Classic Car Insurance in Alberta
Drivers in Alberta are attracted to classic cars for a wide array of reasons. They're flashy, eye-catching and fun to drive. However, one of the most unique aspects of classic vehicles is that they have the ability to showcase humankind's ability to progress (through technology) while also connecting us to our own past.
If you currently own (or are planning to purchase or restore) a classic vehicle, you should take a moment to learn the ins and outs of classic car insurance in Alberta.
Knowing the basic aspects of classic car insurance helps collectors and everyday drivers find the right type of coverage and protect their prized possessions — continue reading to learn the basics of classic car insurance Alberta.
What is a classic car?
A classic car is, by definition, a vehicle that is 25 years old or older; however, some exceptions do apply.
Many classic car insurance carriers offer coverage options for the following types of classic cars:
- Antique cars
- Modern collectibles (models manufactured between the years 1980 and 2000)
- Classic trucks and utility vehicles
- Recently restored vehicles (or in the process of being restored)
- Vintage military vehicles
- Vintage commercial vehicles (that are no longer used for commercial purposes)
Bonus — Want to learn how to register your classic car in Alberta? Click here to find out!
Alberta classic car insurance coverage — what is it and how does it work?
Classic car insurance is a type of coverage that specifically protects antique, vintage and classic vehicles. Most classic car insurance policies can feature third-party liability coverage and comprehensive coverage.
Third-party liability coverage — Third-party liability coverage is legally required for all motorists in Canada, regardless of the age of the vehicle.
This type of coverage protects drivers who are deemed "at-fault" for an accident that results in the injury or death of a third-party motorist or pedestrian. Third-party liability insurance also covers third-party property damage (resulting from an at-fault incident).
Comprehensive coverage — Comprehensive coverage is an optional form of insurance that covers events that happen off of the road or while the vehicle is in storage.
Some examples include fires, theft and vandalism. Comprehensive coverage is an ideal investment for classic car owners, as their vehicle will spend the majority of its time in storage.
Collision — Collision coverage protects policyholders in the event of an at-fault accident.
Getting classic car insurance ensures that your vehicle is financially protected both on and off the road.
In order to qualify for classic car insurance, Alberta drivers need to own a vehicle that is 25 years old (or older) and drive within the predetermined kilometre limit per year (for instance, 8,000 kilometres). Please note that some classic car insurance carriers don't require the latter. Speak with your Surex insurance advisor for more information about your insurance provider's requirements for classic cars in Alberta.
Benefits of getting classic car coverage in Alberta
There are countless reasons why drivers in Alberta should invest in classic insurance for their vintage vehicles. Some of the primary benefits of classic car insurance include:
If you get into an accident and have traditional car insurance, your carrier will use the actual cash value or replacement value of your vehicle to determine your payout.
The actual cash value of an insured item is the overall cost of said item (including depreciation), and the replacement cost is the amount you need to purchase an item of equal quality, regardless of depreciation.
However, neither of these are used to determine your payout if you have classic car insurance in Alberta. Instead, you'll receive what's known as the agreed valuation (or the agreed value).
The agreed valuation is a predetermined amount you'll receive if a covered event damages your classic car. Many drivers see this as a benefit because they know exactly what they'll receive if an unforeseen event damages their prized possession.
Car insurance is never cheap; that being said, classic car coverage can be less expensive than traditional insurance.
This is due to the fact that classic models aren't as powerful or sophisticated as modern vehicles. Because of this, classic models generally pose less of a threat to drivers, bystanders and third-party motorists while on the road. This generally translates to lower insurance rates (in comparison to modern models). Classic cars tend to be used less than their modern counterparts, which also lowers the price of your premium.
Peace of mind
After spending countless dollars and Sunday afternoons toiling away in your garage, the last thing that you want is for something to damage your recently restored classic car.
Although classic car insurance can't physically protect your classic car, it does provide financial protection. So, if something does happen to your classic vehicle, you won't have to pay for the repairs out of your own pocket. This gives drivers peace of mind, as the price of restoring a classic car can be more than $60,000!
With all of this in mind, you can see why so many drivers and collectors opt for classic car insurance in Alberta.
How can you reduce your classic car insurance rates in Alberta?
There are several ways that drivers can reduce their classic car insurance rates in Alberta, some of which include the following:
Avoid regular usage — Using your classic car for non-recreational travel (driving to work, school, the grocery store, etc.) can negatively influence your insurance rates. We suggest using your classic vehicle for recreational purposes, like weekend rides and cruising after work.
Storage your vehicle properly — Storing your classic vehicle in a garage over the winter can help you save a significant amount of coverage. Click the following link for an in-depth guide on storing your vehicle over the winter.
Save up to 25% on car insurance with Surex
At Surex, we know a thing or two about classic car insurance Calgary; if you're thinking about re-shopping your classic car insurance policy, don't hesitate to reach out to one of our experienced insurance advisors today!
Our advisors (our term for insurance brokers) can supply you with a collection of competitive quotes that are sure to exceed your needs and expectations.
Contact us today to learn how we can help you save up to 25% when you bundle with one of our partners!