5 Questions to Ask When Buying Classic Car Insurance
So, you have just bought your classic car. You’re ready to hit the road and drive to your next adventure. However, there’s still one question on your mind: What kind of insurance do I need?
Getting classic car insurance in Ontario can be a daunting task. At Ron Johnston Insurance, we know that your classic vehicle is unique, so its insurance coverage should be too.
We’re not just your average insurance broker. We’re passionate about ensuring that you sign up for an insurance policy that fits your car and driving needs.
For this reason, we have compiled a detailed list of five questions to ask when buying classic car insurance. These questions will help you find the right coverage at a price that won’t break the bank, whether for simple maintenance or more serious repairs while ensuring that your classic car gets the care it deserves.
What is classic car insurance?
Classic car insurance is an insurance policy that provides coverage for classic cars, defined as any car typically 10-25 years old or older. Classic cars are often referred to as collector’s items, and their value is usually determined by the age of the vehicle, its condition, and its rarity.
Classic car insurance safeguards your prized automobile through liability, comprehensive, collision, and other specialty coverages. However, there are many factors to consider when getting classic car insurance, and it is usually hard to know where to begin.
Consequently, the following questions will help you make good decisions when buying classic car insurance.
1. What kind of coverage does my classic car insurance policy offer?
The most common coverage for classic car owners is collision and comprehensive insurance. Collision coverage pays for repairs to damaged parts of your vehicle, such as your bumper and windshield.
Comprehensive coverage pays for any damages not covered by collision coverage, such as vandalism or theft.
Your classic car insurance policy may also include other types of coverage, such as uninsured motorist/driver protection. In addition to covering damage from an accident with an uninsured driver, uninsured motorist coverage will also pay for medical bills and other costs related to injuries sustained in a car accident.
If your car was damaged in an accident with another driver at fault and no one else was injured, this coverage can help ensure you are not left without any income or savings because of something out of your control.
If you want additional coverage beyond what is available through your regular auto policy, you should consider purchasing additional coverage like rental reimbursement or medical payments.
2. Will my classic car be covered while it is in storage?
You have just gotten a classic car that you love and do not want to lose it. Your best bet may be to employ a policy that covers your car while in storage to insure it from theft or natural hazards.
Typically, these policies are less expensive than collision or comprehensive coverage. You cannot, however, drive your classic car.
We recommend keeping your classic vehicle in a garage or any other secure location where you can prevent it from getting damaged. If this is not possible, make sure that you keep any valuables out of the sight of prying eyes and thieves.
If you are storing your vehicle for longer than six months, we also recommend that you have an annual inspection carried out by a reputable garage that can advise on any required repairs.
3. Will there be a mileage limit on my classic car?
Regarding classic cars and their coverage, the question of mileage limits is often unknown and misunderstood. Whether a classic car coverage has a mileage limit solely depends on your insurance company.
Some insurers allow for unlimited mileage, while others may indicate the miles you can drive annually because classic cars are less reliable than new ones. They are older and have driven more miles than newer cars, so they are more likely to break down or become damaged when mishandled.
You will need to check with your insurance company to know the mileage limits on classic cars. You may get a lower premium if you drive less than your limit each month, or you could be charged an additional amount if you drive above the limit.
4. What is the time duration for a repair following an accident?
If your classic car has been towed after an accident, it is important to know how quickly it will go for repairs. However, two major factors will determine the timeline for your vehicle’s repair: the type of damage and how badly damaged it is.
To have an idea about how long it will take to repair your car after an accident, you need to know these two factors to make an informed decision about what kind of policy you want.
The timeline in the insurance policy may not be optimal for you. If that is the case, find another insurer with a shorter period. Asking your prospective insurance broker this question is the only way to get clarity, especially if it needs to be specified in the inquiry form.
5. Will classic car insurance provide coverage while my car is being restored?
When your classic car is being restored, it is important to know about insurance coverage. The best part is that you can still get insurance for your classic car while it is being restored, but only if you have the proper policy.
Some classic car insurance policies offer limited coverage for vehicles undergoing restoration. You may want to make sure you choose a policy that will cover the entire process if your car is being restored.
The key to finding the right classic car insurance is knowing what you are looking for and having a clear understanding of your needs.
Therefore, when purchasing an insurance policy for your vintage vehicle, you can make an informed decision by asking the above five questions.
Additionally, classic car insurance is a safety net that protects you and your vehicle and covers any losses. At Ron Johnston Insurance, we guarantee the best protection for your properties and the safety your classic car needs.