It can be hard to find the right classic
car insurance for your vehicle unless you know what to look for.
And this is especially true if you are looking for classic car
insurance in Canada, where there is less choice than in the United
States. Keep in mind that you need to get insurance for the way
you use your car, or you could be paying overly high premiums for
coverage you'll never use. If you only drive the car to and from
antique shows and special events, your policy should reflect this
fact. You can get insurance policies tailored to your way of driving
and treating your classic car that will save you time and money.
Specialty insurance companies also know how to deal with classic
cars in ways that standard ones don't.
Ask your insurance agent about the difference between stated value
and agreed value for your car. The best method for determining
the payment that would be made on a claim for you car is usually
agreed value. This reflects the increase in value that comes with
a real classic. Most cars depreciate over time, but that isn't
the case with your vehicle. You shouldn't settle for a low payout
when you've put so much time and work into a car. Agreed value
lets you and the agent set a price on your car that's not the same
as book or market value, and gives you the right flexibility for
your auto insurance policy.
You can find classic car insurance in the phone book, or by looking
online. Be sure to visit a number of insurers, as each has different
stipulations and ways of handling classic car policies. The definition
of a classic will vary, depending on the insurer. Some set the
date at 15 years, some at 25, and some at 30. Other companies will
let you insure any classic or exotic vehicle, regardless of price,
as long as it is collectible. Some insurers will also require you
to stick to a specific low mileage, or will only insure certain
makes of vehicle. The variety of classic car insurers guarantees
that there will be one that fits your driving style. Some classic
car insurers even offer tailor-made custom policies that fit your
exact driving needs. Insurance rates can be low if you include
only the coverage that you specifically need on your classic car.
As with normal automobile insurance, you'll have to be familiar
with the laws of your province before you get insured. This lets
you pick out the right coverage. You can get a quote via phone
or online, or by talking to your local agent. It you already carry
insurance on another car, you can ask the agent for that car what
it would cost to get a custom policy for your classic vehicle as
well. Finding the right policy to cover your classic car can save
you a lot of trouble and headaches. Your car is probably worth
more than many other cars on the road, and it's your responsibility
to keep it covered the way it deserves. Protect your classic car
with specialty auto insurance.