If you’ve purchased or inherited a vintage car or restored vehicle, you’ve probably thought about insuring it.
Antique car (or classic car) insurance is a specific type of car insurance policy that is tailored to the unique needs and expectations of owning an older vehicle.
Did You Know?
- Vehicles built between 1916 and 1925 are known as “vintage vehicles”.
- “Antique cars” are 45 years or older while “classic cars” are 20 years or older.
- Vehicles manufactured between 1896 and 1915 are known as horseless carriages, which by definition are “antique vehicles”.
What Makes Vintage Car Insurance Different?
Vintage hotrods need different care, and the same goes for insurance. In general, whenever a car’s value begins to exceed its selling price, no matter the year it was made, it is likely to be classified as a collector’s vehicle.
A typical antique vehicle will require similar insurance to modern cars, except for a few things. While modern cars typically depreciate as soon as they are driven off the lot, classic cars can increase in price as they become rarer and more sought-after.
What does this mean for classic car insurance? It means that antique car owners need coverage that represents the current or growing worth of their vehicle.
Car collectors will also need insurance coverage that can accommodate their need for specialty transportation and harder-to-find, more expensive repair parts.
How Much Does Antique Car Insurance Cost?
When it comes to expensive cars, one automatically would assume the insurance will be through the roof. However, this is typically untrue for vintage vehicles.
According to 2019 consumer data collected by Hagarty, classic car insurance may cost you around $276 less per year than a standard car insurance policy.
Companies such as Hagarty also often feature guaranteed value coverages. Once the worth of your classic vehicle is agreed upon, in case of total loss, you’ll receive a check for that amount.
How Do I Determine The Value of My Classic Car?
There are a lot of aspects involved in appraising an antique vehicle. The average cost of a vintage car appraisal is between $100 and $500 and should include detailed notes and photos.
“The value can vary based on the condition of the exterior, the condition of the interior, the state of the mechanical components, the authenticity of the vehicle, and how many original parts are still in working order.” – Jack McKenzie of Auto Accessories Garage
Can Someone Else Drive My Antique Car?
Whether your daughter wants to use your classic car for her wedding, or your pal wants to take it for a spin, as a car lover, you know you’re going to get the question.
However, it’s important to consider the risks associated with lending your antique vehicle to someone, including if they should get into a collision.
Generally speaking, your own insurance policy should cover damage to your vehicle even when someone else is driving it, as long the driver:
• Is licensed to drive in Canada
• Has your permission (verbal or written) to drive your vehicle
• Sticks to the rules outlined in your policy
• Doesn’t participate in illegal activities while using your vehicle
Review your policy documents or reach out to us if you have questions about the specific rules outlined by your own insurance company.
Adding An Occasional Driver For Your Classic Car
Every insurance company has its own set of rules and regulations when it comes to its insurance policies, especially when it comes to adding a second driver to your vehicle.
However, as classic vehicles are typically not high-traffic, adding a second driver is rare. You should only consider adding another driver to your vintage car if the other person is expected to drive the car regularly.
As a precaution, before you lend your antique car to another driver, talk to your policy provider.
What To Consider When Insuring Your Classic Vehicle
If you’re ready to insure your classic car, it’s time to prepare essential documents and gather the information required.
Classic cars are examined, at minimum, for the following:
- Limited use of vehicle
- Condition of vehicle
- Storage of vehicle
- Make, model, year, and type
- Miles driven per year
- Modifications
- Driver history
Exclusive Vintage Care Insurance Benefits In Newmarket
As your insurance broker, we’ve got your back. We work with multiple insurance companies which means more options for you.
Here’s how you can save money on your classic car insurance with Benson Kearley IFG as your broker:
- Insure for multiple years
- Drive fewer miles
- Opt for a higher deductible
- Install anti-theft devices
- Show proof of car club membership (such as with at Hagarty antique car insurance)
- Show proof of storage and keep your vehicle stored during winter
- Work for a company that is a member of the Newmarket Chamber of Commerce
Contact Benson Kearley IFG for more information today!