The law requires the owners of antique, vintage, or collector vehicles in Canada to purchase classic auto insurance. Vintage car insurance differs from conventional automobile insurance in that the vintage car insurance is created specifically for rare and antique vehicles. Canadian automobile insurers generally require that your vintage car must be at least twenty-five years old to be considered within the scope of antique vehicle insurance.
Classic car insurance is intended to protect you from financial losses caused to vintage automobiles used as an investment or for enjoyment. However, the awareness level about antique vehicle insurance amongst the majority of people living in Ontario (as well as other provinces in the country for that matter) happens to be alarmingly low, and so many of them still mistakenly opt for traditional auto insurance services to safeguard their prized possessions.
Unfortunately, since your coverage may not be adequate with conventional car insurance, you may be spending a lot more than you should when you decide to buy the same knowingly or unknowingly. To suffice, as your vintage automobile is unlike any other vehicle, it requires a specialized insurance plan.
Standard auto insurance services in Canada are seldom sufficient to protect vintage automobiles. Furthermore, it may also turn out to be prohibitively costly more often than not to have basic car insurance for your antique vehicle. Considering how quickly the financial worth of your automobile depreciates over time with traditional automobile insurance, it essentially means that your insurer is not going to compensate you adequately in the event of a complete loss.
Since this is in sharp contrast to the characteristics trend of vintage vehicles, the monetary of which tend to appreciate over time as they age, if they are covered by basic automobile insurance services, you could easily sustain significant financial loss when your car is badly damaged or stolen. Furthermore, standard vehicle insurance is best suited to automobiles that are driven daily.
However, Canadian vehicle insurers are fully aware that most vintage automobiles are only driven occasionally by their owners, and this is why they offer affordable car insurance for such collector-grade assets. Admittedly, the less time your antique car is on the road, the less likely it is to be involved in an accident.
Third party liability coverage, direct compensation coverage, accident benefits coverage, and uninsured motorist coverage are all fundamental features of classic auto insurance services. You will be covered in the case of property damage, personal injury, and an accident when you choose to go for the said insurance program.
Your car cannot be your primary mode of transportation to be considered for vintage car insurance in the first place. In addition, it should not be driven over eight-thousand kilometers annually, and the same must be twenty-five years old at the very least as already mentioned. Nevertheless, the qualifying criteria tend to vary from one automobile insurer to another. Note that Canadian vehicle insurers also appreciate it when you make sure to keep your antique car in a safe location, such as a garage.
Automobile insurance providers in Canada generally require the owners of vintage cars to have at least a decade of driving experience with no major traffic offenses in the recent few years to be deemed eligible for classic car insurance services. Furthermore, the antique vehicle that one owns should be in mint condition and it must be completely repaired.
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