Classic Car Insurance Ontario

What is Classic Car Insurance?

Classic cars should be cherished and loved. They are something that can be passed down generations. A classic car is also something that can increase in value if you take good enough care of it. That’s why it makes the necessary steps to protect this investment. The minor amount of money that you would spend to protect the investment is nothing compared to the money you could save should something happen. 

Classic cars’ insurance is a protective policy that offers most of the same protections as a standard auto insurance policy, along with additional benefits. Classic car policies don’t go off of the vehicle’s estimated retail value but are often good for an agreed-upon value between the insurer and the customer. This amount can be adjusted later if the value of the car increases. It is extremely useful for antique car that are rising in value and can help secure your investment. 

These special insurance policies come with different requirements than many other policies. To get this policy for your antique car, it must be a certain number of years old, often 15 or more, and usually there is a maximum per year mileage you can put on the automobile. The limit is often 5,000 miles per year. 

Classic car insurance is mandatory if you’ll be driving the antique car around Ontario, Canada. Some insurance companies are willing to put standard car insurance on your vehicle instead if you aren’t worried about protecting the value and covering all the costs of repairs if something happens. Most car collectors and classic car owners decide to opt for classic car insurance, though. 

Why is Classic Car Insurance important?

Classic car insurance is an important investment to make because it offers significantly more protection than standard auto policies do. Classic cars’ insurance also comes with the same liability and collision coverage that auto policies do, with additional benefits to help you recoup the true value of the automobile. 

When getting a classic policy, you can agree on a value with the insurance agent for what the  automobile is worth. This is different from how it works for standard auto policies, and you can raise the value of the policy over time if the car appreciates. 

Classic auto policies also come with more generous allowances for repairs since classic repairs are significantly more expensive than standard car repairs are. The policies are designed to provide the funding for difficult restoration work and to help bring the vehicle back to a condition that helps it hold its value over time. Without classic car insurance, a damaged classic vehicle would likely never recoup its value and you would lose your investment. 

If you collect antique car and are holding them as a long-term investment, it’s important to invest in insurance that protects them and your investment. Without the insurance, you are risking your collection and could lose it all if something bad happens. 

Who is Classic Car Insurance made for?

Classic car insurance is the perfect solution for any car owner with an old collectible antique car worth thousands of dollars. The insurance is meant to preserve the value of these antique, so it’s only good for a collector that holds something of value. If you have an antique car that isn’t valuable, there is no point in investing in this insurance. 

Whether you’re an individual with a single classic car or you’re an entrepreneur with a whole collection of vehicles, it’s important to invest in an insurance policy that protects your collection. Antique Car are precious, and they’re something you must take care of in order to maintain that value. The right policy will protect your car from crashes, fires, and other serious disasters or even more minor issues that could reduce the value of your vehicle. 

If you’re considering getting classic car insurance in Ontario, you must make sure your vehicle qualifies for it. That means reading through the terms of the different policies or working with a professional to help you find a policy that works for your vehicles. Talk with a professional to learn which options are best for your vehicle. Find out more about additional protections or features that come with each of the different policies. 

Why should you choose PAIB Insurance for your Classic Car Insurance needs?

Classic car insurance is an excellent agreed value for the classic car owner. Have a high-quality policy protecting your investment. This isn’t always easy to find on your own, and you may have to spend time looking at policies from multiple insurance companies before you decide on a plan that works well for you. By working with our team at PAIB Insurance, you get access to our network of relationships to help connect you with the best insurance policy for your needs.

We know local agents that offer classic car insurance policies for different types of vehicles and with varying levels of  agreed value coverage. By working with us, we will simplify the policy search process to help you pinpoint the insurance you need immediately. We offer much more than classic car insurance as well. In fact, many customers with classic cars’ insurance also have standard auto insurance and motorhome insurance through our network partners. These policies help protect the other valuable items in your life and help you maintain the belongings’ value over time. If you’re worried about natural disasters, accidents, or other serious issues damaging your belongings, we make it easy to get the insurance you need for all these issues and more. 

Talk with one of PAIB Insurance specialists about our insurance offerings. Get connected with a high-value policy that will meet all your needs without costing too much. It won’t take long to get the help you need, and you’ll be glad you worked with our team. 

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