Classic Car Insurance Criteria and Coverage Options | Cowan Insurance

If you've ever been to a car show or are a fan of classic car restoration television programs, you know the work that can go into owning and maintaining a classic, vintage, or antique car. That's why having the right insurance is essential to protecting your investment. No matter the type of car you purchase, you must be insured. However, classic car insurance policies have a few key differences since most owners don't use these cars as their everyday vehicle.

Classic car insurance basics

Since you wouldn't usually use a classic, antique, or vintage car as a primary vehicle, you drive it far fewer kilometres annually. So, when you're shopping for insurance, you first need to consider how much you will be using the vehicle.

• Will you only drive to car shows or in a few parades? If so, your policy should be limited to those circumstances
• Are you going to use your vehicle to go to the grocery store, hit the beach, or head out on a road trip? Then your policy should reflect this kind of use

A typical classic, antique, or vintage car insurance policy includes the following:

• Agreed value coverage, which pays for the car's full-insured value with no depreciation in the event of a total loss, less your deductible
• Inflation guard to compensate for inflation and appreciation. The policy increases the vehicle's value quarterly
• Spare parts coverage for costly and hard-to-find parts

Additional coverage options

There are unique concerns about these cars that may have you looking for special coverage, whether breaking down and getting towed back to your home or a preferred mechanic or assisting with being locked out in a vehicle that predates electronic locks. To protect yourself, you can also purchase additional coverages to help in these situations like:

• Emergency towing in case of breakdown
• Roadside assistance
• Emergency lockout
• Emergency travel expenses in case your vehicle breaks down while away from home
• Theft reward
• Car show expenses, to cover any costs associated with missing a car show due to a breakdown
• Personal effects reimbursement for items that are vandalized or stolen when reported to police

We're here to help

We cover all kinds of classic cars, trucks and other vehicles, including antique autos, collector and vintage cars, and many different specialty vehicles. Due to the diversity of these vehicles, your insurance coverage will be specific to you. Our car insurance experts can help you determine the coverage you need and any other considerations you should consider when creating a policy to suit you.