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Everything You Need to Know About Classic Car Insurance
5 Apr, 2021
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Everything You Need to Know About Classic Car Insurance

It’s not fun to imagine all the ways that things can go wrong or turn out lopsided, especially when it has to do with something as precious to you as your unique, refined, classic car. No matter how much we wish otherwise, though, bad things can still happen, even to those things we love.

That’s why it’s important to get insurance for your classic car. However, this coverage isn’t the same as your conventional vehicle coverage and, in fact, takes a variety of unique factors into account.

It can be a struggle to try and work out exactly what’s happening in this realm, but thankfully this post is here to help to illuminate the unknown so you can understand all you need to know about classic car insurance.

Check If You Qualify

The first thing to keep in mind is that you have to check what type of insurance you might be able to qualify for. What makes a vehicle “Classic”, “Collector”, or “Vintage”? These are vehicles that maintain their value. Quite often, they are highly sought after, in limited production or historically significant. For this reason, they only driven on nice weather days, special occasions, and country road tours. Less driving use also means lower insurance costs.

That’s right, you can save money on your vehicle, specifically because it’s so special to you.

So, what qualifies a car for these rates? They’re pretty standard checks, and include the age and condition of the car, the modifications on it, the time you’ll use it, how it’s stored, your driving record, and the status of other drivers, if any. You likely take good care of your beauty, and since classic cars tend to be owned by more mature drivers, it’s likely that you’ll qualify based on your sterling record.

The Speciality Insurer Touch

Speciality cars that are lovingly maintained and restored may even require speciality insurers. These experts work with you to appraise the car for an agreed amount. This means that you’ll be completely covered for the full value of your car, and you’ll be able to have an expert eye assess the value.

A true car collector would not want to expose their hot rod to the harsh winter and rain elements. That is why there may be restrictions on how often you can drive the car, with seasonal coverage tending to result in the aforementioned cheaper prices. Remember that some policies may have mileage limits that reduce the amount you can drive to possibly just a few thousand kilometres a year. This won’t work if you’re driving back and forth for your job; however, for simply rolling out the classic hot rod a few times per summer, it’s more than enough.

Most speciality policies you’ll find will provide coverage on the road, transit, and even in storage. There are also special programs available to insure your car while it undergoes the process of a restoration. As more work is done, the value of the car will increase.

Although most car insurance companies in Canada will offer coverage for classic cars, they often don’t specialize in the area, meaning they’ll treat these unique cars the same as any other vehicle.

Naturally, this isn’t what you want. Your usage schedule and treatment will vary significantly, meaning you want these speciality insurers we’ve been talking about. They can tailor your insurance to your exact needs and ensure you’re getting both the best price and the best coverage.

It is important to check closely on what any company is offering and who they’re working with to bring you the insurance services you need.

Working Out What You Need to Worry About

Building on what’s been said so far, you’ll likely want to consider many aspects. Replacement value is the obvious one, and while liability isn’t a problem, given that the car is insured, you may have more specifics regarding collision coverage. Remember that getting value assessed is critical, as just because a car was worth $5,000 in the past doesn’t mean it’ll be worth the same today. In fact, when restored and maintained beautifully, you could see value skyrocket as high as $50,000.

You also have to figure out just how much you’re going to drive it. Obviously, you’re not going to treat it the same as a car that gets serious road time, but figure out just how often you’re going to take it out so that you can get insurance that fits your exact usage schedule.

However, if your car regularly exits your driveway, you may have to pay more simply because of a lack of safety features and, thus, greater risk for the insurance company.

Classic Car Insurance with W.B. White

Classic cars are precious, both in terms of their value, but also in terms of the emotional investment and attachment their drivers hold to them. You want to make sure something this valuable to you is properly taken care of, and that likely means springing for insurance.

There are some things to worry about, like qualification measures that differ slightly from what conventional cars may need, and, of course, the hassle of figuring out exactly how much you’re going to drive and how much coverage you need. Thankfully, this is where professional firms that are well-practiced in this area — like W.B. White Insurance — can step in, helping you work out all the kinks so you can hit the road in luxury, style, and, most importantly, safety.

If you’re interested in classic car insurance in Oshawa, please contact us at 1-877-727-0757. Alternatively, try our easy-to-use web portal here.

Amanda May

Amanda began her insurance career in 2000. As a Chartered Insurance Professional (C.I.P.), Amanda is passionate about continued education for insurance professionals. Amanda teaches the Insurance Broker Licensing program through Durham College, and speaks about insurance related topics at B2B events.

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Oshawa Office 110 King Street East
Oshawa, Ontario, L1H 1B6

Lindsay Virtual Office