Classic Car Insurance Information

Finally you have gotten the car of your dreams. The first car your grandfather ever owned. Its a beauty, and it is also a classic car! Of course, you do not want to take any chances while sporting your precious gem around, and car insurance is on the top of the list of things to do before you go out and about. In addition, Canadian law requires that any car on the road be insured.

The purpose of car insurance, no matter what type of vehicle is being insured, is to provide protection in the event of an accident. A single accident can cost thousands of dollars in medical bills, property damage, and car repairs, and having a good car insurance policy offers assistance with those costs. Even if you obey all rules of the road, life happens. It is estimated that every person will be involved in at least two auto accidents during their lifetime.

Protect your Investment

Getting classic or antique car insurance can protect the investment that you have worked so hard to get. While there are several different types of policies, Canadian laws require that minimum amounts of specific policies be carried on your car. Liability insurance is required to be carried on any car that is over 25-years old. This liability coverage will protect you against third party damages to the vehicle. The minimum amounts vary by the province you live in. For example, residents of Quebec must carry a minimum policy of only $50,000. Elsewhere in Canada, you must be covered for a policy of $200,000. Keep in mind that these amounts are only the minimum, and you can always choose to add extra coverage if you wish.

Additional Policies for your Classic Car

The types of additional policies may include collision, comprehensive, uninsured/under insured motorist, and accident benefits. In order to insure this type of vehicle, one must have a driving record for the previous 10 years. It may also be required that a vehicle driven for daily use also be insured – these restrictions will vary by insurance company and policy.

The rates that you will pay for your classic car coverage vary by individual. Factors such as age, kilometres the car is driven, credit rating, amount of coverage you elect to have, and driving history will all be taken into consideration when determining your car insurance premiums. Comparing rates for classic car coverage is one of the smartest decisions you will ever make. Comparing rates can mean savings of as much as $500 or more per year.

When you have a classic car that needs to be insured, do not take any chances with such a valuable investment. It is required by law, and only makes sense to purchase a good policy for your treasured automobile.