Anyone who has the pleasure of owning and driving an antique car is interested in protecting such a treasured piece of history. Car insurance is a great, and indeed necessary, way of doing so, but there are differences between traditional and antique car insurances. If you are in the market for antique car insurance, read on to find out some of these key differences, and if you happen to be in the Ontario area, visit us at Noble Insurance to find out how one of our brokers can help you find the best options for your specific circumstance.

  • Cost – The price of insuring a classic car can be very different from that of insuring a regular car. Insurance costs, even among regular cars, often vary depending on the driving habits of the driver, and chief among these habits is the average distance driven per year. Antique cars are generally not driven for everyday purposes; therefore, the risk of an accident is much less than with a regular, everyday commuter car. However, you will likely need to provide proof to your insurer that you will more seldom be driving your classic than other cars you may own.
  • Value of the Car – The value of a classic car tends to be more dynamic than that of typical vehicle, and this aspect is taken into consideration by the car insurance provider. Having the vehicle professionally appraised can be helpful, as the value of the car can vary greatly depending on who is asked. One collector may offer you a great deal for your classic, but a dealer may offer you much less. Which of these two values is the actual value of the automobile? Is it somewhere in between? The answer to these questions is of a great deal of importance to your car insurance provider, who, in the event of an accident, may be asked to pay up to the full price of the vehicle.

Another aspect of the value to consider is its tendency to change. As time progresses, your car may increase or decrease in value, and the insurance policy that applies to the vehicle must reflect those changes. Knowing the correct value of your classic car is key to purchasing the appropriate car insurance policy for your circumstance, something in the interest of both you and your insurer.