Classic Car Insurance in Ontario

Classic Car Insurance for Ontario Vehicle Enthusiasts

For those who love the beauty, function, restoration, and vintage appeal of classic cars, there’s nothing quite like cruising down to the local show ‘n’ shine to display their prized possession or spending a weekend tinkering away in the garage with a wrench and a polishing cloth. Whether you intend to get out on the road and enjoy the looks on the faces of passersby when they see your beautiful classic car, or you prefer to keep it in the garage as a never-ending source of restoration fun, you need the reassurance that your classic car is protected with insurance coverage that is perfectly suited to your needs.

Protecting it with the right classic car insurance is essential if you have a classic car. Classic cars are quite different from standard automobiles, requiring specialized insurance coverage. Classic car insurance from Morison Insurance will give you peace of mind knowing your classic car is properly protected.

What Is Classic Car Insurance?

Classic car insurance provides protection for collectible vehicles. Classic car insurance is different from standard auto insurance because of the different risks associated with owning these kinds of rare vehicles. A classic car policy is tailored to the value of your car. It will protect you financially against the higher physical and economic costs in the event of an incident with a classic car. 

Who Needs Classic Car Insurance In Ontario?

You need classic car insurance if your car is considered a classic due to its age, rarity or high-value qualities. Ontario classic vehicles have different needs than standard, modern automobiles do, and without proper insurance protection, you would be leaving yourself with inadequate coverage and an insufficient value on your classic car, which can lead to extreme out-of-pocket expenses. With classic car insurance coverage protection, you’ll have peace of mind in enjoying your vehicle. 

Do I Qualify For Ontario Classic Car Insurance?

Some requirements to qualify for classic car insurance include having a minimum of 10 years of driving experience, a clean driving record, and owning a classic car that is 25 years old and that is not used as your daily driving vehicle with a maximum of 5,000 kilometres of driving each year (higher mileage can be considered). This doesn’t necessarily mean you can’t drive it to work or other places occasionally, but it can’t be your vehicle for regular, everyday use.

Most classic vehicles are insurable; however, there are certain restrictions, and some vehicles may not be eligible, such as those used for racing or cars heavily modified with extreme horsepower. It’s also good to note that, depending on the insurance company, there may be restrictions related to the policyholder’s driving record, such as no more than three moving violations over the past three years. Your Morison Insurance broker can provide you with more information to determine if you qualify for classic car insurance when you begin a classic car insurance quote.

What Is Considered a Classic Car?

A classic car is generally a vehicle that was manufactured more than 25 years ago. However, some insurance companies will consider newer vehicles for modern collectible vehicle insurance based on their collectible or rare nature. Cars, trucks, and other vehicles can be considered classics. However, it’s important to note that insurance companies specify that your classic car can not be your daily driver. Every licensed driver in your household needs a vehicle for daily use other than the collector vehicle that is being insured. Your best bet is to contact an insurance broker who will help determine if you need classic car insurance.

How Does Classic Car Insurance Work?

Classic car insurance protects you and your high-value classic car in case of a claim. Classic car insurance provides liability coverage, accident benefits coverage, collision, and comprehensive coverage. In Ontario, all drivers must have car insurance on every vehicle that is driven. But even if you’re not driving your classic car, either because it’s not in a condition that will allow it to be driven or you choose not to drive it, it’s still a very good idea to make sure you have the right classic car insurance in place to protect you in the event that your car is damaged or destroyed by an insured peril such as a garage fire. Our expert insurance brokers can speak more about this when you begin a classic car insurance quote. 

What Is The Difference Between Classic Vehicle Insurance And Normal Auto Insurance?

With a classic car insurance policy, you can get the same insurance coverage provided in a standard auto insurance policy, plus you will have added key benefits, including:

• A guaranteed, insured value for your vehicle.
• A lower premium for classic car insurance.
• Service from an insurance broker who can get you coverage from an insurance provider specializing in classic cars. The broker and the insurance company understand the importance of insuring your collector, vintage or antique vehicle.
• Claims service from experts who know classic vehicles, are well-educated in the classic and antique vehicle industry and appreciate your vehicle’s importance to you.

What Does Classic Car Insurance Cover?

Classic car insurance provides the same coverages as a standard auto insurance policy, like liability coverage, accident benefits coverage, collision, and comprehensive coverage; however, classic car insurance will also address the needs and value of your classic car. These additional coverage options include agreed-value protection, flatbed roadside assistance protection and flexible usage protection.

Vehicle Under Restoration Coverage

A big part of the fun with classic cars is repairing, restoring, refinishing and tinkering. Some vehicles are permanent projects with no finish line in sight, and there’s nothing wrong with that. But if you’re planning on having major work done on your car—or you’re planning on doing the work yourself—it pays to consider adding vehicle under restoration coverage to your Ontario classic car insurance policy. It gives you better protection when restoring or building a classic car. You will likely need to provide evidence of active restoration in the form of photographs and restoration details.

Vehicle under restoration coverage comes in handy in the event of theft or some type of accidental damage. If a classic car is on its way to or from the paint shop and an incident occurs, for example, coverage can be in place. In addition, parts that are not yet installed on the vehicle can be included in the vehicle under restoration coverage. Errors made during the restoration, such as incorrect wiring, are not covered.

Agreed-Value Protection

When you tell the insurance broker the value of your classic vehicle, the insurance company confirms that the value is accurate and fair. The insurer then agrees to a guaranteed value. The agreed-upon amount will be paid to you in case of a total loss.

Cherished Salvage Coverage

Regular vehicles come and go, and it’s nothing to get heartbroken over, but classic cars are a different story. Whether you spent years (or even decades) hunting for your grail car and finally got it, or it’s been with you for so long that you can barely even remember when you first saw it, your classic car is irreplaceable. Even another vehicle of the same make and model can’t replace the memories you have with that specific car—so if the worst happens and it’s damaged to the point of a total loss, you may not be willing to let it go. With cherished salvage coverage, you don’t have to. Instead, you can keep the damaged vehicle and have it restored, work on it yourself, gift it to a friend or just keep it in your garage—it’s all yours to do with as you see fit, and you still get your full guaranteed value.

Evacuation Expense Coverage

Occasionally, something out of the ordinary happens, and you need to evacuate your vehicle out of the area to safety. Needless to say, that can be a costly endeavour. Even if your classic car is drive-able, that may not be a safe option under the conditions that are prompting evacuation. With evacuation expense coverage, you can get back up to 50% of reasonable costs to move your classic car from an area experiencing emergency conditions to a safe storage site for up to 180 days. Evacuation expense coverage applies to emergency conditions such as a named storm warning or advisory from a government agency or a government-ordered evacuation due to factors such as wildfire.

Flatbed Roadside Assistance Protection

Flatbed roadside assistance is a coverage option available to provide guaranteed flatbed roadside assistance when needed. Filing an insurance claim to use flatbed roadside assistance is unnecessary. Using the flatbed towing method for your classic car reduces stress and increases the risk of damage to your classic vehicle. You have peace of mind knowing your classic car will be taken care of in the best way possible when an unpredictable situation occurs.

Flexible Usage Protection

Classic and collector cars should be driven to be fully enjoyed! Some people are afraid to take their collector vehicle out on the road, but there’s so much fun to be had by rolling down to the ice cream parlour in a classic convertible or heading to a show ‘n’ shine to let others gawk at your most precious possession. An insurance broker can tailor your classic car insurance policy to meet your specific driving uses and needs, so you can feel free to take your classic car out for a spin whenever the mood strikes you.

Additional Coverage To Consider For Classic Car Insurance In Ontario

In addition to the basic coverage that is required for any drivable vehicle and the coverage add-ons listed above that are specific to Ontario classic car insurance, here are a few more additional coverage options that are well worth considering:

• Collision or Upset: This covers damage to your vehicle caused by a collision with another vehicle or stationary object or if the vehicle tips over and sustains impact damage.
• Comprehensive: All other insured damage to your vehicle (aside from collision or upset) is covered so you can get payment for losses resulting from flying projectiles, vandalism, fire, theft, attempted theft and other specified perils.
• All Perils: This broad category of coverage combines collision or upset and is comprehensive with additional protection against theft.
• Specified Perils: Coverage that protects you against financial loss for the specified perils, which may include hail, floods, fire and theft.
• Accident Forgiveness: If you are involved in an at-fault or partially at-fault driving accident, accident forgiveness prevents your insurance rates from going up.

The Insurance Bureau of Canada has more details on classic car coverage.

How Much Does Ontario Classic Car Insurance Cost?

The cost of collector car insurance is typically much less than standard auto insurance—more than 40% less in some cases. You may pay as little as $300 to $1,000 approximately per year. The cost of a classic car premium depends on factors such as the vehicle’s value and the number of vehicles you want to insure. Speak with an insurance broker who will provide multiple classic car insurance quotes to determine the best coverage for you.

Do I Need an Appraisal To Get Classic Car Insurance In Ontario?

As there are many options for insurance companies that provide classic car insurance, Ontario policyholders may be required to get an appraisal depending on the insurance company. During the quoting process, ask your broker about the best option for your particular classic vehicle and insurance needs.

For insurance companies such as Hagerty, if the agreed value of your classic vehicle matches verifiable market values, you don’t need to go through the hassle of getting an appraisal. The insurance company will have evaluation guides that you can use to help you assess and determine value, which may be as simple as entering the VIN and finding it in their system. Keep in mind that information and factors such as originality, number of previous owners, documentation and unusual equipment can all influence the value of a vehicle, so it’s a good idea to be as thorough as possible in reporting the vehicle’s provenance and history.

Does My Classic Car Have To Be Stored In a Garage?

Not necessarily. Secure garage storage is definitely going to be preferred. In many cases, it will be required. Still, some insurance companies may be willing to offer classic car insurance for vehicles that are stored in other places, such as rented storage units, depending on the specific circumstances of the location.  

That being said, there’s no doubt that your classic car will need to be stored in a safe, secure location, if not an actual garage. Leaving it exposed to the elements, even with a cover over it, is going to be a challenging option when you’re trying to get Ontario classic car insurance in place.

If I Make a Claim, Can I Choose Where To Have My Car Repaired?

That depends on the insurance company that issues your classic car insurance policy, but in most cases, yes—you can choose the garage or mechanic you prefer to repair or restore your vehicle, or you can take care of repairs yourself so you can rest assured that the repair work is up to your standards. Your classic vehicle is being treated properly by someone who knows what they’re doing.

What Does Classic Car Insurance Not Cover?

There are some limitations on classic car insurance, such as vehicles used for commercial purposes, racing or off-road uses, or highly customized cars. Speak with a broker at Morison Insurance who can help determine if your collector car will qualify for Ontario classic car insurance.  

Can a New Driver Be Insured to Drive a Classic Car?

That is another answer that depends on the individual insurance company, but generally, no. While young people are allowed and encouraged to participate in the hobby of restoring and appreciating classic cars, most insurance companies have a minimum driving experience requirement for classic car insurance. Ontario drivers need at least ten years of driving experience to qualify for classic car insurance from Hagerty. Some insurance companies may also have minimum age limits, such as requiring drivers to be at least 25 years of age. Typically, anyone with ten years of legal driving experience will be at least 25 years old anyway.

Can You Get Full Coverage On a Classic Car?

Yes. You can get full insurance coverage for eligible classic or antique vehicles. Our insurance brokers can get you several competitive classic car insurance quotes from auto insurance carriers to get you insured. Our auto insurance resource centre has more details on everything you need to know about car insurance coverage.

Where Can I Buy Ontario Classic Car Insurance?

You can buy classic car insurance from Morison Insurance. Our insurance experts can help provide you with coverage to ensure your special vehicle is properly protected. We shop dozens of classic car insurance providers to ensure you receive the best coverage for you and your collector vehicle. Our brokers work for you, not for the insurance companies, and that means you can expect us to prioritize your best interests at every turn. We care about your classic car insurance just as much as you love your classic car, and our brokers will work tirelessly to ensure you have the right one. Get started today by calling 1-800-463-8074 or by filling out the form on our website. You will be glad you did!