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April 9, 2020  •   6 minute read

What is Classic Car Insurance and Know Whether Your Car Qualifies for it

What is Classic Car Insurance and Know Whether Your Car Qualifies for it

What is Classic Car Insurance and Know Whether Your Car Qualifies for it?

It's Time to Know Whether Your Car Qualifies for Classic Car Insurance

Any classic car that evokes a true romance demands the best classic car insurance in Ontario. Whether it is a 1965 ford mustang or a 1980 Chevrolet corvette, owning such a luxury car requires custom maintenance and repairs. To crown it all, you need an insurance company that understands its necessary level of maintenance.

If your car is a great pride of the family, why risk trusting it to any insurance company that comes along your way? In North America, about half of the classic car owners insure their cars with ordinary insurances. We can't deny that regular insurance is for everyday vehicles. The book value of an average car depreciates every year as contrasted to classic cars. However, despite the scenario, you deserve coverage that understands the real market value of your vehicle.

How Does Classic Car Insurance Work?

Purchasing a classic car marks the start of a great adventure. Different insurers have different considerations designed to protect classic cars. With their vast knowledge and experience, they can quote for almost every classic car, and it is usually cheaper compared to standard coverage. Classic car insurance typically covers your vehicle for the stipulated value agreed between the owner and the insurance company. Discussed below are some aspects to consider for efficient classic car insurance.

1. Your Car Value

Do you know standard insurance can leave you out of pocket if someone steals your classic car? That's why setting an agreed valuation with your insurer is essential and forms the basis for payout in case your car gets written off.

2. Mileage Limitations

Most insurers request classic car owners to sign a mileage declaration to stay under an agreed mileage. With the assumption that classic cars get used occasionally, the insurer may put a shallow limit on your annual mileage. Heavy users need to alert their insurers to have the mileage increased.

3. Classic Car Breakdown

Classic car breakdown involves seeking for policies with economic recovery and roadside assistance. Some classic cars get excluded from classic breakdown policies because they are prone to risks despite. Always compare the standalone coverage with the policy features before deciding.

4. Physical Damages

Classic car insurance specializes in covering the value of the agreed vehicle, unlike regular insurance. In case of any damage, you don't have to worry about depreciation as you will receive every cent of your car insured value.

Despite the myriad similarities between classic and ordinary insurance policies, there are some differences. Assessing the worth of a classic car is complicated as compared to a modern car. Hence, it is crucial to secure the right coverage for your needs by the following steps.

1. Authenticate the current value of your classic car by taking photographs and consulting industry price resources. It will help in determining the actual worth of the car, preventing you from being short-changed in a total loss.

2. Choose an experienced agent, and a carrier specialized in classic car insurance.

3. Choose a company with an in-house claim department for more accessible filing of a claim.

4. Check if they have travel restrictions and ask about anything you do not understand.

5. Never allow your coverage to lapse. Although your car gets nestled in a garage that doesn't mean it can't get damaged from a tornado or other disaster

6. Review your coverage annually since the values can change from year to year.

Classic Car Insurance Policy Discounts

Classic car insurance in Ontario costs about a third of the regular auto insurance. And most classic automobile insurance companies offer exclusive discounts that no one can resist. Some of the factors they consider for one to qualify for such discounts include:

  • Multiple insurance covers with the same carrier
  • Insurance of more than one classic vehicle
  • If your automobile has an anti-theft tracker feature
  • Proven defensive driver

One major factor to enjoying classic insurance discounts is your driving habits. Factors such as the age of a car don't determine as much. And while your car insurance discount plays a critical role in deciding on a carrier, it's significant to conduct in-depth research on the company that best suits your needs.

Classic Car Insurance Eligibility

Most insurance companies consider classic cars mainly for hobby activities such as show exhibitions. Nevertheless, many insurers will not provide coverage unless the driver:

  • S (he) is at least 25 years and above.
  • Has a good driving record with ten years of experience
  • Has one moving violation within the past three years
  • Safeguards his or her vehicle by keeping it parked in a secure garage
  • Has a primary vehicle for primary functions such as driving to and from work

By portraying the right code of ethics gives your motor car a chance to qualify for classic car insurance in Ontario. Other aspects vital for the coverage include:

1. Manufacturer and model

It is the most reputed factor in getting your classic car insured. The more prestigious your car is, the better. If you have one in your garage, it will be a smart move if you get classic car insurance.

2. Rarity and authenticity

The scarcity of a model of a car sets its value. As the car owner, ensure to have the full history and some physical evidence.

3. Style, character and 'wow' factor

Original features such as the pedal rubbers and door handle add value to your car. If it's all about repainting, then it should be done professionally with the original color; otherwise, you could risk the insurance value.

4. Condition and mileage

Just like any other vehicle, before buying a vintage car, you need to consider the body and signs of deterioration. The mileage is of no exemption; the higher it is, the lower the value of the car. If your purpose is to have a lot of driving, a classic is likely not the smartest option for you.

Classic Car Insurance

How to Care for Your Classic Car?

Having a well-maintained classic car is a priceless and timeless investment. Here is what every classic owner should know:

1. Keep it spotlessly clean

The buildup of dirt in your car damages the paintwork on the body. It may significantly affect the car's performance if dust accumulates within the engine. And classic cars are moreover susceptible to rust.

2. Wax and polish

It helps keep your classic car look great and shiny. Although it's obvious you want to find the most authentic car wax, always consult a credible dealer. Wax helps in providing a protective layer against scratches.

3. Replacing the oil in your car

Car owners tend to focus on outer appearance and forget under the hood. Changing the oil at least once every five months keeps your vehicle in a tip-top condition. It might be troublesome to have oil-degrading in the engine as it can cause expensive repairs.

4. Take your car out for a drive

You may worry about taking a classic car out for a trip to maintain low mileage. Nevertheless, having your car idle for a long time can result in engine breakdown.

Should I Drop Some of My Coverage?

You can eliminate redundancies in your insurance to prevent the car from being over-insured. For example, you may purchase a minimum amount of personal injury protection coverage if you already have health life insurance. Besides, you can drop the extra towing and roadside assistance, if you are a member of the CAA as these services are already covered. There is also a possibility to be over-insured while living in a rental, so cross-reference the rental insurance policy with your auto insurance policy. However, being over-insured is better than driving with no insurance. Getting the most reputed classic car insurance in Ontario has unique add-on coverage options, as highlighted below.

1. Automobile under construction

This coverage provides an automatic quarterly increase to your physical damage coverage. It means after every four months; you will gain 10% in coverage to keep up with your restoration work.

2. Spare parts coverage

Most insurance firms offer coverage for personal tools used to maintain your car, and you should get spare parts for your vehicle coverage.

3. Traveling coverage

It includes food, lodging, and other personal items in case your car breaks down. You can choose to increase this coverage if you estimate the worth of your vehicle has risen.

4. Cherished salvage coverage

If your car is involved in an accident, you can take on the responsibility of keeping the salvaged vehicle and still receive the assured value payout. Your rate of classic car insurance in Ontario depends on various aspects and by the insurance company. Let us visualize the significant variables of pricing a classic car.

Location of the vehicle

Your province of residence dramatically affects insurance pricing. Protecting your vehicle in a locked garage is always favorable for it to be insured highly.

How you drive the vehicle

Classic car insurance is not for cars used as the primary vehicle in the household, and your vehicle mileage will affect the pricing. However, the insurer can provide a range of mileage options.

It's always recommendable to read your policy carefully and ask for clarification if the coverage is insufficient. With My Insurance Broker, you get flexible options according to your needs and preferences. Learn more about this opportunity and get in touch with us today!

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