Vintage Car Insurance

Vintage car insurance is a special type of car insurance applicable for car which are old and have been classified as vintage cars or classic cars. You are driving down the road in you spunky new car and then you lay your eyes on a vintage beauty coming from opposite direction. And you become stuck by the sheer beauty and elegance of the car. You won’t see the car being driven by a driver. Most probably, it would be driven by the proud owner.

These exotic cars have great historical value. These much older cars can be put into 3 categories based on the year of production:

The cars manufactured before 1903 are called Veteran cars

The cars built between 1903 and 1933 are called Vintage Cars

The cars built between 1933 and 1973 are called classic cars.

Actually all cars which are older than 35 years old can be termed as classic cars. While driving a vintage car has its own satisfaction and pride, it is important to keep it insured against all types of mis-happenings. Usually all car insurance companies provide vintage car insurance but it is always advisable to get the vintage car insurance from a reputed insurance company who specializes in insurance of these types of cars.

Vintage car may be different for you and for  Canada Insurance plan. Therefore it is very important that you come to an agreement with your insurance company about the agreed value of the car. The agreed car value is the value which you should receive in case of total loss or if the car is stolen and could not be recovered.

The  Canada Insurance plan will take into account various considerations before valuing the car and setting up the coverage amount and premium or your vintage car. A few such considerations are given below:

* The age and make of the car

* The way the car is kept and maintained. Since these are vintage cars, they are expected to be kept nicely in a garage instead of pavement or road.

* The driving history of owner

* The cost of repair and spare parts

* Type of insurance being applied by the owner

* Usually, the mileage of these cars is very low since these cars are not expected to be the primary mode of transportation. These cars are taken out only for an occasional spin or show off in exhibitions or clubs. Usually, the mileage of these cars would be limited by insurance companies between 1000 to 5000 miles per year.

1. Make Use of some Insurance Policy Restrictions

One important thing to consider is how your vintage car insurance policy covers you, and how it compares it your actual use of the vintage vehicle in question. The more you do with your ride, the more coverage you’re going to need. The inverse is true as well.

If the use is minimal, primarily to and from local community events and vintage car showcases, employ a policy that restricts to those particular uses. This will prove satisfactory for your limited usage and plenty more affordable.

On the other hand, if you are tad more willing to take the car out on the town, run errands, or even drive rather long distances, you’ll need to choose a policy that accommodates for this extensive use. Needless to say, a vintage car policy will not need to cover everyday use through all four seasons, but with more frequent use, a less restricted policy will definitely need to be selected. Consult an insurance agent for more information on specific policy restrictions.

2. Know the difference between a Stated and Agreed Value

One important thing to understand with high price vehicular insurance like a vintage car is the distinction between a value that is “Stated,” and one that is “Agreed.” Inquire from your agent how the insurance company you are using classifies these two terms, and which one remains better suited for your car and individual circumstances.

It’s much better to be safe than sorry, and know your value heading in—especially having assurance that value was properly calculated.

3. Rules that affect where you park and how you store

When looking through insurance policies, keep an eye out for restrictions on where you store your car and its parking location. Some of these requirements may necessitate you keep your vintage vehicle incredibly secure, stored in a locked up garage or otherwise kept secure from outside threats. You may be forbidden, for instance, from leaving your car in the middle of a parking area as you leave it alone for extended periods of time.

4. Is your “Vintage” car a “Vintage Car”, and is it even eligible for vintage car insurance?

While your cool, old vehicle may strike you as hip and “vintage,” whether or not it officially qualifies as a vintage car may be another story. This is an area very important to check up on, and it can be researched rather easily. Simply consult the insurance agent and ask whether your model is defined officially as eligible for antique car insurance. Some require a car be older than 25 years old, or ask that a vehicle was produced between two years or specific dates. Most of the time, these numbers vary from company to company and many classic car insurance specialty companies offer their own definitions.

5. Discover your objectives

A helpful tip for ensuring the coverage you want and need is to head in with some objectives for a prospective policy. For instance, you may wish to keep your old mechanic if a repair is necessary. This is something to make sure is included within your policy parameters if you have a trusted professional you’d prefer to remain with. Like discussed during our “Stated Value” tip, do what you can to assure your vehicle is insured for what you truly feel the car is worth.

If you have further query please contact Canada Insurance Plan