Whether it’s a sleek sports car or an old school cruiser, many Canadians share the dream of owning a classic car.
So what happens when you finally get your dream car? You have probably made a significant investment in your new vehicle and you want to make sure that it’s protected, even if you’re only taking it for the occasional drive or showcasing it at car shows.
In this blog, we’ll explain what determines whether you qualify for classic car insurance. It is important to remember that these are only guidelines. At The Ostic Group, we offer classic car insurance from a range of different providers. If you have a classic car, contact our team and we’ll help you find coverage that fits your needs.
The Type of Vehicle
While the term ‘classic car’ makes you think primarily of classic sports cars, such as the Porsche 911 or Ford Mustang, or even antique vehicles, such as the Ford Model T, the term is actually used to encompass a much broader range of vehicles.
Classic car insurance can be applied to a variety of cars, trucks, and other vehicles, including:
- Collector cars
- Collector trucks or SUVs
- Collector motorcycles
- Antique tractors
- Modified cars
- Motorsport vehicles
- Retired commercial or military vehicles
At the end of the day, a classic car can be anything from a kit car to a restoration project on blocks in your garage. If you don’t know the value of your vehicle, our providers have tools to help you determine its value. Reach out to our team for help appraising your vehicle.
What to Consider
If you have one of the classic vehicles listed above and you’re interested in acquiring insurance coverage, there are still a number of factors that will influence whether you qualify or not. Here are a few of the top things to consider:
How often do you use your classic car?
One thing that is often overlooked when people apply for classic car insurance is frequency of usage. To qualify for classic car insurance, your car can’t be your daily driver — every driver in your home needs to have another car that they use for daily driving.
A classic car can be a show car for meetups, exhibitions, and other events. It can also be a pleasure vehicle that you bring out for summer afternoon rides through the countryside.
How many kilometres is your classic car driven each year?
Typically, if your classic car isn’t intended to be a daily use vehicle, you shouldn’t be travelling far with it.
Most providers will issue policies for around 5,000 km/year, provided that you have a good justification for it. For example, if you’re driving long distances to car shows across the province. More distance will likely lead to more questions, but it shouldn’t prevent you from getting coverage.
How do you store your classic car?
As a general rule, if you are storing your classic car in a safe place, then it will be easier to qualify for classic car insurance, and you may have access to lower premiums.
Insurance providers prefer classic cars to be stored in private garages or storage units, but they will also accept public garages, driveways, or trailers. Our team will work with you to find a policy that will cover your specific storage situation.
What type of driver are you?
On average, most classic car owners are over 50 years of age. Most insurance providers will not issue classic car insurance unless you have been licensed for more than 10 years.
Typically, you will not be able to purchase classic car insurance if you’re under the age of 25 — and it will probably be challenging if you’re close to that age.
You may also have difficulty qualifying for classic car insurance if you have had any serious driving infractions within the last few years, including reckless driving, excessive speeding, or DUIs.
Special Coverage Options for Classic Cars
There are a number of optional coverages for classic cars, which are advantageous in certain situations. Here are a few of the most popular special coverages:
If your classic car is a vehicle that you’ve rebuilt from scratch or you have some other emotional attachment to, then you may want to be able to recover its parts in the event of an accident.
Cherished Salvage coverage will ensure that you retain salvage rights and are able to keep your vehicle, even after a total loss. This is a great coverage option if you have inherited a vehicle or have a rare vehicle with hard to find parts.
If you don’t want your car to be towed regularly, as it could cause further damage to your vehicle, then it is important to purchase this additional coverage.
If you’d like to learn more about qualifying for classic car insurance, request a quote from our team today.