Date Published: 2024/05/20

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Insuring Your Collector Car Seasonally

Image of a senior couple going on a road trip in their collector car during the summer.

If you own an older, classic car in Canada, you have likely heard your car described using various terminology. They may be referred to as vintage, classic, historic, restored, or any other of a variety of labels.

There are a number of descriptions that can be agreed upon. Collector cars are generally prized possessions, kept in prime condition, and often just driven during the warmer seasons. Like other collectibles, collector cars can increase in value as time passes, and they often gain the attention of others. Many collectors have a special affinity for these cars.

Collector cars may be old, but they also may have been produced in limited numbers.

If you own what you consider a classic car, you already understand your vehicle should not be insured like any other daily driven vehicle. Here are some thoughts to consider.

What Makes Collector Cars Different?

There are several aspects of collector cars that make them unique.

Collector cars are generally driven much less often than the family car. Because they are driven less, they have less exposure to damage in an accident.

Since collector cars are often kept in pristine condition, they are frequently much more valuable than what may be listed as their "book value." Owners may want to ensure they are insured for their real or replacement value.

Another factor that separates collector cars from others in Canada is that they are often just driven seasonally. This exposes a collector car to fewer harsh winter elements and challenging driving conditions.

This would seem to make insuring a collector vehicle seasonally a prudent decision. But is it wise to just insure a collector car seasonally?

Should Collector Cars Be Insured Seasonally?

When deciding whether you should insure your collector vehicle seasonally, you should consider the risks your car is exposed to even when not on the road.

The vehicle's storage facility may be subject to storm or flooding damage. A vehicle could be damaged or destroyed by fire. Since collectible cars are so desired, they can be targets of theft. Protect your collector car from theft with off-season storage insurance and/or a car anti-theft tag. These factors can make it important to make sure your collector car is properly insured all year long.

Additional Collector Car Coverage Available in Canada

At Orbit Insurance Services, we are Canada's leading lifestyle insurance broker. We partner with exceptional, innovative providers like Aviva to provide collector car owners with protection that offers peace of mind.

Here are some options available for collector car owners through Aviva:

  • Inflation Protection

The rising value of collector cars combined with inflation can leave collector car owners exposed even with full coverage. Additional inflation protection can help minimise your exposure.

  • A Cherished Salvage Endorsement

Many collector car owners have more than a financial investment in their vehicle. They may have searched years for parts and put in labour themselves. The car could also hold sentimental value to the owner.

If a car is declared a total loss, the insurer often retains ownership of the salvage vehicle. With a cherished salvage endorsement, the collector receives not only financial remediation but can retain possession of the salvage vehicle.

This can be critical from an emotional standpoint. It also allows the collector's car owner to retrieve salvageable parts that may otherwise be difficult or impossible to locate. This is a unique feature of collector car insurance that can be extremely valuable.

OEM Coverage

A factor that impacts the value of a collector car is that much more of the vehicle retains its original equipment or has been replaced by OEM (Original Equipment Manufacturer) parts. An OEM replacement endorsement can help assure the insured will receive OEM-quality parts to repair the covered damage.

Collector Car Coverage for Younger Drivers

For years, younger drivers may not have been able to enjoy the years of driving a classic or collector car in Canada. That is changing as a growing number of provinces are allowing insurance providers to cover these more youthful drivers. Check Orbit Insurance Services for details.

Seasonal Commute Endorsement

Collector car owners who may have been frustrated with the limited protection offered by insurers may find relief. While use may have been limited to drives to and from events and parades, there are changing circumstances in Nova Scotia and Ontario, where seasonal insurance can cover collector cars for five months during common commutes.

These include trips to work, school, shopping, and errands. This makes collector cars more practical and useful in Canada's warmer weather months.

Learn More About Your Collector Car Insurance Options Today

It is important collector car owners perform their due diligence when researching collector car insurance. More coverage options are available than ever. You also want to make sure there are no gaps or limitations in your coverage that may put you at risk. We invite you to reach out to Orbit Insurance Services for a review of your collector car insurance. If you’re not a customer you can contact an Orbit insurance broker today for a free quote. 

Owners of boats, RVs, and collector cars require insurance to match their lifestyle. Orbit Insurance Services is Canada's leading lifestyle insurance brokerage. We look forward to assisting you.