Insuring a vehicle can be a tedious process. Finding reasonable insurance rates requires a lot of research. Sometimes, people decide to hire insurance brokers who help them find better premiums.
You also have to decide on what kind of coverage you want, as there are several options. Furthermore, if you own an older car that is considered a classic, you might have to get ‘classic car insurance.’ This article talks about classic car insurance in Ontario, what it means, and how to find the best rates. Stick around if you are interested in this topic.
Moreover, if you want to do some research on your own, consider visiting Surex!
What is Classic Car Insurance?
If you have an antique car, you might not be able to get regular insurance coverage. Usually, such owners have to get classic car insurance. Cars are considered to be classics if they are at least 30 years old!
A lot of classic cars have a higher value than regular cars. If they are not in good condition, they are going to depreciate. However, if they are restored and well taken care of, they might prove to be quite expensive. This also means that in case of an accident, the repair costs are going to be high as well!
Standard insurance policies take into consideration the value of a car, depreciation, coverage, etc. Therefore, this might not be enough to cover the value of your antique car.
Classic car insurance offers all sorts of coverage. You can get the following types:
- Comprehensive – Protects your vehicle from different kinds of damages that are not caused by an accident.
- Collision – This does the opposite of comprehensive coverage, as it covers all the costs that happen during a car crash or any other type of accident.
- Bodily injury – Covers medical costs in case you get injured in an accident.
The owner and the insurance company determine the car’s , and the premium is set based on their mutual decision.
What Qualifies Your Vehicle For Classic Coverage?
As we’ve mentioned above, your car is considered to be a classic if it is between 25 and 30 years old. That is the first and most important condition for getting classic car insurance. Furthermore, your car must be in good condition, and you have to store it in a garage whenever you are not driving it. Also, you should drive your car as little as possible. The more you drive, the more its value depreciates.
Apart from that, your personal driving record must also be clean. Insurance companies take this very seriously as your driving history shows whether you are a responsible driver or not. This goes to show if you are going to represent a liability for the company. It’ll be good if you possess another vehicle that you can drive. This means that you will only use your classic car sometimes. This helps to keep it in good condition.
Every car requires maintenance, but classic cars need regular repairs and customization. As these cars are older, you have to make sure that they are safe for the road! Of course, the criteria also depend on the insurance company, but these are only some of the general requirements.
How To Find The Best Rates?
Finding classic car insurance in Canada is relatively easy. Almost every insurance company offers such coverage. But this doesn’t save you from having to do some extensive research in order to get the best quotes.
However, you can always get an insurance broker to do the work for you. You will be paired with an assistant, and they will answer all of your questions. They will also find you the best premium that suits your needs and budget. If you get classic car insurance, you might get lower rates. This will help you save more money than you would with regular insurance.
How To Save Money?
There are several things you can do to save more money on your insurance premium. For example, you can ensure that you only use your classic car for pleasure and another vehicle for your day-to-day commute. This limits your mileage and saves your car from depreciation.
If your car is worth a lot of money, you might want to install anti-theft devices. Insurance companies will appreciate you doing that. Furthermore, you might want to have airbags for additional security. Basically, the more you do to prevent any potential issues, the lesser amount of premium you’ll have to shell out.
Finally, consider looking for an insurance company that specializes in classic car insurance. They usually offer better premiums and lower rates!
Classic Car Insurance Benefits
In addition to the regular benefits that you get under classic car insurance, there are some other advantages as well. You should know of the following benefits:
1. Premiums can change
If you get classic car insurance and your car increases in value over time, the insurance companies will pay you the difference. This will also lower your rates in the future.
2. Help on the road
In case your car breaks down in the middle of the road and needs towing, your insurance premium will cover the costs.
3. Damage repair
If your car gets damaged in an exhibition, the insurance company is supposed to cover all the repair costs.
4. No need for attendance
If you leave your car unattended in your garage or at a car show, and something happens, the insurance will pay for the repair.
5. Covers the spare parts as well
Most types of coverage do not cover the theft of spare parts, but classic car insurance does! You can get cash payment to use for repair costs or replacement of some spare parts, such as extra tires.
In conclusion, classic car insurance can be very beneficial if you own an antique vehicle. However, your vehicle must fulfill certain requirements to be considered a classic. These usually differ from one insurance company to the other.
Classic car insurance also helps you save more money than regular insurance. There are a lot of ways to save some money if you pay attention to the details mentioned in the article. If you’re still confused and are unable to find the best classic car insurance rates, the best idea would be to hire an insurance broker!