Classic Car Insurance

Welcome to your Classic Car Insurance Guide. This page will make you familar with key aspects of Classic Car Insurance and highlights its aspects which are important to consider. It all starts with definition of a classic car. There are many of them and they vary across insurance providers but as a general guidance here is one option:

– Classic Car: “A Classic Car is a motor vehicle that is ten or more years old, which is rare or of special historical interest because of exceptionally fine workmanship or limited production

Antique Car: “A Classic Motor Vehicle that is 25 years old or older”

In some aspects Classic Car insurance works similar to usual auto insurance (e.g. it considers your driving history, past claim experience etc) but some aspects are unique and should be scrutinized in advance, before getting a classic car insurance policy (see below)

Classic Car Insurance: Special Aspects to Consider

  • Limited Car Use: Most policies require that your classic car must be used on a very limited basis, such as exhibitions, car shows, or car club activities. A definition of limited usage can be found in the insurance policies. also try to understand if there is a miles/kilometre cut off for the year. Some policies allow you to drive five or six thousand kilometers yearly whereas some policies don’t allow you to use the car for daily driving whatsoever.
  • Actual vs. Agreed Value: You need to understand if the insurance company will pay the actual or market value in the event of a major accident or write-off. The market value may not reflect correctly the true value of your car.
  • Depreciation and Appreciation: Insurance companies know the depreciation concept quite well but may not be familiar with classic cars appreciating in value as time goes by. Make sure this is reflected in your policy or you may not get the fair payout you deserve.
  • Replacement Parts Policy: Since many owners are painstakingly adamant to have authentic parts on their car, you have to establish that should the need arise, the cost of replacing damaged parts is reflective of the actual value.
  • Car Storage: The insurance companies often insist that your classical car be stored in a garage or a secure facility – do not forget to clarify that.
  • Regular Auto Insurance Policy and Driving history: Many insurers will deny you a classic car coverage if you do not have a regular insurance policy for a vehicle you drive on a daily basis. Some insurance companies want you to have at least a 10-year driving history.
  • Additional Features: Make sure to highlight an extra safety or security features added to your classic car, as you want to take full advantage of any rate discounts available.

Our Publications related to Auto Insurance

What Analysis of 4,000+ Car Insurance Consumer Reviews Reveals about 

What Analysis of 4,000+ Car Insurance Consumer Reviews Reveals about Insurers

Background: The last two years have been marked by unprecedented challenges due to the pandemic, both for consumers and companies. Despite the pandemic, life continued, and People were driving cars, were buying or renting houses, going to a doctor and continued doing many other things related to insurance. As the largest insurance review platform, […]

Introducing a New Tool to Find Out What Issues 
Face with Their Insurers

Introducing a New Tool to Find Out What Issues Face with Their Insurers

The arrival of COVID-19 has pushed Canadians, more than ever before, online for finding and applying for insurance and banking products. It is not easy, though, to make the right choice without knowing if a particular insurer will be there when you need them the most. As the largest review platform with thousands of […]

Car Insurance in Alberta – Top Media Stories, Spring 2017

Car Insurance in Alberta – Top Media Stories, Spring 2017

Here are two summaries of top Alberta Car Insurance stories that were published in March and May 2017 in media outlets: CBC News Edmonton: Insurance company offers $5,500 for truck appraised at more than $40,000 (click to scroll to the story summary) Simcoe Reformer: Changes to benefit entitlement in 2016 adds to family’s struggle […]

Cheap Car Insurance – 7 Things to Know if You Are New to Canada

Cheap Car Insurance – 7 Things to Know if You Are New to Canada

Something that is quite straight forward for People often turns out to be more complicated for those who are new to Canada. Searching for auto insurance and getting a cheap car insurance policy is one such issue, but we are here to help. Here are some questions you need to answer and steps you need […]

111 Insurance Myths – Everything You Must Know

111 Insurance Myths – Everything You Must Know

Hundreds of websites on the Internet perpetuate insurance myths. In this article, we have summarized all the insurance myths we are aware of and catalogued them by type, starting with home insurance, followed by auto insurance, life Insurance etc. If interested, you can unlock another 20 additional insurance myths at the end of our article. […]

magnifier  Auto Insurance by Province
Auto Insurance in AlbertaAuto Insurance in Nova ScotiaAuto Insurance in Saskatchewan
Auto Insurance in British ColumbiaAuto Insurance in Ontario
Auto Insurance in ManitobaAuto Insurance in Quebec