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Insuring your classic vehicle

If summer to you means hitting the open road on weekends to show off your “baby” at one of the myriad classic car shows hosted at this time of year, you want an insurance policy that protects your vehicle as well as you do.

Classic car insurance isn’t the same as the insurance you purchase for your regular, every-day commuter vehicle. Classic car insurance protects vehicles of a certain age that are driven occasionally for pleasure or purchased as an investment. Many drivers make the mistake of insuring their vintage vehicle with a standard auto insurance policy, which almost always means one of two things – either your coverage is inadequate, or you’re paying more than you have to.

A classic car is nothing like an everyday vehicle and has unique insurance needs. Here at DPM Insurance Group, we offer a wide range of flexible and customized auto insurance policies, including classic car insurance.

Why do I need classic car insurance?

Basic auto insurance is not enough to cover a classic car. The value of your regular vehicle depreciates over time. So, a total loss three years from now will pay out far less than a total loss today. But classic cars generally increase in value as they age. So, if they are insured under a basic auto insurance policy, you could risk losing a significant amount of money if the vehicle was ever stolen or severely damaged.

In addition, standard auto insurance is best suited to cars being driven regularly. But most classic cars are only driven for limited amounts of time. Insurance companies recognize this and their classic car insurance rates are set to reflect that fact. The insurance company understands that the less time a vehicle is on the road, the lower the odds of it being involved in an accident.

You also need classic car insurance for the same reason any driver needs insurance while driving, to protect yourself against the financial losses that come with hitting the road.

Classic car insurance policies typically include the same coverage as standard auto insurance: third party liability coverage, uninsured automobile coverage, accident benefits coverage, and direct compensation coverage. With this coverage, you are protected in the event of a collision, bodily injury, and property damage.

Classic car insurance qualifications

To qualify for classic car insurance coverage, your collector vehicle cannot be your primary vehicle. In fact, it can’t be driven over 8,000 km per year. In most cases, the vehicle must also be 25 years of age or older, though this varies by provider. Insurance companies also prefer that your classic car is stored in an enclosed structure, such as a garage.

Generally, insurers require that drivers have a minimum of 10 years of experience to purchase classic car insurance and that they do not have any serious driving infractions in recent years. Lastly, the classic car should be restored and in top-notch condition.

The following types of vehicles may be covered by classic car insurance in Canada:

  • Collector and classic cars manufactured in 1979 or before.
  • Antique – cars built between 1896 to 1948.
  • Classics – built between 1924 and 1948 featuring custom coachwork.
  • Post-War – popular cars manufactured in the years following World War II.
  • Muscle Cars – American made, V-8 engine cars made between 1968 and 1972.
  • Collector trucks and SUVs that are 25 years or older (stock), or 15 years or older (modified).
  • Military vehicles – retired, demilitarized vehicles from 1985 and older.
  • Classic and antique tractors – restored vintage models 30 years of age and older.
  • Car trailers for vehicles and street rods.
  • Retired commercial vehicles that are 25 years or older.
  • Classic vehicles under construction for active restoration projects.

These vehicles may not qualify for classic car insurance, even if they meet the above criteria:

  • Commercial-use vehicles.
  • Motorcycles or scooters.
  • Vehicles used for off-roading, camping, or utility purposes.
  • Vehicles with 700 horsepower or greater (no matter whether they’ve been manufactured or modified).
  • Dune buggies.
  • Motorhomes or recreational homes.
  • Vehicles used for racing or autocross events.
  • Vehicles that are highly customized for appearance and suspension.

For more information on classic car insurance or to receive a free, no-obligation quote on your classic car insurance policy, contact one of the brokers or CSRs at DPM Insurance Group today. Click here to find the office most convenient for you: https://dpmins.com/locations/


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