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How Much Does It Cost To Insure A Classic Car?

A classic car requires special care. This also applies when insuring your classic car. Insurance coverage for classic cars is specialized and different from standard car insurance. In this article we will look closer at insuring a classic car, what it covers, and how the value of a classic car affects insurance costs. 

What is Classic Car Insurance?

In the simplest terms, classic car insurance is coverage from risk to your collectible vehicle. Your unique classic car has higher value, and standard car insurance would not be enough to cover your financial losses in the case of an accident. 

Some requirements to qualify for classic car insurance include: 

  • Minimum of 10 years driving experience

  • A clean driving record

  • Own a classic car that is 25 years old

  • Classic car is used for pleasure for up to 5,000 km travel each year

For detailed coverage options, be sure to contact an insurance agent when insuring your classic car. 

What is A Classic Car?

A classic car is a vehicle that is 25 years or older. Usually a collectible vehicle, a classic car can be a sedan, a truck, or other vehicles. The value of your classic car is crucial in determining your insurance premiums. It is best to contact a knowledgeable insurance agent to discuss your car’s value. 

Standard Car Insurance Vs. Classic Car Insurance: What Is The Difference?

Classic car insurance gives you comprehensive coverage options just like standard car insurance. The difference, however, is that classical car insurance has more added benefits in insuring your car. These include:

  • Guaranteed insured value of your vehicle

  • Lower premium for classic car insurance

  • Customer service: Insurance broker contacts insurance companies for best coverage options

What Does Classic Car Insurance Cover?

Classical car insurance includes standard coverage for liability, accident benefits coverage, collision, and comprehensive coverage. 

Classic car insurance offers added insurance coverage such as:

Agreed Value Protection:

  • Your insurer agrees on a set value of your car

  • This agreed upon amount will be paid out to you in the case of a total loss

Flatbed Roadside Assistance Protection:

  • Classic cars require flatbed towing vs regular towing due to being higher value cars

  • Flatbed Assistance provides guaranteed roadside flatbed assistance in the event of a claim

  • Peace of mind by reducing further risk of damage while towing your classic car

Flexible Usage Protection:

  • Brokers and agents are experts in tailoring your policy to your driving needs. Whether seasonal, or set number of kilometers traveled, your classic car will be covered when you are ready to hit the road. 

The Cost: Finally

In terms of costs, classic car insurance is generally much less than standard car insurance. In some cases, it can be 40% less. There are variables when it comes to your classic car premiums. In Ontario one can expect to pay around $150 - $900 annually. Your vehicle's value is very important in setting your premium costs. 

In order to value and insure your classic car, be sure to visit our website and contact our insurance agent for your classical car insurance needs.