Those that are owners of vintage cars are no strangers to potential expenses. Many of these types of car enthusiasts will put a great deal of money into the restoration of them. Once they have done this, they want to be sure this vehicle is fully protected. With vintage car vehicle insurance.
Is There Special Vintage Car Insurance?
Everyone in Canada who is going to drive a vehicle has to have basic car insurance. Then there are many who buy extra insurance coverage. Insurance companies have a mandate that they follow. For determining how much vehicle insurance is going to cost. For each they insure. This is by the use of different statistics and metrics. All which gets used to inform the insurance company of how much risk they are taking. With the insurance applicant.
What Risks Do the Insurance Companies Face With This Type of Insurance?
One of the metrics they use is what type of car the individual is going to be driving. As most will agree a vintage car is in a category of its own. The cost of replacement of any vehicle is important to most insurance companies. Their big question with the vintage car is how much it is going to cost them. To either repair this car or pay out its value in the case of an accident.
The next thing that is going to be of concern is how the car will get used. You can be sure that the Insurance companies are not going to want to get exposed to risks on a daily basis. With the use of this vehicle. Meaning that they are not going to insure it for the driver to be driving back and forth to work every day. Or for regular long trips.
In most cases, the vintage car owner does not intend this type of use for the vehicle. For them, this type of car ownership is on a hobby basis. Most like to attend vintage car shows and belong to vintage car memberships. This means the vintage car owner needs to drive the car to the various locations. For shows that apply to this. This is what the insurance companies are interested in. They will want to know how frequent the shows are, and most likely the distance the vehicle will get driven.
Is There Special Criteria That Has to Be Met for Vintage Car Insurance?
The Driver Metrics
Another risk that insurance company faces is the risk with the drivers. With this type of car, they are not going to be comfortable insuring every driver. Most insurance companies have some sort of criteria set in place for the vintage car drivers. This will vary according to the provinces. In Ontario, the general rule is that the driver of the vintage car must have no less than ten years of experience. Driving within Ontario. Added to this must be a clean driving record. They will allow for two minor convictions. On is the driving history there cannot be any at fault accidents listed. The insurance companies will also want the driver to be an insured driver. Of the other passenger vehicle. They will have to be a daily driver plus it will have to be under a separate policy.
Insurance companies may get concerned about where the vintage car gets stored. Even though they are being limited in their use. They still need protection when they are being stored. Every insurance company will have its own rules about this. They may demand that the car gets stored in a locked garage, for example. This is to protect it from theft and damage as a result of acts of nature. It could even go a step further with restrictions. The insurance company could insist that a majority of the parts on the vintage car are original. There are a lot of differences among insurance companies. It means one needs to understand what coverage they are going to get the vintage car premiums.
What Cars Meet the Criteria of Vintage Car Status?
To some, they may just assume that their car is a vintage car because it’s old. There are certain criteria that a car has to meet to get classified as a classic. Some wonder if there is a difference between classic, antique and vintage cars. This is going to be up to the specific insurance company that one is dealing with. In general, it can be assumed that all these cars will get classed with the same criteria. It may be that each insurance company that specializes in vintage car insurance will have their criteria. As what they class as a vintage. In general, the accepted range for a vintage car is between 15 to 25 years old. There are some that believe this is only applicable to cars before 1950.
Do All Insurance Companies Offer This Type of Coverage?
Every insurance company has the option to offer what insurance products they want. Some only offer a limited type of vehicle insurance. There are other companies that specialize heavily in vehicle insurance. Some of these will offer vintage insurance coverage. So it is worth shopping around for if an individual wants to ensure this type of vehicle. One may think that this type of insurance is going to be extremely expensive. What many find is that it is quite affordable. This is because there are a lot of restrictions put on this type of vehicle. With the primary one being that it cannot be used for daily use.
Shopping for Vintage Car Insurance
Vintage car insurance is specialty insurance. One can get quotes and narrow down their choices. By indicating right from the start that they are looking for insurance for vintage car coverage. This way the quotes that get provided will be from those that offer this type of insurance. From this point then the comparisons can get done as necessary to make the right decision.