Classic car owners: how to properly insure your prized possession
Jun 7, 2016 2 minute read
Good weather means it is time to enjoy your classic car, including: taking it out of the garage, polishing it to a sparkle and going for a sunset cruise.
If you are the proud owner of a classic car, you know you will need special protection for your prized possession. Classic car insurance provides benefits and coverage that goes beyond a standard car insurance policy. While standard policies assume a car’s value will decrease over time, classic car insurance assumes the car’s value will either increase or remain stable.
Classic car insurance offers specialized features and benefits
Having specialized insurance for your classic car provides many advantages over a regular policy including:
- Working with a knowledgeable insurer who knows how to properly assess your car’s value.
- Customized coverage so you will not be paying for coverage you do not need. Most classic car policies assume your car is a collector’s item and driven infrequently. This presents a lower risk and therefore will likely see lower insurance premiums relative to standard auto policies.
- Coverage for vehicles insured both within Canada and the USA.
- Coverage for spare parts.
- Coverage for emergency service expenses.
- Ability to easily add holiday coverage for events such as weddings and touring.
Is your treasured car not considered a classic? We offer coverage for a broad range of vehicle types, including, but not limited to: antiques, kit cars, low riders, military vehicles, replicas, modified or custom vehicles, street rods, tuners and vehicles under restoration.
Does your vehicle qualify for classic car insurance?
Before you can get your prized classic car insured, determine if it qualifies. Your driver eligibility and your vehicle usage are important criteria that insurers assess before deciding to insure your car:
- When not in use, is your vintage vehicle stored in a secure structure such as a residential garage, private barn or rental storage unit?
- Is your vehicle driven less than 5,000 km per year and used for hobby purposes only (i.e. not driven to and from work)?
- As a registered owner of the vehicle, are you at least 25 years of age?
- Have you had any serious driving convictions within the last few years such as reckless driving, speeding or alcohol-related offences?
How to save money on your classic car policy
- Remove any unnecessary coverage from your policy, especially if your classic car is kept as a museum piece, garaged year-round.
- Get a limited mileage policy if you rarely drive your car. If you only drive to car shows or on weekends, many insurers will offer reduced premiums based on limited use.
Remember: insurance providers may use different criteria for insuring classic cars. Before you rev up the engine of your ride, make sure you are properly protected. Talk to your local BrokerLink broker to get the best coverage for your wheels.
Thinking about buying a classic car? Check out our blog post for tips that never get old.