When a classic collector car rolls past you can’t help but turn and admire it as it goes by. There’s something truly unique and wonderful about the mix of designs, history, and the sound that those old cars make. It’s no wonder that collectable cars are so sought after in Canada.
Protecting those pieces of history is also incredibly important and making sure you have the best possible insurance cover for your collector car is a top priority.
There are plenty of options out there and sometimes it can feel a bit daunting trying to decide where to start your search and who to go with.
The good news is we have done the hard part for you and have collected our 10 favorite collector car insurance companies in Canada in one place for you.
Let’s dive in…
What is a collector car?
First, however, let’s quickly define what a collector car is.
The VCCC (Vintage Car Club of Canada) recognises vehicles that are 25 years or older that have some history as classic cars. While classic cars for many are the primary form of collector’s vehicle they are, however, are only one type of collectable car.
A collectable car could also be an exotic car, a luxury car, or a specialty vehicle like an ex-military.
Your collectable cars not only take age into consideration but also how limited they are, whether they have any significance to an event or time.
How does collector car insurance work?
Collector car insurance is often cheaper than your traditional auto insurance because it takes usage into considerations.
In general, collector cars are not (and should not) be used for everyday commuting, and rather are reserved for the occasional excursion, or the participation of specific classic and collectable car events.
For this reason, your insurer will offer reduced premiums because it is on the road far less.
The process of organising insurance for your collectable car is fairly straightforward.
First, have a look at the eligibility criteria. These will usually be both for you as the owner-driver (you must have been driving for at least 5 years for example) as well as the classification of the vehicle.
Assuming that you meet their eligibility criteria then the car will be independently valued by the insurer. This independent valuation or “fair valuation” is what will be used for the two of you to negotiate the payout price if for any reason your cast is lost or damaged beyond repair.
And that’s about it. Most collector car insurers have been specializing in their field for a long time and are well experienced at making the process as easy as possible for you.
Our top 10 collector car insurance companies
So, without any further ado, let’s have a look at the 10 best collector car insurance companies
Hagerty rounds out what some would call the trio of top collectable car insurers. They started in 1984 and have been a staple in the market ever since.
They have a very loyal customer base, and no wonder given they prove their love and dedication to classic and collectable cars each year when they reinvest their profits into the classic car community.
They have some of the most competitive rates and go above and beyond to give you the support you need.
They are an especially good choice if you are renovating a collectable car as they have a team dedicated to helping you source parts for the car.
They cover a wide range of classic and antique cars as well as specialised vehicles like motorsport and military.
- Vintage Auto Insurance
Vintage is another insurer that leans on its own love of classic and collectable cars. They also pride themselves on their customizable plans so that you can be sure you will find the right deal for you and your needs.
They require you to have a valid “G” licence and have a number of excluded activities for the vehicle like racing and off-road use. These are fairly standard, however.
The cover is comprehensive and very reasonably priced too.
Chubb is one of the oldest insurers and boasts about its history of having insured many of the world’s most unique vehicles.
Their no distance limits on hobby use is particularly enticing and the fact that you don’t need to call them every time you attend a rally or tour is a real bonus.
Their cover also stretches to coming to get you and your vehicle and take you to a repair shop of your choice too, should you ever get into an accident, which is great.
Chubb is also great for combining all your insurance policies together into one bill if you happen to have other policies with them.
- McDougall Insurance
McDougall Insurance is another insurer with a long history having been founded in 1946. Experience and longevity are always reassuring to see in an insurer, especially for collectable cars.
They are only based in Ontario, however, but if that’s where you live then they are a great choice for your collectable car cover.
Their premiums are based primarily on the value of your car it should be noted.
- Insurance Hero
Another Ontario based insurer, Insurance Hero have a strong focus on customer service and making sure you get exactly the right policy for you.
They are a great choice of insurers with some brilliant features, including cover for cars still being restored.
- All State
All State run their collectable car insurance through Hagerty but have some of their own little additional perks on offer too.
They offer flexible usage on your collectable car, meaning you can have fewer limits on how you use your car, or how far you can travel, which is great.
They also let you use your favorite repair shop rather than dictate one that they have pre-approved.
Aviva Canada is a branch of the UK owned insurance giant Aviva, and have been in the game for a long time. They offer some of the most comprehensive coverage options and addons on the market that go above and beyond when it comes to insuring your collector car.
In particular, we are big fans of their Cherished Salvage addon which guarantees the value and gives you the option to retain the salvage of your vehicle with zero deduction after a total loss, which is brilliant.
Even better is the fact that their insurance 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.
- Billyard Insurance Group
Billyard Insurance Group prides itself on being able to provide the best price for you. They do this by working with a number of underwriters rather than just one, so they can tailor and customize your order to match exactly what you need.
Their policies cover everything you might want from a collector car insurance policy including the full value of your car in the event of a total loss. They also offer comprehensive 24/7 roadside assistance, which is great, and understand the need for specialized requirements for flatbed towing.
CAA is a great option for your collector car insurance with one big caveat – you need to already have an auto insurance policy with them.
This may feel like a drawback, but the reality is sometimes having all your insurance policies with the one company proves for better rates and a much simpler life.
Better rates are certainly true with CAA and their cover also guarantees the full value payout in the event of a loss as well as up to 5000 km per year in travel.
Wayfarer has over 40 years of experience insuring your collectable cars. In fact, it’s how they started, and that dedication and longevity builds a level of confidence that your vehicles will be in safe hands, in our opinion.
They have all the cover options you would expect including guaranteed value, spare parts coverage, 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”.
They cover a great range of collectable vehicles which including modern and modified, as well as antique and classic cars.