Owning a classic car can be an absolute joy. The history, the unique aesthetics, the raw power. What they also are, however, is delicate, expensive to run and maintain, and drawing a lot of attention. Because of this, you want to ensure you have a reliable and robust insurance policy for your classic car.
Your classic car insurance policy will generally cover theft, damage, and accidents, with the option of some additional cover, like medical bills.
Choosing the right insurance can be a bit daunting, but we’ve taken the hard work out of looking for you and put together your list of the 10 best classic car insurance companies in Canada.
Let’s dive in…
What is a classic car and classic car insurance?
First, let’s just quickly break down what a classic car is.
Simply put, a classic car is any vintage vehicle over 20 years old that has been restored or preserved to be kept as a collectible.
They tend to hold both sentimental and monetary values, which is why it is essential to have them fully insured, even if you don’t intend to drive them.
Most standard auto insurance will cover a classic car, but they tend to be far more expensive than classic car insurance companies as they are not in any way specialized for a particular use.
How does classic car insurance work in Canada?
There are a few requirements that you have to meet to qualify for classic car insurance, which include:
- You have to have been driving for at least 5-10 years
- Have no more than one at-fault car accident or violation in the last three years
- The car is protected and kept in a fully enclosed garage or storage facility
- The car is not used for daily activity, only for special events or occasions
- The car is not used for racing
- At least 50% of the parts are original
The usage is particularly important to note there. Classic car insurance will only cover occasional use, special events, and car shows. It does not cover daily use. This is why the premiums are so much cheaper than traditional insurance.
If you meet all of those criteria, then the insurance company will get an appraiser to evaluate your car. This valuation will be used when negotiating with the insurer on how much you want/expect to get back if the car is stolen or damaged beyond repair.
Once that has been agreed upon, you will get your quote, and away you go.
Cars that might not get classic car insurance
It’s also useful to note what vehicles are unlikely to get approval for classic car insurance. They are:
- Vehicles used for commercial purposes
- Motorbikes or scooters
- Dune Buggies
- Lowriders (cars with a large number of customizations)
- Off-road vehicles
What type of cover can you get?
There is a fairly broad range of cover and services you can get included in your insurance package, and it’s worth taking the time to look through them all to see if any suits your particular needs.
In general, however, the most common types of cover you will be looking for are:
Comprehensive Cover – This usually covers accidents, collisions, vandalism, theft, animal collision, flood, and fire.
Liability insurance – this covers you if you end up accidentally running into someone while out driving. It will cover medical and legal costs.
Uninsured motorist – this also covers medical bills, but specifically for people that crash into you that don’t have any insurance coverage.
Auto parts coverage – this is an important one for classic cars, and as the name suggests, it covers parts for your car if they are damaged.
Our Top 10 classic car insurance
Now, let’s dive into our 10 best classic car insurance companies:
Hagerty also has a long history of specializing in classic car insurance, starting in 1984. You know that they love their classic cars, too, as the owners tend to re-invest their money back into the classic car community
Their rates are very competitive and have some great perks, especially if you want to renovate your classic car.
They have a dedicated team to help your source parts for renovations and offer insurance early on for additional peace of mind.
They cover many classic and antique cars and specialized vehicles like motorsport and military.
Aviva is one of the largest insurers in the world and offers some impressive optional policy addons for your classic car’s cover that set it apart from the others.
Most notably, their Cherished Salvage addon guarantees the value of your vehicle and gives you the option to retain the salvage of your vehicle with zero deduction after a total loss, which is brilliant.
Their coverage also covers use in both Canada and the U.S., so if you have any car events across the border, you know you are safe and covered.
Vintage pride themselves on being classic car enthusiasts, too, and offer customizable coverage so you can make sure you are getting exactly what you want.
They require all the customary exclusions of uses, including racing, off-road, and regular transportation. You also need to have a valid “G” license.
Their rates are very reasonable, however, and their coverage includes spare parts cover, $2 million liability, and collision and comprehensive, to name a few.
Chubb is one of the oldest insurers and has insured many of the world’s most unique vehicles.
Their list of perks is impressive, including no distance limits on hobby use, and you don’t need to call them every time you attend a rally or tour.
If you are in an accident, they will pay to come and get you and the vehicle and take you to a repair shop of your choice too, which we like a lot.
If you have other policies with Chubb, then they can also combine all of your policies into one bill to keep things simple for you, which is a nice touch.
McDougall Insurance has been a licensed broker since 1946, so you know they have the experience and longevity backing them up.
They cover Ontario specifically, and if you live in that area, they are a great choice for your classic car cover.
Their premiums are based primarily on the value of your car, and they support a range of uses and will also base their quote on what you intend to do with the car.
Insurance Hero is another Ontario-based classic car insurance specialist. Their contact team, or “heroes” as they refer to them, are on hand to help you determine exactly what kind of policy you want for your needs.
They have some great insurance features, including cover while under restoration.
All State runs their classic car insurance through Hagerty, but they offer some of their own little perks too, which are worth noting.
They offer flexible usage on your classic car, meaning you have fewer limits on how you use your car or how many kilometers you can travel, which is great.
They let you use the repair shop of your choice rather than dictate which ones they approve, which is great as it means you know you can get your car fixed by someone you trust.
Billyard Insurance Group is an insurance broker specializing in finding the best price for your classic car insurance.
Having a number of underwriters they work with means they can put together just the right cover for you based on your needs.
Their policies cover the full value of your car in the event of a total loss. They also offer comprehensive 24/7 roadside assistance and understand the need for specialized requirements for flatbed towing.
If you already have a CAA auto insurance policy and are looking to add classic car cover, then CAA is an excellent option for your classic car insurance and has some great rates on offer too.
While the need to have preexisting cover with CAA might be seen as a drawback, CAA is a popular insurer and offers some great rates, particularly when you keep your insurance in-house.
Their cover guarantees the full value payout in the event of a loss and allows up to 5000 km per year in travel.
Wayfarer’s classic car coverage is everything you could possibly want or need, including guaranteed value, spare parts coverage (with a waived deductible for glass repairs), roadside service, and even evacuation expense which covers 50% of the costs to move your vehicle to protect from damage caused by an “emergency condition.”
Their 40 years of history in the business shows reassuring longevity and a dedication to delivering the best cover possible.
They cover a range of collectible vehicles, including modern and modified, as well as antique and classic cars.