic car insurance is different than your regular auto policy. If you write-off your regular car in a collision, its replacement value is determined by the Blue Book- in other words, what it’s worth on the depreciated car market. With antique cars, replacement cost is harder to determine because of all the factors making up the car’s value. You want to make sure you have enough coverage to completely replace the car, should anything happen.
  4. Be careful what kind of licence plates you put on your 1968 Mustang. Any car older than 15 years qualifies for specialty collector plates, while cars over 30 year can get antique plates. As appealing as they may sound, you’re only permitted to drive with those plates if you’re heading to a car show or car club meeting. If your plans include Sunday afternoon drives or just running errands around town, you’ll need the regular provincial plates. Otherwise, you could get pulled over and your vintage beauty could get impounded.

Before you get behind the wheel of your new vintage pride and joy, make sure you’re protected. Give your local BrokerLink brokera call to get the best coverage at the best price. We can help you find specialty insurance for your specialty ride.Then all you have to worry about is whether to drive with the top up or down.