Classic car insurance in Ontario

Before calling your insurance company or broker, you’re required to get a recent evaluation of your car to determine its monetary value.

This way, if your car is lost or stolen there will be no debate as to what amount should be paid out to you, the customer. 

Most insurance companies won’t be able to provide you with classic car insurance without a recent (3-4 year) automobile evaluation. 

If you’ve already had an evaluation, and you’re ready for a quote, give us a call. 

We’ll set you up with the best classic car insurance for you. 

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Classic car insurance is specialized coverage for collectible vehicles that are for pleasure use only. 

In other words, you can use your classic car for hobbies and joy rides. 

So remember: If you plan on insuring your car under a classic car insurance policy, you can’t use it for day-to-day activities, like running errands, or driving to work or school. 

With that covered, here is a list of things that you can use you classic car for if it’s insured under this kind of policy:

• Exhibitions, parades, etc.
• Bringing your car in for maintenance/repairs
• Pleasure driving 
• Etc. 

Still have questions?

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In Ontario, your car has to be a minimum of 25 years old to be considered a classic car. 

There are a few exceptions: for example, if the model of your car is considered collectible, but it doesn’t quite meet the 25 year mark, you could still qualify for classic car insurance. 

But in general, the current cut off year for classic car insurance is 1997.

The best way to know whether your car (or the one you have your eye on) is considered classic, is to chat with your insurance broker. 

They’ll ask you questions about the specs of your car, and how you intend to use it.

Ready for a quote?

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You can get classic car insurance the same way you would regular car insurance – by giving your broker a call. 

BUT, there are some differences when it comes to qualifying for classic car insurance. 

For example, here are a few general requirements for your car to be considered classic:

• The car is over 25 years old (with some exceptions)
• You drive the car sparingly (for pleasure, not day-to-day use)
• You have another vehicle for regular use 
• Proof of a good driving and insurance claims history 
• You can arrange secure storage
• You have a recent evaluation of the car’s value

Checked all the boxes? Great. 

Just remember that the criteria for insuring a classic car can change from company to company.

It’s best to speak with your insurance provider directly to make sure that you qualify. 

Need insurance for a classic car? 

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Classic car insurance is already significantly less expensive than regular car insurance (on average). 

But, if you can, why not save a few more bucks?

Here are six key tips for saving some cash on classic car insurance:

1. Keep your mileage low
2. Store your car securely
3. Update your vehicle with security features 
4. Only pay for what you need
5. Get a higher deductible
6. Shop around & compare rates 

Need classic car insurance?

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Good question. What do insurance companies consider a classic car?

In Ontario, classic cars generally have to be unmodified and a minimum of 25 years old. 

But if it’s a collector car model, there can be some wiggle room as far as how old the vehicle has to be. 

And you’ve probably heard the cliché of a car losing its value as soon as you drive it off the lot. 

Not so with classic cars.

In fact, a classic car’s value tends to appreciate over time. 

It varies on a case by case basis, so if you’re not sure whether your car qualifies, speak with your insurance broker. 

Need a classic car insurance quote?

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One of the perks of classic car insurance is that it’s cheap. 

Case in point: Classic car insurance rates can cost 40% less than regular car insurance. 

To put this into perspective, in Ontario, the average cost of car insurance is around $1500 a year. 

At 40% less, you’re looking at $900 a year, or $75 a month for your average classic car insurance costs in Ontario. 

But as always, your car insurance rate is determined by a few different factors. 

That said, the best way to know what your rate will be is to get a classic car insurance quote. 

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The best classic car insurance company is typically the one that gets you the best coverage for the best rate. 

But not all insurance companies offer classic car insurance. 

For example, KBD deals almost exclusively with Intact insurance to offer classic car insurance.  

So you can give us a call, and we’ll set up the right policy for you. 

Or if you want to shop the market yourself, you can contact classic car insurance companies directly. 

Just make sure you compare both the price and coverage when shopping around.  

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Classic car insurance is tailored specifically to collectible and vintage vehicles. 

The policies are significantly cheaper than regular car insurance because it’s expected that you’ll be driving your classic car much less.

Here are the main areas where classic car insurance differs from regular car insurance:

• Vehicle use: The low classic car insurance rate is thanks to the fact that you won’t be on the road as much as you would with a regular car. For example, to qualify for classic car insurance, you can only use the vehicle for pleasure: think cruising around on the weekend, or taking part in your city’s car shows. 
• Maximum payout value: Classic cars tend to go up in value – that’s part of the reason they’re collectibles. Because of this, a set rate for the total value of your classic car is determined at the beginning of the policy, not after an accident. A value is determined by having an up-to-date professional evaluation.

If you want to know the ins and outs of your Ontario classic car insurance policy, we’re happy to help answer any questions about insuring a classic car.  

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Ontario residents can apply for their full licence at 16 years old. 

In order to purchase classic car insurance, most insurers require you to have held your full licence for 10 years continuously. 

So because of this, you’ll generally need to be at least 26 years old in order for a classic car insurance company to take you on your board. 

Requirements for classic car insurance drivers include:

• Must have 10 years of continuous driving experience with your full licence 
• Clear driving history with zero at-fault accidents
• Must have a second car insured for daily use 

Need classic car insurance?

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