Classic cars are often valuable and unique vehicles that require specialized insurance coverage. If you own a classic car in Canada, you’ll want to make sure that you have the right insurance coverage to protect your investment.

Most standard auto insurance policies are designed for everyday vehicles and may not provide adequate coverage for classic cars. Some insurance companies offer classic car insurance, which is designed specifically for these types of vehicles. Classic car insurance typically provides a higher level of coverage than a standard auto insurance policy and is designed to protect your classic car from damage, theft, and other risks.

Here are some key features of classic car insurance in Canada:

1. Agreed Value Coverage: This type of coverage provides a predetermined value for your classic car in the event of a total loss, so you know exactly how much you’ll receive if your car is damaged beyond repair or stolen.
2. Restoration Coverage: This type of coverage helps pay for the costs of restoring your classic car to its original condition in the event of a covered loss.
3. Spare Parts Coverage: This type of coverage provides protection for spare parts and other components that are necessary for the repair or restoration of your classic car.
4. Liability Coverage: This type of coverage protects you in the event that you are found to be at fault in an accident and provides compensation for damages and injuries suffered by others.
5. Classic Car Use Restrictions: Some classic car insurance policies may place restrictions on how you use your classic car, such as limiting the number of miles you can drive each year or requiring that the car be stored in a secure location.

It’s important to shop around and compare classic car insurance policies from different insurance companies to find the coverage that’s right for you. An insurance professional can help you understand the features and benefits of different policies and make an informed decision that meets your needs.

How old does a car have to be for classic insurance Ontario?

Types of Insurance Coverage For Classic Cars

If you own a classic car in Ontario, you may want to consider obtaining specialized insurance coverage to protect your investment. Here are some common types of insurance coverage for classic cars:

1. Agreed Value Coverage: This type of coverage provides a predetermined value for your classic car in the event of a total loss, such as theft or a covered accident. This type of coverage ensures that you will receive the full value of your classic car, regardless of its market value at the time of the loss.
2. Liability Coverage: This type of coverage protects you in the event that you are found to be at fault in an accident and provides compensation for damages and injuries suffered by others.
3. Collision Coverage: This type of coverage provides protection for your classic car in the event of a collision with another vehicle or object.
4. Comprehensive Coverage: This type of coverage provides protection for your classic car in the event of a non-collision loss, such as theft, fire, or weather damage.
5. Restoration Coverage: This type of coverage provides financial protection for the cost of restoring your classic car to its original condition after a covered loss.
6. Spare Parts Coverage: This type of coverage provides protection for spare parts and other components that are necessary for the repair or restoration of your classic car.
7. Limited Use Coverage: This type of coverage allows you to use your classic car for a limited number of miles or for specific events, such as car shows or parades.

How Much is Insurance For a Classic Car?

The cost of insurance for a classic car can vary greatly based on several factors, including the make and model of the car, its age and condition, the type of coverage you choose, and your driving history. Here are some factors that can impact the cost of insurance for a classic car:

1. Agreed Value: The agreed value of your classic car will be a major factor in determining the cost of your insurance. A higher agreed value will result in a higher premium, as the insurance company will need to provide more coverage in the event of a total loss.
2. Type of Coverage: The type of coverage you choose, such as liability, collision, comprehensive, or restoration coverage, will also impact the cost of your insurance.
3. Driving History: Your driving history, including any accidents or traffic violations, will also impact the cost of your insurance.
4. Use of the Car: The way you use your classic car, such as how many miles you drive each year and whether you use it for pleasure or commercial purposes, will also impact the cost of your insurance.
5. Location: The location where you keep your classic car, such as a garage or storage facility, will also impact the cost of your insurance.

Here is an example of the average cost of car insurance for classic cars in Canada per year and per month, organized by province and major cities, along with example driver profiles and different cars:

Ontario:

• Toronto: $1,400 per year, $117 per month
• Ottawa: $1,200 per year, $100 per month
• London: $1,100 per year, $92 per month
• Windsor: $1,000 per year, $83 per month
• Hamilton: $1,300 per year, $108 per month

Example driver profile:

• Male, age 55, married
• Owns a 1969 Ford Mustang
• No accidents or violations in the past 5 years
• Drives less than 5,000 km per year
• Keeps the car stored in a garage when not in use

Alberta:

• Calgary: $1,000 per year, $83 per month
• Edmonton: $900 per year, $75 per month
• Red Deer: $800 per year, $67 per month
• Lethbridge: $700 per year, $58 per month
• Medicine Hat: $600 per year, $50 per month

Example driver profile:

• Female, age 45, married
• Owns a 1965 Chevrolet Impala
• No accidents or violations in the past 5 years
• Drives less than 3,000 km per year
• Keeps the car stored in a garage when not in use

Quebec:

• Montreal: $1,100 per year, $92 per month
• Quebec City: $900 per year, $75 per month
• Sherbrooke: $800 per year, $67 per month
• Trois-Rivieres: $700 per year, $58 per month
• Saguenay: $600 per year, $50 per month

Example driver profile:

• Male, age 60, married
• Owns a 1967 Volkswagen Beetle
• No accidents or violations in the past 10 years
• Drives less than 2,000 km per year
• Keeps the car stored in a garage when not in use

Nova Scotia:

• Halifax: $1,200 per year, $100 per month
• Dartmouth: $1,100 per year, $92 per month
• Sydney: $1,000 per year, $83 per month
• Truro: $900 per year, $75 per month
• New Glasgow: $800 per year, $67 per month

Example driver profile:

• Female, age 50, married
• Owns a 1972 MG MGB
• No accidents or violations in the past 5 years
• Drives less than 4,000 km per year
• Keeps the car stored in a garage when not in use

It’s important to note that the cost of car insurance for classic cars may vary based on a number of factors, including the make and model of the car, the age and driving history of the driver, and the specific insurance company and policy. These examples are intended to provide a general idea of the average cost of car insurance for classic cars in Canada.

List of classic car auto insurance companies

Here is a list of some classic car insurance companies in Canada that offer coverage for classic and vintage vehicles:

1. Hagerty
2. Aviva Canada
3. RSA Insurance
4. Pembridge Insurance
5. Intact Insurance
6. Chubb Insurance
7. Economical Insurance
8. Gore Mutual Insurance
9. Lant Insurance
10. HUB International

It is important to note that this is not an exhaustive list, and there may be other insurance companies in Canada that offer coverage for classic cars. It is recommended to research and compare different insurance companies and policies to find the best coverage for your specific needs.

Most Common Classic Cars 

Here is a list of some of the most common classic cars:

1. Chevrolet Corvette
2. Ford Mustang
3. Porsche 911
4. Chevrolet Camaro
5. Dodge Challenger
6. Cadillac Eldorado
7. Chevrolet Bel Air
8. Buick Roadmaster
9. Mercedes-Benz SL-Class
10. Jaguar E-Type
11. Ford Thunderbird
12. Plymouth Barracuda
13. BMW 2002
14. Volkswagen Beetle
15. Austin-Healey Sprite

This list is by no means exhaustive, and there are many other classic cars that are popular among collectors and enthusiasts. The definition of a classic car can vary, but generally it is considered a car that is at least 20 years old or older and has historic or cultural significance.

Auto Insurance for Classic Cars FAQs

1. What is considered a classic car for insurance purposes? For insurance purposes, a classic car is typically defined as a vehicle that is at least 20 years old and is considered to have historical or collector value. However, the exact definition may vary depending on the insurance company and the specific policy.
2. Do I need special insurance for a classic car? Yes, you will typically need special insurance for a classic car. Standard auto insurance policies may not provide sufficient coverage for the unique needs of a classic car, such as agreed value coverage, which pays out the full value of the car in the event of a total loss.
3. How is the value of a classic car determined for insurance purposes? The value of a classic car for insurance purposes may be determined in several ways, such as by using market value, agreed value, or actual cash value. Market value is the estimated value of the car based on similar sales in the market. Agreed value is a set value that is agreed upon by the insurance company and the policyholder. Actual cash value is the estimated value of the car at the time of the loss, taking into account depreciation.
4. Can I use my classic car for regular driving or commuting? In most cases, classic car insurance policies have restrictions on how the car can be used, such as limitations on the number of miles driven each year and restrictions on using the car for regular driving or commuting. However, the specific restrictions may vary depending on the insurance company and the policy.
5. Can I insure my classic car under my regular auto insurance policy? It is possible to insure a classic car under a regular auto insurance policy, but it may not provide sufficient coverage for the unique needs of a classic car. It is recommended to obtain a specialized classic car insurance policy that is tailored to the specific needs of a classic car.
6. How can I find the best insurance policy for my classic car? To find the best insurance policy for your classic car, it is important to shop around and compare policies from different insurance companies. Look for policies that provide coverage for the unique needs of a classic car, such as agreed value coverage, and make sure to read the policy carefully to understand the restrictions and limitations.
7. Can I get insurance for a classic car that is under restoration? Yes, you can typically obtain insurance for a classic car that is under restoration. However, the specific coverage and restrictions may vary depending on the insurance company and the policy.
8. Do I need to provide proof of storage for my classic car to obtain insurance? Many classic car insurance policies require proof of storage, such as a locked garage or storage facility, to ensure that the car is protected when it is not in use. However, the specific requirements may vary depending on the insurance company and the policy.
9. Can I get insurance for a classic car that I use for racing or other events? It may be possible to obtain insurance for a classic car that is used for racing or other events, but it may require a specialized policy that is tailored to the specific needs of the car and the event. It is recommended to speak with an insurance agent who specializes in classic car insurance to determine the best policy for your needs.
10. Are there any age restrictions for obtaining classic car insurance? There may be age restrictions for obtaining classic car insurance, as many insurance companies require policyholders to be at least 25 years old or have a certain number of years of driving experience. However, the specific requirements may vary depending on the insurance company and the policy.
11. Can I add additional drivers to my classic car insurance policy? In most cases, additional drivers can be added to a classic car insurance policy. However, the cost of the policy may increase based on the age and driving history of the additional drivers.
12. Is classic car insurance more expensive than regular auto insurance? Classic car insurance may be more expensive than regular auto insurance due to the unique needs and risks associated with classic cars. However, the cost of the policy will depend on several factors, such as the make and model of the car, the age and driving history of the driver, and the specific insurance company and policy.
13. Can I still obtain insurance for a classic car that is not in running condition? It may be possible to obtain insurance for a classic car that is not in running condition, but the specific coverage and restrictions may vary depending on the insurance company and the policy.
14. Do I need to have a regular auto insurance policy in addition to my classic car insurance policy? If you plan to drive your classic car on public roads, you will typically need to have a regular auto insurance policy in addition to your classic car insurance policy. This policy will provide liability coverage for any damage or injuries you may cause to others while driving the car.
15. Can I use my classic car for commercial purposes, such as weddings or special events? In most cases, classic car insurance policies have restrictions on how the car can be used, including limitations on using the car for commercial purposes. However, the specific restrictions may vary depending on the insurance company and the policy. It is important to check with your insurance company before using your classic car for any commercial purposes.
16. Can I get insurance for a classic car that I am leasing or financing? It may be possible to obtain insurance for a classic car that you are leasing or financing, but the specific coverage and restrictions may vary depending on the insurance company and the policy. It is important to speak with your insurance agent and the leasing or financing company to determine the best course of action.
17. Can I modify my classic car and still maintain my insurance coverage? Many classic car insurance policies have restrictions on modifications, as they may impact the value or safety of the car. However, it may be possible to obtain coverage for modifications by adding an endorsement or rider to the policy.
18. Are there any discounts available for classic car insurance? Many insurance companies offer discounts for classic car insurance, such as discounts for multiple vehicles or safe driving discounts. It is important to check with your insurance company to determine what discounts are available.
19. How often should I review and update my classic car insurance policy? It is recommended to review and update your classic car insurance policy on an annual basis, or any time there are significant changes to the car, such as modifications or restoration work. This will ensure that you have the proper coverage to protect your investment.
20. What should I do if I am in an accident with my classic car? If you are in an accident with your classic car, it is important to take the same steps as you would with any other car accident, such as exchanging information with the other driver and documenting the scene. It is also important to contact your insurance company as soon as possible to report the accident and begin the claims process.