Classic Car Coverage

​​​​Only drive your classic car in the summer? It still should have year-round comprehensive coverage. Your provincial or territorial government sets specific licensing requirements for classic cars. 

What Insurance Is Recommended?

​Comprehensive auto insurance protects your vehicle against fire, theft and other types of damage while in storage.  

Thinking of adding a new classic car to your collection? Consider the insurance implications when doing so.  Transport Canada provides detailed information for importing vehicles. According to the Transport Canada site, “Vehicles older than 15 years of age and buses manufactured before January 1, 1971 are not regulated at the time of importation by the Motor Vehicle Safety Act”. 

Only Cruise in the Summer?

​If you drive your classic car for just a few months each year, you may be able to remove the mandatory road, liability and collision benefits coverage while your vehicle is in storage. In this case your insurer might consider your classic car a seasonal vehicle. Each province and territory has specific licensing requirements for seasonal vehicles. Visit your provincial or territorial government’s website for more information:

  • Alberta
  • British Columbia
  • Manitoba
  • New Brunswick
  • Newfoundland and Labrador
  • Northwest Territories
  • Nova Scotia
  • ​Nunavut
  • Ontario
  • Prince Edward Island
  • Quebec
  • Saskatchewan
  • Yukon

Some insurers offer programs specifically designed for classic cars. These programs typically expect that the vehicle is only used during certain months of the year. The policy and premiums are geared toward seasonal use and do not require that you add coverage in the spring and remove it in the fall.

Such programs insure the vehicle for fire and theft throughout the year. Hence, if the vehicle was stolen or caught fire while in storage, it would be covered.

Should you choose to remove the coverage for a specified period during the year, please remember that you can’t drive your vehicle until the coverage is put back on the vehicle.  

How to Reduce Your Premium

Insurers consider specific factors when calculating classic car premiums, including:

  • ​How frequently you drive the car – pleasure driving is typically less expensive than daily use;

  • How you store your car when it’s not in use – secure storage can save you money;

  • Your driving record – a good driving record with no infractions may reduce your rate.

​Insurers may also take into consideration the factors considered for all cars. Learn how car insurance premiums are calculated​.

Back on the Road 

A few weeks before you take your classic car out of storage, contact your insurer and update your policy. You should also ensure that your licence plate sticker covers the time period you plan on driving your classic car. ​