Why Your Classic Ride Deserves Protection

Part of the Sutherland Insurance guide to Auto Insurance in Ontario.

Classic, vintage and collector cars aren't just nice to look at or drive, they're passion projects, pieces of history, and investments. Unlike standard vehicles, classic and collector cars tend to appreciate in value over time which requires different insurance than regular car insurance. It's important to know why the standard auto insurance isn't enough and why it is worth considering whether to look into specialized classic car insurance to protect your treasured ride.

What is classic car insurance?

Many collector cars are not used for daily driving. This means that the policies offered can often have lower premiums for the reduced mileage and the coverage can provide protection if the vehicle is damaged. While standard auto policies cover actual cash value (ACV) which accounts for depreciation, classic cars actually increase in value over time.

What qualifies as a classic or collector car?

For your collector vehicle to qualify for classic car insurance, the vehicle typically needs to be 15 years of age or older. If you have a classic truck, it normally needs to be 25 years of age or older and not driven for commercial use. Collector cars tend to be limited production and high-value. It's important to note that each insurance provider has different eligibility requirements that can include storage conditions and annual kilometres driven limits.

Tips to properly insure your classic car

To help you insure your collector vehicle it is worth considering whether to include getting an appraisal to help establish the correct market value for accurate coverage, keeping maintenance records to document any repairs, modifications or restoration work, and storing it safely.

How Sutherland Insurance can help protect your classic car

At Sutherland Insurance, we're more than aware that a classic car is more than just a vehicle, it's a passion, investment, and even a piece of history. We can compare the collector-car options available, explain how agreed-value coverage works, and answer questions as they come up.

If you're looking to safeguard your classic car, contact us today for your free no-obligation quote.

The content provided in this article is for general informational purposes only and does not constitute professional advice.