Mackay Insurance Blog
Why Classic Car Insurance Is Important All Year Round
Do you need classic car insurance, even during the off-season?
In one of our recent blog posts, we discussed the importance of keeping your boat insured over the winter months. And how, even though it’s tempting to cancel that insurance, we actually recommend keeping it!
In this article, we’re answering the same question, but about your classic car.
As a collector car owner, you know how fragile and treasured your vehicle is. It wasn’t built for Canada’s cold temperatures or rough terrain. And it was definitely not designed to withstand heavy snowfall.
That’s why most vintage car owners keep their vehicles indoors over the winter month. They store them safely away in a shed, garage or vehicle storage facility. And they won’t operate the vehicle again until late spring or early summer,
That is simply the nature of owning a classic car.
Why then is it necessary to ensure your car during the off-season?
If you’re not planning on taking it out for a spin in the snow, wouldn’t it be cheaper to cancel its insurance temporarily?
In most cases, no.
Classic car insurance is not meant to be a temporary solution. It’s a year-round commitment meant to keep your vehicle protected - whether it’s driven or not.
What Does Classic Car Insurance Coverage Include?
Classic car insurance is a specific type of auto insurance. It’s designed to protect antique or classic cars, rather than your everyday-use vehicle.
Classic car insurance is similar to traditional auto insurance in some aspects. However, it offers a more specialized approach to vehicle protection as well.
Some of the similar coverages that you’ll find in both traditional and collector car insurance include:
- Property Damage
- Bodily Injury Liability
The unique aspect of collector car insurance is the specialized coverage it offers for reimbursements, repairs and restoration.
This is where Agreed Value and Spare Parts Coverage comes in!
Agreed Value Coverage
Agreed Value coverage promises the agreed-upon value in the event of theft or damage. This value does not depreciate over time, as does Stated Value coverage.
This ensures you get the full, agreed-upon worth of your vehicle.
Spare Parts Coverage
Because your collector car is so unique, finding part replacements is costly. Spare Parts coverage helps pay for these expensive classic car parts and engine components. So you’re not left shouldering hefty restoration costs on your own!
4 Reasons To Keep Your Classic Car Insurance Over The Winter
You now understand classic car insurance and how it uniquely protects your vintage car. But do you know why you should keep that insurance over the winter?
A lot of car collectors think that pausing their car insurance plan over the winter is smarter and cheaper.
After all, they’re not using the car anyway, so why should they protect it?
But we’re here to tell you why keeping that insurance package is so important. And how it can actually save you money in the long run!
Below are four reasons to keep your classic car insurance over the winter:
1. Your antique vehicle can still become damaged while in storage.
You don’t have to drive your antique car to risk damaging it. Even tucked away in a storage facility, it still has a chance of becoming damaged.
Another vehicle could roll into it. Or even a beam from the ceiling could fall on top of it!
Accidents happen - whether you’re on the road or not. And without the proper insurance, the costly repairs would be yours alone to pay for.
Classic car insurance helps prevent the financial repercussions of these potential damages.
2. Someone can steal your antique vehicle while it is in storage.
Your vintage car is your prized possession. And after putting so much work and money into their restoration, you've probably become extremely protective of it. And for good reason!
Collector cars are rare and valuable. They’re definitely not something you can carelessly leave idling in your driveway or in an unlocked garage.
In minutes, they can get snatched up and resold - either as a whole or for parts. Which is why you are constantly reminded to,
- Lock your garage.
- Cover your vehicle.
- Never leave your car idling unsupervised.
- Never leave the keys in the ignition.
And while classic car insurance won’t prevent theft, it will prevent financial devastation if theft does occur.
3. Your vehicle is always vulnerable to fires, flooding and other natural disasters.
Whether you’ve securely stored your vehicle on your property or within a storage facility, there is still a safety risk.
Your antique vehicle is still vulnerable to fires, floods and other natural disasters. And no matter how many precautions you took in keeping the vehicle safe and away from harm’s way, that risk remains.
The only way to truly protect it is with collector car insurance!
Agreed Value and Spare Parts Coverages safeguard your investment - even in the event of an unforeseen catastrophe!
4. You could experience a penalty for cancelling your insurance plan.
Another reason you should not cancel your insurance for the winter season is to avoid mid-policy cancellation fines.
Most insurance companies offer year-long policies. And if you decide to cancel the insurance for a season, you expose yourself to further financial risk.
Even beyond the risk of financial loss is the effect this cancellation can have on your insurance history. A gap period between insurance plans isn’t something insurance companies like to see. And you could experience higher premiums because of it!
To avoid this penalty and loss of trust from your insurance company, we always recommend keeping your insurance policy until the end of the designated term.
Your Classic Car Is Too Precious Not To Protect!
At Mackay Insurance, safeguarding your investments is what we do. And your classic car holds too much value to not be thoroughly protected.
To learn more about our classic car insurance package, contact our office!
You can reach our Belleville office at 613-966-5740 or our Napanee office at 613-354-2555. And don’t forget to ask about our free, no-obligation collector car insurance quotes!