Classic Car Insurance
The sun is out, the pavement is dry and the salt is washed away after the spring showers and you are ready to bring out your pride and joy for the summer. You have spent countless hours restoring your classic car and now it’s time to shine it up and hit the road, but you need insurance.
A.A. Munro Insurance is proud to offer classic car owners a choice for their car insurance. You have spent all this time on your vehicle the last thing you would want is to have an accident with it, but if you do you want to be sure it is properly covered.
When getting your Classic Car ready for the season you may have some insurance related questions, like:
- What is Actual Cash Value? What is Agreed Value?
- Do I need an appraisal?
- Is my coverage year round?
- If my Classic Car is stored in my garage is it covered by my home insurance?
- Who fixes my car if I do have an accident?
- When and where am I allowed to drive my Classic Car?
What is Actual Cash Value? What is Agreed Value?
Many times when a vehicle is in an accident and an insurer needs to determine the value of the vehicle there is a formula they use to determine Actual Cash Value which includes depreciation. Depreciation deducts value for things like age, condition and mileage. A.A. Munro Insurance can offer you a policy for your classic car based on Agreed Value. Agreed Value is a value put on you vehicle by you and in the event of an accident that is the amount you will receive to replace your vehicle.
Do I need an appraisal?
In most cases A.A. Munro Insurance will not require an appraisal on a Classic Car in order to provide you with the proper insurance coverage. However for your own protection you should get an appraisal on your vehicle in the even of a partial loss or even a total loss to prove what exactly you have for a vehicle and its condition.
Is my coverage year round?
Yes. Unless you cancel the policy or the company cancels your policy, the Classic Car policy A.A. Munro Insurance can offer you is a 12 month policy. In consideration for the reduced rates that you receive with our Classic Car policy it is assumed that the vehicle is not your ‘daily driver’ 365 days a year. In most cases Classic Cars are stored for the winter.
If my Classic Car is stored in my garage is it covered by my home insurance?
In a word, No! A good rule of thumb is that if a vehicle can be registered at the Department of Motor Vehicles (DMV), then it is not likely covered by your Home Insurance.
Who fixes my car if I do have an accident?
You have spent a lot of time and money in most cases restoring your Classic Car, the last thing you want is a stranger fixing your vehicle in the event of an accident. A.A. Munro Insurance can provide you with an insurance policy for your Classic Car that will allow you to pick the body shop where your vehicle is repaired.
When and where am I allowed to drive my Classic Car?
You can drive your Classic Car any time you wish. The Classic Car policy that A.A. Munro offers includes coverage for vehicles being driven in Canada and the United States.