What makes a car vintage?
This is the first question you need to ask when you're looking to insure your classic vehicle. Different insurance companies have different criteria, but there are a few general guidelines that will determine whether or not your car qualifies as a classic:
1. The car must be at least twenty years old
In order to be considered a classic car, a good rule of thumb is that it must be at least twenty years old. There are some exceptions: if an extremely high-end manufacturer makes a limited-edition vehicle, it could be considered an instant classic. However, twenty years old is a good general guideline.
2. The vehicle cannot be driven daily
In order to be insured as a classic car, you should not be driving it more than 5,000 km per year. The typical use of a classic car is in parades, car shows and the occasional cruise around the block. (What’s the point of having it if you can’t show it off, right?)
If you’re driving this vehicle to work, to the grocery store, or on cross-country road trips, you’ll have to insure it as a regular vehicle.
If you’ve inherited your parent’s car that is so ancient you feel it should be considered a classic, the insurance companies might not feel the same way. Arla Hillis, a BrokerLink insurance advisor, says people often ask about collector car insurance for classic cars because it is significantly less expensive than insuring a regular car. However, not everyone is aware of what criteria make a classic car different from a regular car.
The usage determines how we insure it
—Arla, BrokerLink Insurance Advisor
Remember that use of the car trumps age when it comes to determining what makes a car a classic.
How do I determine the value of my classic car?
In order to insure your classic car properly, we need to know how much it is worth. Most insurance companies will ask for a professional vehicle appraisal.
Getting a professional appraisal will allow us to make sure you have the best coverage possible. It might seem like an unnecessary step, but Arla has seen it lead to a pleasant surprise for one of her clients!
Her client purchased a 1956 Jaguar in mint condition. It was purchased at an auction, where it was valued at approximately $110,000. When the client had it professionally appraised, he discovered the true value was $180,000!
Will working on my own classic car affect the insurance rate?
Insurance companies expect those who have classic cars to be car lovers! That means they already know that if you own a classic car, there’s a good chance you know what you’re doing under the hood.
You can feel free to tinker with your car as you wish and it won’t affect what you pay for insurance.
How do I make sure I have the right coverage for my classic car?
The best way to get coverage for your vintage, antique or classic collector car is by contacting a broker. Brokers like Arla have access to different insurance markets, so they can shop around and get you the best rate. A broker will take the time to get to know you and ask the right questions so you can walk away confident that your baby is protected.
What types of vehicles can be insured as classics?
Many different types of vehicles can be considered classics. Cars, trucks, convertibles and motorcycles can all be classics. There are even classic tractors!
How can I save money on classic car insurance?
Here are a few tips and tricks that can save you money on insuring your classic car:
1. Make sure you’re not overpaying
Insurance for classic cars is significantly cheaper than insurance for a regular car. So if you are not driving your classic car on a daily basis, make sure your insurance plan reflects that!
2. Bundling is your friend
Bundling means insuring more than one of your assets with the same insurance company. Talk to your broker about insuring your house, daily use car and classic car with the same company. It might mean significant savings!
3. Go with a broker
A broker knows insurance inside and out. We can shop around different insurance markets to find you the best deal, and we’ll make sure you have the right coverage. This will save you not only money but time as well, so you can spend less time worrying about insurance and more time with your classic car! (And maybe your family too.)
How do I get classic auto insurance?
If you’re ready to show off your baby at a local car show, or if you just want to make your neighbour jealous, we are here to get you covered.
Contact a BrokerLink insurance broker today for all your insurance needs. Give us a call, visit us online, or stop by for a visit (we have offices across Ontario and Alberta). Make sure to bring a photo of your classic car! We love to talk cars with our customers.
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