Spring and summer is on the way. For vintage vehicle owners, this is the time of year to go for a spin. At BrokerLink, we understand vintage vehicles are more than a set of wheels. Each car has a story and is often passed down from generation to generation.
“Vintage vehicle owners are very attached to their cars,” said Grant Cave, BrokerLink vintage auto specialist. “We work to find them the best insurance coverage to protect their specific car. We also have a Vintage Vehicle Program, which provides insurance coverage for vintage vehicles.”
The Vintage Vehicle Program offers several benefits, including the Agreed Value Coverage – this means the vehicle is not subject to depreciation market values in the event of a total loss (the appraised value of the vehicle, including any deductibles, is what the customer receives).
In the spirit of protecting what is important for our customers, we have five tips to protect a vintage vehicle. For information about particular tips, which are narrated by Cave, go to the time frame indicated in brackets below.
Top five tips to protect a vintage vehicle
1. Understanding what mileage is covered (00:14)
Vintage vehicles are for hobby use, they’re not designed for everyday driving. Vintage vehicle owners are allowed to drive their car 10,000 km per year.
2. Ensuring the vehicle is stored in a secure location (00:26)
To ensure a vintage vehicle remains covered under insurance, keep it in a safe location. This could be a garage, carport or a rental location which has security.
3. Getting a yearly appraisal (00:38)
To ensure a vintage vehicle gets the right insurance coverage, regular appraisals are key. For vehicles up to $50,000 in value, the appraisal is valid so long as the customer owns the car and has insurance policy. For vehicles over $50,000, appraisals are needed every five years as the value can fluctuate, due to the higher value of the vehicle.
4. Making note of spare parts for a vintage vehicle (1:08)
When vintage vehicle owners go for an appraisal, it’s important to show the appraiser spare parts for the vehicle. Spare parts are often covered under vintage vehicle insurance.
5. Car Club membership requirements (1:22)
In addition to the BrokerLink Vintage Vehicle Program, vintage vehicles owners can join car clubs to meet other auto enthusiasts.
Meet BrokerLink vintage vehicle customer Daryl Duncan
Daryl Duncan bought his 1956 Monarch 12 years ago and went to BrokerLink to find the right coverage. Learn what drove his interest in vintage vehicles and why he continues his journey with BrokerLink.
To find out more about insurance for vintage vehicles, contact BrokerLink. Our experience in protecting vintage vehicles for customers will steer the process in the right direction.