Classic Car Insurance

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What is classic car insurance?

While classifications can be tricky, classic car insurance is simply a type of insurance you can buy if you own a vehicle that is considered to be a classic car or an antique car. The difference between a classic car and an antique car is that classic cars are typically a minimum of 15 years old, while antique cars are older than 25 years. No matter which car you drive, the law in Ontario states that you are required to have the most minimum insurance coverage. How do you know when to opt for classic car insurance, or stick to regular car insurance? This guide aims to break it down.

Frequently asked questions about classic car insurance in Canada

What is considered a classic car?

According to The Classic Car Club of America (CCCA), the simplest way to define a classic car is a ‘fine’ or ‘distinctive’ American or foreign-built automobile manufactured between 1915 and 1948. The CCCA has a number of other factors that help define a classic car like luxury accessories and power brakes and clutch, and engine displacement. The Vintage Car Club of Canada recognizes cars 25 years and older as classic cars.

If your car is pre-1980, unmodified, with a sufficient historical significance, and has a value that is worth restoring, it could be in the classic bracket.

However, when it comes to insurance the game changes a bit, and so make sure to look at different insurers to ensure the best coverage for your precious automobile. Some insurance providers and vendors ask that classic cars should be at least 20 years old, some mention between 20-30 years. There are many exceptions, and sometimes cars that may not be technically considered classics can be accepted when it comes to insurance if they have a collectible or ‘limited-edition’ status.

What are the restrictions for a classic car insurance?

Some classic car insurance providers and their policies are stricter than others; their coverage and premiums may vary too. It helps to get quotes from multiple providers to understand how it works with different companies.

Some of the rules and restrictions for classic car insurance are:

1) Usage limitation
The classic car cannot be the main vehicle that you drive every day. The car can be insured only if the usage is pleasure or leisure. This means you could take it for a spin to the club, meetings, events, shows, and car parades. You can also take your classic car for maintenance and repair. Some providers specify the number of kilometres you can drive. You should have a separate insured vehicle that you take out as a daily driver.

2) Other restrictions
There is also a no-go for that drive to work, schools or colleges, shopping or to run errands. What insurance companies are looking for is the least amount of usage for your vehicle to minimize any accidents and claims. This is due to the fact that classic car insurance has the lowest insurance premiums. While some providers also have restrictions on whether it can go out of North America, others stipulate that the car remains in your garage under lock and key.

If you’re looking to drive your classic car every day, then standard auto insurance is a more appropriate choice for your vehicle.

Do I need classic car insurance in Ontario?

Although it may sound like the proper way to go, sometimes classic car insurance may not be for you. Firstly, there are criteria that you need to qualify for, and then there are restrictions. If you want to protect the value of your dearest collectible, you should consider how you use your vehicle and if it qualifies as a classic car. If you and your vehicle qualify, a true value is set for the vehicle that you and your insurance provider will come to an agreement upon, which is called the Agreed Value Basis (AVB). This is determined because the value of a classic car never really depreciates.

How do I know if I qualify for classic car insurance in Ontario?

If you have a classic car, that is not used as your primary vehicle, are you automatically qualified for classic car insurance? Not always. To be qualified, you will need to have:

  • A minimum of ten years of driving experience in Ontario
  • A clean driving record, free of at-fault accidents and no more than two minor convictions
  • A separate primary vehicle insured under a separate policy where you are the daily driver

As with any standard car insurance, classic car insurance and coverage can vary between insurers too. Make sure you ask questions right from the start!

What are the requirements to get cheap classic car insurance?

  • Limited usage, minimal driving
  • Have a primary regular use vehicle
  • Car must be at least 15 years old and/or considered a collectible
  • Must have at minimum mandatory road coverage
  • Must have the Agreed Value of Automobile (OPCF 19A), which indicates the value of the car (only for insurance purposes), supported by an appraisal report
  • Driver must have a minimum of 10 years’ driving experience, and a conviction-free record

What are the key benefits of a classic car insurance?

Classic cars primarily have certain points in favour of them compared to a regular car insurance.

1) Premiums are low: For your classic car to have classic car insurance, it needs to be driven with caution whenever it is driven. Thus, premiums are often lower. Compared to modified/customized cars, premiums for classic cars less.

Remember that your Thunderbird can still be on the road with a normal car insurance with minimum coverage if it is going to be your primary vehicle.

2) The agreed value: If you know the value of your ’57 Chevrolet, and are able to communicate this to your provider by having a vehicle appraisal, the insurance company will match that value and will be paid in the event of a total loss.

How can I get the cheapest classic cars insurance in Ontario?

Of course, your Corvette is important to you. It is your most valuable possession. The easiest way to get your cheapest car insurance quotes is to shop around online, calculate your rates and compare your classic car insurance quotes in Ontario. Once you get your quotes, some personalized questions will help determine the value and the coverage. There are a lot of requirements and restrictions, but don’t take your classic car out on the road without insuring it first. If you own an eligible vehicle, you should have the coverage to protect it. And if you plan to make your classic car your daily ride, be sure to get a standard auto insurance policy out on the vehicle so its fully protected.

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