Any avid car enthusiast can appreciate a vintage car’s value, beauty, and history. Some lucky people may have a collection of vintage cars to preserve these historic vehicles. Meanwhile, others may have just been lucky enough to find themselves one perfect vintage vehicle. In any case, protecting and maintaining them requires care, extensive knowledge of vintage vehicles, and insurance.
What is Vintage Car Insurance?
Vintage car insurance is dedicated insurance for collector automobiles. This type of insurance comes with its own set of characteristics which differ from regular car insurance. This is mainly because vintage cars are driven less often but also cost more to repair in the event of damage or an accident.
Vintage Car Insurance vs. Regular Car Insurance
Vintage car insurance has a few key differences from regular car insurance in how each vehicle is valued.
- A regular car’s value is determined by its purchase price and market value.
- A collector car’s value is agreed upon with insurance providers.
Suppose you paid $1,000 for a vintage car that required restoration. And after its restoration, it’s now worth $40,000. If the vehicle is totalled, the value you agreed with the insurance providers beforehand is what you can receive, known as market appreciation coverage.
Does My Vehicle Qualify for Classic Car Insurance?
To qualify for vintage car insurance, the vehicle needs to be eligible for the specific policies intended for them. These include:
- The vehicle needs to be at least 20 years old. Some insurers may consider slightly newer cars if considered a collector vehicle.
- Limited use: Vintage cars are not usually used for daily use; they are traditionally used for car shows, events, or occasional drives.
- Proper storage: A garage, carport, or storage facility can help protect the car from theft and other elements and increase its chances of qualifying for insurance.
- Ownership of a primary car: The idea is that the vintage car is not used daily, requiring a second, newer vehicle as the primary mode of transportation.
How Much is Classic Car Insurance in Ontario?
The cost of vintage car insurance in Ontario could vary greatly depending on the car’s make, model, and modifications. Contacting an insurance provider for a more accurate assessment would be ideal, as some providers may offer different rates. However, you can expect to pay several hundred up to over $1000 for classic car insurance.
Protect Your Classic Car
Protecting your classic vehicle with the right insurance is essential to preserve its value, beauty, and legacy. Vintage car insurance offers specialized coverage tailored to the unique needs of collector vehicles, from agreed-upon value policies to lower mileage rates.
Whether you’re a seasoned collector or a first-time vintage car owner, understanding the specifics of classic car insurance can save you from unexpected costs and provide peace of mind. At Rowat Insurance, we’re here to help you navigate the intricacies of vintage car insurance and find a suitable policy. Contact us today to confidently protect your classic investment.