Ontario classic car insurance

Classic car insurance in Ontario starts as low as $300 a year. On average, most policies tend to cost $600 – $800 annually but the price can be higher depending on the vehicle. Your premium will depend on a number of factors that are unique to you and the value of the classic car you want to insure.

Classic car insurance only provides coverage for pleasure or leisure use of the vehicle. Insurance companies providing classic car coverage require proof that you own and have insured another vehicle that you use as a daily driver. If you want to use your vintage ride as a daily driver, you’ll need regular or standard auto insurance.

This varies between classic car insurers, but generally speaking vehicles need to be at least 20 years old to qualify for classic car insurance. Some insurance companies will cover vehicles that are newer than that if they are considered highly collectible or have limited-edition status. An insurance broker can help determine which types of insurance your prized vintage automobile is eligible for.

To qualify for classic car coverage, your vintage beauty needs to meet a few requirements. Some insurers may have slightly different rules, but generally:

• Age – We can insure vehicles that are newer that 20 years old so long as they are collectible in some way. This usually means limited production models or cars that the insurers just seem to deem collectible. Examples would commonly include things like Porsches, Corvettes and even small convertibles like Audi TTs and Mazda MX5s. They are even now getting into pickup trucks. Other insurers define classics as 1948 models and earlier, and vehicles older than that may be called vintage or antique.
• Usage – In Ontario, your classic vehicle should be for limited pleasure use in the summer and not driven in the winter. It shouldn’t be the car you drive every day to get to work and run errands. Some insurers have annual kilometre limits.
• Storage – Insurers expect that your collector car will be put away and kept indoors for the winter. This helps reduce the risk of damage and maintains the value of the vehicle.

Unlike standard auto insurance, which is based on the declining value of a car, coverage for a collectible car needs to consider the possible appreciation in its value as well as replacement value.

Classic car insurance is also intended for limited pleasure or leisure use. This vehicle is not the car you drive every day. Some insurers only allow a limit of 5,000 kilometres of driving each year.

In most cases, appraisals are not required. That being said, because of the time and money you’ve invested in your prized ride, it may be worthwhile to still get an expert appraisal done to assess its value. You may be able to use this to protect your car based on Agreed Value Coverage, providing extra peace of mind in the amount it’s insured for.