insurance for classic vehicles

Insurance Coverage Options for Antique & Classic Vehicles

As a classic car enthusiast, I understand the pride and joy of owning an antique or classic vehicle like a 1967 Shelby GT500 or a 1970 Ford Bronco. These vehicles are not just modes of transportation but pieces of history that have stood the test of time. However, owning an antique or classic vehicle comes with challenges, including the need for specialized auto insurance.


Understanding Auto Insurance for Antique & Classic Vehicles

Before diving into the specifics of antique and classic vehicle auto insurance policies, it’s essential to understand the difference between the basic registration plate insurance for regular vehicles vs. antique classified vehicles. To qualify for antique status for your vehicle registration, SGI has set the following requirements:

  1. The vehicle model year must be 1987 or older
  2. The vehicle is registered as either Class PV (private vehicle) or LV (light vehicle)
  3. The vehicle must be used for private use only and not for commercial or farm use
  4. You must own or drive a primary-use vehicle that is registered:

             a.) In your name
             b.) In your spouse’s name
             c.) Jointly registered names of yourself and your spouse or;
             d.) In the name of a corporation of your personal use

Having your vehicle declared antique on your registration will help you save on the basic insurance fee. However, your coverage will also be reduced, as antique registered vehicles only have a maximum of $800 physical damage coverage and the regular $200,000 liability. And before you say, “Oh, $800 is enough,” your insurance claim will also be subject to a $500 deductible. 

An antique and classic vehicle auto insurance policy covers losses such as physical accidents, weather events, vandalism, and theft. It covers the vehicle’s actual value, typically based on an appraisal. Unlike the regular basic registration $800 coverage, an auto insurance policy considers these vehicles’ unique value and provides coverage that reflects their worth.


What to Look for in an Insurance Policy for Your Antique or Classic Vehicle


When shopping for antique and classic auto insurance, there are a few key things to look for in a policy. The first is agreed-value or guaranteed value coverage, which ensures that you will receive the agreed-upon value of the vehicle in the event of a total loss. This is important because the value of antique and classic vehicles can fluctuate, and you want to ensure that you are adequately covered.


Another essential aspect to consider is the requirement for appraisals. After so many years, some insurers require updated appraisals to continue offering the agreed-value coverage, which must be acquired and paid for by the insured.

Usage Limitations

Finally, it’s essential to consider any restrictions or limitations on using your collector vehicle. Auto insurance policies for classic autos often restrict how often the vehicle can be driven and who can drive it. For example, with Hagerty insurance, all vehicle drivers must be listed on the insurance policy. Make sure you understand these limitations before purchasing a policy.


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The Importance of Insurance for Car Show Events

If you’re a classic car enthusiast, you might enjoy participating in events like the Majestic Car Show Regina. These events are a great way to showcase your vehicle and connect with other car enthusiasts. However, they also come with their own set of risks. The right insurance coverage is crucial for participating in events like car shows. In addition to the risk of damage or theft, there is also the risk of liability if someone is injured while viewing your vehicle. 


Owning an antique or classic vehicle is a unique experience that requires specialized care and attention. An auto insurance policy will cover these vehicles on and off the road. With a policy on your classic vehicle, your coverage will continue while the vehicle is in storage and not registered. Some insurers that we offer through our brokerage are SGI Canada, Sandbox Mutual, and Hagerty Insurance Canada.

When shopping for antique and classic vehicle insurance, look for a policy with agreed-value coverage, flexible usage, and access to experts with restoration experience to help with your claim. If you plan on participating in events like car shows, ensure your policy includes adequate liability coverage and check with the event organizers beforehand if they have specific requirements.

Don’t wait until it’s too late to protect your antique or classic vehicle with specialized auto insurance coverage. Contact us today to get a quote and ensure that your Pontiac GTO 1967 is protected.

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