A guide to auto insurance for antique cars

TRNTO X Surex.com

An antique car is typically described as a vehicle that is more than 25 years old and has some historical significance. These cars are often classic American muscle cars, and on other occasions, they are limited-edition vehicles. If your classic car is a 1969 Dodge Charger or a 1954 Chevrolet truck or any other significant vintage car, the value of your classic car is likely to rise. The antique car is a prized possession that you would certainly want to get insured. 

A special Classic Car Coverage can cost you much less because insurers know that they won’t be on the roads very frequently. Since classic cars are more expensive than everyday commuting vehicles, insurers believe that drivers would handle them more carefully and protect them better. Let’s have a glimpse of what an antique car insurance policy entails. Auto insurance for antique cars can seem complex at first, but we can help you to understand it so that you can make sure your classic car is covered. 

Why Should You Get An Antique Car Insurance Policy?

You’re probably overpaying for what amounts to insufficient coverage if you insure your classic car under a regular auto insurance policy. In Canada, classic car insurance operates a little differently than standard car insurance. Insurers assume that the collector vehicle will not be driven daily.

Cars that are used daily depreciate quickly over time. A specialty vehicle, on the other hand, that has been lovingly maintained and restored by the owners, needs a particular type of insurance because the value of these cars may increase. Antique automobile insurance is normally provided by licensed insurance advisors who are familiar with the industry and can provide a more accurate estimate of your vehicle’s worth. Surex can help you by connecting you with their insurance partners and finding the right policy for you. 

Conditions for Qualifications for Antique Car Insurance 

Getting an antique auto insurance policy comes with certain conditions and restrictions. You need to be able to pass all these requirements to qualify for Antique Car Insurance. They are as follows:

  • The most basic requirement is that your antique car cannot be your everyday car. You cannot drive it to work or school every day. It should only be used by you for pleasure purposes or going to a car club and maintenance drives.  
  • Most insurance companies will require your car to be at least 25 years old. Your car also needs to be restored completely and should be in working condition. 
  • You must have driving experience of at least 10 years. It is also considered important by many insurance companies that your driving record is clean. The owner of the car must not have been convicted for committing serious traffic rules violations.  
  • Some insurance companies may require you to store your car in a proper garage. Make sure you have sufficient capability to do that. 

Things To Consider When Getting An Antique Car Insurance Policy 

Car Usage

Most rules stipulate that your vintage car should only be used for specific events, such as exhibits, car shows, or car club activities. The insurance plans have a description of restricted use. See if there is a year-end miles/kilometre cut-off. Some regulations encourage you to drive 5,000 or 6,000 kilometres a year, while others forbid you from using the car regularly.

Real vs. Agreed Value

In the case of a significant accident or write-off, you must know if the insurance provider will pay the actual or market value. The market value of your car might not accurately represent its true worth.

Depreciation and Appreciation

While insurance firms are familiar with the idea of depreciation, they may not be aware that classic cars appreciate over time. If this isn’t reflected in your policy, you might not get the just compensation you deserve.

Replacement Parts Policy

Since many owners are adamant about having genuine parts on their vehicles, you must ensure that if the need arises, the cost of replacing defective parts is proportional to their actual value.

Types of Coverage

Owning a classic car is a significant investment. If it’s properly maintained and sufficiently protected, then in the event of loss, it can be a valuable financial asset. You can choose from different types of classic automobile insurance policies.

Agreed upon value

This is the type of coverage in which the agreed value of your antique car is covered in case of loss. Antique cars are special – their value grows over time. On other hand, a 2019 car you just bought starts losing value the moment you drive it off the lot.

It would be up to you and your insurance company to agree on an acceptable vehicle value. Your policy should cover the full value of the vehicle and adjust over time to represent the vehicle’s then-current value.

Coverage for restoration

This is the type of coverage in which the cost of restoring your antique car is covered by the insurance company. You’ll have to provide evidence of ongoing repair work, but rest assured, your car will be insured while it’s being restored, and your insurance will automatically change to reflect the increased value. A vehicle under construction program can also cover your automotive tools and value changes every quarter. 

Frequently Asked Questions

What are some restrictions if you get antique car insurance?

There are a few restrictions when you get an antique car policy. Some of them include restrictions on the usage of the car, storage, and maintenance of the car. 

How do you get the cheapest insurance for your antique car?

To get the cheapest car insurance for your antique car, you can surf the net, browse through catalogues of insurance policies provided by various companies, compare these policies, and choose the most budget-friendly option. 


Take your time looking for a policy that best suits your needs because your car is a one-of-a-kind luxury. With the lowest-cost auto insurance, a good classic car insurer would allow you the freedom to drive your classic vehicle while maintaining its value for years to come.