Classic Car Insurance Ontario

Save money on your classic car insurance by comparing quotes from over 30 providers

Silver Wheel Insurance Plan

Silver Wheel Insurance is a plan for people looking to insure their classic, antique and special interest vehicles. Like the Custom Wheel Plan, these policies will protect you for up to $2,000,000 in liability and have up to $25,000 in automatic coverage for newly purchased vehicles. You can choose from a $2,500 or $1,000 deductible. To purchase the Silver Wheel Plan you will need to provide Lant Insurance with colour photographs of your car as well as a detailed appraisal of the vehicle.

Certain restrictions may apply for both of these insurance plans so check with the Lant Insurance website or contact the company by telephone at (905) 640-4111.

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Custom Wheel Insurance Plan

The Custom Wheel Plan from Lant Insurance Brokers is a unique policy for street rods, modified vehicles, and custom cars. These policies provide $2,000,000 in liability coverage and let you choose between a $1,000 or $2,500 deductible. Like most insurance policies, you can expect premiums to decrease with a higher deductible. If you have more than one custom car or street rod to insure than you can expect to find discounts from Lant when insuring more than one vehicle. These insurance policies are only available to Canadians but your insurance will still be valid when taking trips to the United States. This is particularly helpful for people that like to take their cars to auto shows throughout North America.

The one downside to these policies is that you will need a detailed and current vehicle appraisal to be completed before you insure your car with Lant Insurance. You will also need to provide your insurance agent with a colour photo of the vehicles that you wish to insure. The Custom Wheel Plan may not cover vehicles that are being used for racing. For specific questions about your custom car it is best to contact Lant Insurance toll free at 1-800-461-4099.

Lant Insurance

Lant Insurance Brokers offer specialized insurance for custom collector and antique vehicles in Ontario, British Columbia, Manitoba, Saskatchewan, The Maritimes, Quebec and Alberta. The Silver Wheel Plan and Custom Wheel Plan are their two main policies. Lant Insurance is located in Stouffville, Ontario and the company was founded in 1978. They originally had offices in Toronto but moved to Stouffville in 2002. The company has 18 employees according to their website. Lant is a subsidiary of Aviva Canada and their policies are underwritten by the Elite Insurance Company.

Classic Car Insurance

If you own a classic car, you surely know that your prized possession is a whole lot more than just an old vehicle. However, like all other vehicles, if you plan to take your classic car out for a spin, you will need to have an appropriate car insurance policy. As the name suggests,  classic car insurance is in place to provide coverage for your classic or antique car. While many believe that classic and antique cars are the same thing, in reality, they’re not. Classic cars are considered to be at least 15 years old where an antique car will be at least 25. Regardless of whether you own a classic, antique or even regular vehicle, you will need to purchase at least the minimum requirements for car insurance in your province.

It’s common for many to be unsure of whether they should purchase a classic car insurance or regular auto insurance policy.  If you have a classic, antique or collector car, you likely hold a lot of value in this vehicle and want to have the appropriate amount of coverage and protection. Regardless of the type of insurance you’re looking for, it’s always best to shop around and compare quotes online in order to find the best policy for your needs at the greatest value.

What qualifies as a classic car?

There is no easy answer to this question. Different individuals have different ideas when it comes to defining a classic car, it all depends on who you ask. For example, the Classic Car Club of America defines a classic car as a “fine” or “distinctive” American or foreign-built automobile manufactured between 1915 and 1948 that also has luxury accessories, power brakes and clutch, and engine displacement. On the other hand, if you were to ask The Vintage Car Club of Canada what defines a classic car, they would say that a classic car is a vehicle that is 25 years old or more. Generally speaking, if your car is pre-1980, untouched, has a decent historical significance, and has a value that is worth restoring, it may be considered a classic.

Any car fanatic is more than aware that there is a major difference between a classic car and a car that’s old, period. This is also no secret to auto insurance companies. This is why insurers will offer different premiums to those who have a classic car compared to an aging vehicle with several years and kilometres on it. It is also common for insurance companies to have different definitions of classic cars.  Some insurers require classic cars to be 20 years old where others may require your car to be up to 30 years old. It’s important to be careful when shopping for classic car insurance as certain cars may not fall under the exact definition of a classic car but may be accepted by insurance companies if they have a collectible or ‘limited-edition’ status. Because of this, it is recommended to browse around and compare quotes from different insurance companies online before selecting a policy. By doing so, you will be able to see all of your options and which one makes the most sense for your specific needs and budget.

How do I qualify for classic car insurance?

There are a few limitations when it comes to getting classic car insurance. A majority of car insurance companies require you to fall under the following categories in order to qualify for classic car insurance.

  • You must have at least ten years of driving experience, if not more.
  • You must have a driving record free of at-fault accidents and a maximum of two minor convictions. Insurance companies won’t provide coverage to drivers who have serious infractions on their record, whether an alcohol-related offence, reckless driving, or major speed violations.
  • Classic car owners must also have a separate primary vehicle insured under a separate policy where they are the main driver.

Frequently asked questions

How can I get the cheapest classic car insurance?

Of course, everyone wants cheap car insurance. While there is no way around having to purchase a car insurance policy, you might as well get the best deal and save money where you can. The easiest way to do this is to browse online and compare quotes from different insurance companies. Car insurance varies based on several factors and no two insurance companies will offer you the same policy for the same price. At Complete Car, we can help you find the perfect car insurance coverage for your needs, no more, no less!

Are there restrictions on classic car insurance?

Yes, there are certain restrictions when it comes to getting classic car insurance. Depending on the insurance provider, certain classic car insurance policies will have higher restrictions than others, and you will likely see fluctuations across their coverage options and premiums as well. Like always, it is most beneficial to shop around and compare quotes online to get a better idea of how much you will be spending.

A common restriction on classic car insurance is the usage limitation. Insurance companies won’t provide coverage for your classic car if you wish to use it as your primary vehicle. A classic car will only be insured when it is intended to be more of a “toy”, meaning it is only used on occasion whether going to big events, shows, concerts, etc. Some insurance brokers will put a limit on the mileage you can accumulate. When it comes to everyday driving, it is best to have a separate primary vehicle used for commuting, errands, travel, and otherwise.

Since classic cars are meant to be driven as little as possible, classic car insurance is actually known to have the cheapest premiums. When you drive a car less, you are at a much lower chance of being involved in an accident or having to file an insurance claim.

What is classic car insurance?

Your typical car insurance policy is intended for vehicles that are used everyday whether commuting to work, running errands, taking the kids to school, or even for the odd weekend getaway. On the other hand, a classic car insurance policy is in place for individuals with collector vehicles that receive way less use and are more for show. Commonly speaking, classic cars are typically stored away somewhere safe and only come out on special occasions.

Since there is such a large difference between regular and classic cars in terms of use and value, it wouldn’t make sense for insurance companies to provide the same coverage across the two types of vehicles. When calculating premiums, car insurance companies rely heavily on the mileage of the vehicle as well as its value. The unique risks involved with owning a collector car vs. a regular vehicle has allowed insurance companies to provide specialized coverage for classic cars.

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